Alphabet Inc., Google's parent company, has already taken over the place of Apple Inc. as the most valuable company in the U.S. This was made possible during the after-hours trading on Monday. Effectively, the iPhone maker was knocked off from its top position it has held in the past four years.

That makes Google bigger than Apple - and also all the other traded companies in the world.

The recently reported earnings propelled the shares of the search giant over $810 each after the close of trading hours. Currently, it appears that the company's market value is around $560 billion.

This figure is more than enough to surpass Apple's market value of almost $535 billion, based on the records of FactSet.

The two competing companies have been approaching this situation for several months after a long period in which Apple Inc.'s value overshadowed that of Google's.

It appears that Alphabet was able to increase its value because of the huge growth in its fundamental advertising business, as it attracts attention to its several projects ranging from artificial intelligence to self-driving cars.

On other hand, Apple has experienced several setbacks as the tech giant's market of handset matures in the developed market and the growth it has projected from the emerging markets has not really materialized.

Apple's music service is doing well and it has revealed its plans to build electric cars with a number of wireless charges on the drawing board. But these projects are not fuelling the excitement of investors which helped to propel it past Exxon Mobil as the largest company in the world in 2011.

Google and Apple are in direct competition with each other with almost the same apps and operating systems. Apple is also currently involved in litigation with Samsung, the world's largest Android smartphone maker, and there is an apparent decrease in demand for its signature phones.