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Google parent Alphabet Inc. is now the world’s most valuable company, stealing the crown from Silicon Valley rival Apple Inc. after reporting higher profit and sales fueled by a booming advertising business that’s supporting ambitious new projects.
Alphabet’s shares rose 1.7 percent Tuesday, pushing its market capitalization to $531 billion. The Web company had been inching closer to the iPhone maker in recent weeks as investors lost confidence in Apple’s smartphone business and wagered that Alphabet has a clearer path to growth. Apple first passed oil giant Exxon Mobil Corp. to become the world’s most valuable company in 2011.