Apple Inc. brought in more revenue in the final three months of 2015 than Alphabet Inc. did the entire year. Ditto on profit, with Apple reporting net income of $18.4 billion in the fourth quarter while Google’s parent company had earnings of $16.4 billion for the entire year.

So why did Alphabet GOOGL, -2.41% overtake Apple AAPL, -3.17% as the world’s most valuable company in midday trade Thursday?

Alphabet shares fell 0.7% to $725.16 in late-morning trade on Thursday, giving the company a market capitalization of $498.2 billion. Apple’s stock fell 3% to $89.90, pushing its market cap to $492.9 billion, below Alphabet, according to FactSet. This is the second time in three months Alphabet has pulled ahead of Apple by valuation.

Here are three reasons Wall Street is currently betting on Google instead of Apple.

Growth rate

While Apple has posted phenomenal profit and revenue thanks to the iPhone, the company now seems to be transitioning from a high-growth tech stock to a value stock. The company posted its first year-over-year decline in iPhone sales last quarter and its first sales decline since 2003. Alphabet, meanwhile, is still growing at a fast rate, despite posting below-expected earnings last quarter.

Apple revenue fell 13% year-over-year in the fiscal second quarter, with its core product, the iPhone, falling for the first time. Sales also fell sharply in China, which is the company’s largest non-U.S. market. Chief Executive Tim Cook admitted in the company’s earnings conference call that iPhone sales were disappointed, but instead focused on the company’s software and services, which raked in $6 billion during the quarter, slightly more than the Mac.

Also see: What the market gets wrong about mega-cap companies like Apple and Alphabet

Meanwhile, Alphabet revenue jumped 17.4% in its most recent quarter.

“It’s all about trajectory,” Jackdaw research Chief Analyst Jan Dawson said in an email earlier this year.“Google’s growing fast and increasingly profitable despite its massive investments in these Other Bets, while Apple’s revenue barely grew last quarter and will shrink this quarter.”

Growth potential

Alphabet’s “Other Bets,” are another reason for investor optimism. The potential for future big businesses is also another strike against Apple.

Beyond the iPhone, Apple’s iPad and Mac sales are shrinking, and while Apple refuses to specifically disclose sales of its new smartwatch, the first new consumer product category released under Cook doesn’t appear to be moving the needle. Apple executives instead focused on the potential for services delivered through their mobile devices, a specialty of Google.

Beyond its current offerings, many of Apple’s potential revenue-generating products aren’t close to fruition. The company is working on an electric car, but development and manufacturing of that type of product could take years. Apple appears to be finally moving toward virtual and augmented reality, but Google has already made gains in that area.

Also see: Google shines bright, ‘moonshots’ still in the dark

Alphabet Chief Executive and co-founder Larry Page takes pride in his “moonshots,” big bets on future technologies that include autonomous cars, the Nest smart-home business and Google Fiber effort to provide broadband service. While Google, as Dawson said, is losing money on these efforts now — the “Other Bets” brought in $166 million last quarter with an operating loss of nearly $802 million — they present investors with prospects for big gains much sooner than a potential Apple car.

“It’s all about growth prospects right now into 2016 and beyond,” FBR Capital Markets analyst Daniel Ives said earlier this year. “New growth areas are the focus in this choppy tech tape.”

Willingness to gamble

Investors will trust Page and Co. to make these big bets because they have paid off in the past , most notably in the form of YouTube, which Google acquired a decade ago for less than $2 billion. Alphabet Chief Financial Officer Ruth Porat credited the online video network, along with advances in mobile advertising revenue, for Google’s revenue gains in recent quarters.

Google made a similar bet on Nest in 2014, buying the smart-home company for $3.2 billion. Apple doesn’t operate in the same manner, preferring to build from within and buying young tech companies that can help their organic efforts, as it recently did with a virtual-reality startup. Even Apple’s one high-profile acquisition under Cook, Beats Electronics, was not a bet on future technology but rather a complement to Apple’s current offerings.

“If you look back at Apple’s history, they don’t necessarily go out and buy high-profile names,” Brendan Connaughton, chief investment officer of ClearPath Capital Partners, told MarketWatch late last year.

Also see: Here’s why the news about Apple is so bad

Alphabet operates differently, and the company actually has a better war chest from which to operate in the mergers and acquisitions market than Apple. While much is made of Apple’s large cash pile, the vast majority of it is tied up in longer-term investments and parked overseas with no plans to repatriate.

Apple and Alphabet have similar amounts of actual cash and cash equivalents on the books — $16.7 billion for Apple and $16.55 billion for Alphabet as of the end of the calendar first quarter — but Alphabet has more liquidity at its fingertips for potential purchases. Porat said $43 billion of Google’s $73 billion in cash and securities is overseas, giving the company a domestic war chest roughly twice the size of Apple’s. Alphabet also hasn’t tapped into debt markets as heavily as Apple, holding about $5.2 billion in short-term and long-term debt while Apple has more than $53 billion just in long-term debt and plans to add more.

In short, Google’s current growth and potential for more in the near term seems more realistic to Wall Street at this juncture. That could change quickly, however, if Apple pulls out of its current growth plateau.

“Apple is massively larger and generates much more profit and cash at the end of the day, and long term I suspect it will get right back to growth,” Dawson said. “But it’s going to have a tough year, while Google is looking really good right now given the short-term trends.”