Alphabet Close to Overtaking Apple as Most Valuable Company - The New York Times

Also see Looking for Signs That Apple’s Runaway Growth Is Waning (NYT)

"Alphabet could soon become the most valuable company in the world.

The Google powerhouse traded on Friday morning with an equity value above $500 billion, less than 10 percent shy of Apple’s value. Investors value the search firm’s earnings from rapidly growing digital advertising more than twice as highly as Apple’s in a saturating smartphone market. Wall Street, however, may be overlooking Alphabet’s risks."

Alphabet Close to Overtaking Apple as Most Valuable Company - The New York Times