Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
That didn't take long.
With Apple mostly flat and Alphabet down 3 percent, Apple's market capitalization hit $524 billion versus $520 billion for the search giant as of late morning.
Chart source: FactSet
The last time Google was more valuable than Apple was in February 2010, when both companies were worth less than $200 billion. At the time, Apple had yet to release its first iPad, the newest iPhone on the market was the 3GS, and the Mac was the company's biggest product line, accounting for one-third of revenue. Steve Jobs was still at the helm.
Apple and Google actually flip-flopped multiple times between 2008 and early 2010, before Apple went on a historic tear, jumping from $180 billion in value to over $650 billion in September 2012. At that point, the two companies were separated by over $400 billion. In 2011, Apple passed Exxon to become the world's most valuable company.
It's hard to believe that Google was the more valuable company from the time of its IPO in 2004 until April 2008. Then iPhone madness began.
Google's latest rise versus Apple began in July. From that point through the end of 2015, its shares soared 44 percent, while Apple's sank 16 percent.
Apple's main problem is its reliance on the iPhone, which now accounts for two-thirds of revenue. It's a massive business, but sales in the fiscal first quarter increased only 1 percent from a year earlier, while iPad and Mac revenue dropped. Investors are concerned that unless Apple changes course and decides to compete with lower cost Android manufacturers on price, the iPhone's best days are in the past.
Meanwhile, Google is convincing investors that in the transition from Web to mobile it will maintain its dominance. According to eMarketer, Google is poised to capture 32 percent of the mobile ad market this year and next, staying well ahead of Facebook, which is around 20 percent. The company generates so much profit from its digital ad business that it can invest in all sorts of potential growth areas, namely autonomous driving and extending life.
—CNBC's Everett Rosenfeld and Chris Hayes contributed to this report.