Apple has lost its position as the most valuable company in the world due to a widespread sell-off in technology stocks.
For the first time in nearly two years, Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from Apple.
Investors have been selling shares in technology firms as they shift into less risky assets.
Bitcoin, as well as other major cryptocurrencies and digital assets, have continued to fall precipitously.
Apple shares fell more than 5% in New York on Wednesday, leaving the company with a stock market valuation of $2.37 trillion (£1.94 trillion).
As a result, it lost its position as the world’s most valuable company to oil and gas producer Aramco, which was valued at $2.42 trillion.
It is the first time that Aramco has held the top spot since 2020. Shares in energy producers have risen this year as the cost of crude oil and natural gas have gone up.
Meanwhile Apple’s shares have fallen by almost 20% since the start of the year after a sell-off in technology stocks.
The Nasdaq, which is heavily weighted toward technology, fell 3.2 percent in New York on Wednesday after official data showed that US inflation remained near a more than 40-year high.
Rising prices have been the single greatest threat to the global economy’s recovery as it emerges from the Covid-19 pandemic.
Global central banks have responded to the problem by raising interest rates, causing a flight from riskier investments due to concerns that the higher cost of borrowing will slow economic growth.
The flight from risky assets also contributed to Bitcoin’s price falling below $27,000.
