$107 billion

That’s the value of the Apple brand, down 27 percent from 2016, according to the Brand Finance consultancy, which said the company is “delivering tweaks to existing products rather than genuine innovation.” With the drop, Google, whose brand is now worth $109 billion, overtook Apple for the first time since 2011 to become the world’s No. 1 brand. Silicon Valley companies dominated the list of the 500 most valuable American brands, with California companies accounting for 23 percent of the list’s value.