“Another well-known tech giant may be slowly encroaching on Apple’s place at the top,” Stephanie Yang reports for CNBC.
“Apple’s stock has fallen more than 22 percent in the past six months, while Alphabet, formerly known as Google, has seen an almost equal but opposite move in its stock price,” Yang reports. “And while Apple tops the list of S&P 500 companies in market capitalization, Alphabet is narrowing the gap to become the most valuable company in the world.”
“Alphabet closed at a stock price of $720 on Wednesday with a market cap of about $500 billion. Apple closed at $97 with a market cap of about $540 billion,” Yang reports. “‘I see Apple’s loss of market cap leadership set to continue,’ Todd Gordon of TradingAnalysis.com said Wednesday on CNBC’s ‘Power Lunch.’ Looking at the ratio between Apple and Alphabet shares, Gordon noted that if current trends continue, Alphabet’s value will overtake Google’s at some point in 2017.”
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MacDailyNews Take: A lot can happen to “current trends” in the tech world between now and “some point in 2017.”
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