Apple is no longer the most valuable company in the world.

As the iPhone-maker's share price dropped Thursday, Google's parent company, Alphabet, now has a higher market cap.

Apple's market capitalization is down to $493 billion, while Alphabet's current market cap is $498 billion, both via Yahoo Finance.

Apple's stock was down Thursday morning on reports of a drop in iPhone-chip shipments. This was the first time that Apple had fallen to $90 a share since June 2014.

Alphabet had already surpassed Apple briefly earlier this year.