Peter Hoskins is a business reporter.
Image source, AppleApple has lost its position as the world's most valuable company due to a broad sell-off of technology stocks.
For the first time in almost two years, Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from Apple.
As investors move into less risky assets, they have been selling shares in technology firms.
Major cryptocurrencies and digital assets have continued to fall.
The stock market valuation of Apple fell by more than 5% in New York on Wednesday.
It lost its position as the most valuable company in the world to Aramco, which was valued at $2.42tn.
It is the first time since 2020 that Aramco has held the top spot. The cost of crude oil and natural gas have gone up this year, which has led to a rise in the shares of energy producers.
Since the start of the year, Apple's shares have fallen by almost 20%.
US inflation remained near a more than 40-year high, and the technology-laden Nasdaq closed 3.2% lower in New York.
The recovery of the global economy has been threatened by rising prices.
Central banks around the world have responded to the problem by raising interest rates, which has triggered a move out of riskier investments over concerns that the higher cost of borrowing will slow down economic growth.
The move out of risky assets helped to push the price of the virtual currency down.
Since hitting a record high in November last year, the world's biggest and best-known coin has lost over half of its value.
The digital coin linked to the ethereum network fell by more than 10%.
All Rights Reserved © 2024
