For the first time in almost two years, Saudi Arabian oil and gas firm Aramco has reclaimed the top rank from Apple.

Investors have been selling shares in technology firms as they move into what they see as less risky assets.

Bitcoin, along with other major cryptocurrencies and digital assets, has continued to plummet. Apple's stock dropped more than 5% in New York on Wednesday, valuing the company at $2.37 trillion (£1.94 trillion) at the conclusion of the day.

As a result, it lost its title as the world's most valuable business to Saudi Arabia's Aramco, which was valued at $2.42 trillion.

It's the first time Aramco has topped the rankings since 2020. Energy producer stocks have climbed this year as the price of crude oil and natural gas has increased. Meanwhile, following a sell-off in technology companies, Apple's stock has dropped about 20% since the beginning of the year.

Official data revealed that US inflation stayed near a more than 40-year high on Wednesday, sending the technology-heavy Nasdaq 3.2 percent lower in New York.

Central banks throughout the world have responded by raising interest rates, prompting a shift away from riskier investments due to concerns that increased borrowing costs may hinder economic development.

SoftBank Group posted a record loss of $26.2 billion at its Vision Fund company on Thursday, as the value of its technology investments fell. The loss stood in sharp contrast to the company's record yearly profit a year prior.

The shift away from risky assets also assisted in pushing Bitcoin's price below $27,000. Since hitting a record high in November last year, the world's largest and best-known crypto-currency has lost approximately 60% of its value.

Apple became the first business to reach a stock market valuation of $3 trillion (£2.2 trillion) in January. As a result of the coronavirus lockdowns, expenditure on gadgets increased significantly.