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Apple is the most valuable company in the world again

steve jobs eric schmidt
steve jobs eric schmidt

(AP/Paul Sakuma)
Apple CEO Steve Jobs, left, and Google CEO Eric Schmidt, right, smile as they introduce the iPhone during Jobs' keynote address at MacWorld Conference

Apple is once again the world's most valuable company.

The iPhone maker lost the title to Alphabet earlier this week after Google's parent company posted better-than-expected earnings on Monday.

But Alphabet is down over 3% on Wednesday morning, while Apple has stayed flat. The result: Alphabet currently has a market capitalization of just over $500 billion, while Apple's is up around $525 billion.

Apple recently posted the most profitable quarter in the history of capitalism, while Google operates seven different services with over one billion users.

Apple faces questions about whether its most profitable product, the iPhone, can continue to post historic sales growth. Google is making more money than ever before on online advertisements, but cost-per-click continues to fall.

But despite challenges, the two Silicon Valley giants are poised to jockey for the top spot for years.

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