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.