Apple had held the title for the past decade, but reported in its third-quarter earnings on Tuesday that it has reduced its cash reserves. The company had been trying to do so since facing criticism from activist investor Carl Icahn, who suggested it return some of that cash to its shareholders. Apple’s cash has fallen to US$102 billion, down from its peak of US$163 billion at the end of 2017. Meanwhile, Alphabet’s cash holdings have risen by almost US$20 billion within the same period, and are now at US$117 billion. (Financial Times, Business Insider)

Talking point: While holding on to cash can help companies enter new markets or secure acquisitions, some investors prefer they use excess money to buy back stock or return cash to shareholders. Alphabet faced scrutiny for holding on to so much cash after U.S. President Donald Trump implemented new tax cuts in 2017, which reduced taxes for companies with foreign-earned income. Alphabet’s financial reserves are largely a result of its subsidiary Google’s search-advertising business. While Apple’s earnings on Tuesday beat expectations, the company continues to face weak iPhone sales, especially in China.