Apple (AAPL) may have had a blowout quarter, but it wasn't enough to keep it in first place as the world's top global brand. According to valuation and strategy consultant Brand Finance's annual Global 500 report, Alphabet  (GOOGL) is now the most valuable brand, dethroning Apple after five straight years.

The report uses methodology including financial performance and sustainability, among other factors. David Haigh, CEO of Brand Finance, says Google dominates search and saw revenue increase 20% in 2016, while Apple has struggled to maintain its technological advantage. He also points to new competitors for Apple in the Chinese market.

China figures predominately in Brand Finance's report, with China's bank brands now worth more than those in the U.S. Chinese bank ICBC made the top 10 most valuable brands, while no American financial institution is on the list.

Following Google and Apple, the Most Valuable Brand list includes Amazon (AMZN) , AT&T (T) , Microsoft (MSFT) , Samsung, Verizon (VZ) , Walmart (WMT) and Facebook (FB) .

Brand Finance also released a list of the World's Most Powerful brands, which placed Lego in the top spot. Haigh says Lego has made a brilliant transition into the digital space with games and videos, and is storming ahead of its competitors.

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