Alphabet overtook Apple as the world’s most valuable publicly traded company in February 2016.
Alphabet, Google’s parent company, briefly took the top position after reporting strong quarterly results driven by its advertising business. Investors responded to rising revenue and profits from Google Search, YouTube, and related online services.
The change followed years in which Apple had led global market-capitalization rankings, powered by the popularity and profitability of the iPhone. Alphabet’s lead was temporary: Apple soon regained the top position as its shares and earnings outlook changed.
Alphabet was created in 2015 through a corporate reorganization that placed Google and several other businesses under a new holding company. Google remained Alphabet’s largest operating unit. Rankings based on market capitalization can change quickly because they reflect share prices, investor expectations, and the number of shares outstanding.