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For the past several months, NVIDIA (NVDA) has held the title of the world's largest stock by market cap. While NVDA has pulled back from a peak market cap just above $5 trillion in late October/early November to $4.5 trillion today, there's still a significant gap versus the next largest stock: Alphabet (GOOGL).

GOOGL in the #2 spot is a new development. As shown below, it has typically been either Apple (AAPL) or Microsoft (MSFT) holding that position in recent years, however, both of those stocks have pulled back as GOOGL has pressed to new highs.  As shown in the second chart below, this is the first time that AAPL is smaller than GOOGL since January 29, 2019. Additionally, we would note that AAPL is currently larger than Microsoft (MSFT), but that gap has also been narrowing. In the past several years, the two stocks have repeatedly gone back and forth for the larger market cap of the two.
 

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