Google Owner Alphabet (GOOGL) Overtakes Apple (AAPL) To Become Largest US Company By Market Value

Google parent Alphabet Inc. briefly became the largest U.S. company by market capitalization Thursday morning, surpassing iPhone maker Apple Inc.

Shares of Apple dropped below $90 for the first time since 2014 as Wall Street worried about slow demand ahead of the anticipated launch of a new iPhone later this year.

A mainstay of many Wall Street portfolios, Apple fell to as low as $89.47 before recovering slightly to $90.13, a 2.55 percent loss.

At its session low, Apple briefly relinquished its position as the largest company by market capitalization to Alphabet.