Apple has lost its position as the world’s most valuable company amid a broad sell-off of technology stocks.
Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years.
Investors have been selling shares in technology firms as they move into what they see as less risky assets.
Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply.
Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37tn (£1.94tn).
That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco, which was valued at $2.42tn.
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.
The single greatest threat to the world economy’s recovery as it emerges from the Covid-19 pandemic has been rising prices.
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.
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 most well-known cryptocurrency has lost over 60% of its value.
Ether, the digital coin tied to the Ethereum blockchain network, has also dropped substantially in recent weeks, losing over a third of its value.