Despite a broad sell-off in technology equities, Apple has lost its title as the world's most valuable firm. For the first time in over two years, Saudi Arabian oil and gas firm Aramco has recaptured the top rank from Apple. Investors have been dumping technology stocks in order to transfer their money into less hazardous assets.

        Bitcoin, along with other major cryptocurrencies and digital assets, has continued to plummet. Apple's shares 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.

        For the first time in months, price increases in the United States have slowed. After 21 years, Apple will retire the iPod. Bitcoin has lost 50% of its value from its November high. 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, after a sell-off in technology companies, Apple's stock has dropped about 20% since the beginning of the year. Official statistics revealed that US inflation stayed around a more than 40-year high on Wednesday, sending the technology-heavy Nasdaq 3.2 percent down in New York.

        The single greatest danger to the world economy's recovery as it emerges from the Covid-19 epidemic has been rising costs. Central banks throughout the world have responded by raising interest rates, prompting a shift away from riskier assets due to worries 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 assets fell. The loss stood in sharp contrast to the company's record yearly profit a year prior. SoftBank's investments in a number of businesses, notably Didi and Grab, have plummeted in value since then.

        The shift away from riskier 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. 

        Ether, the digital token tied to the Ethereum blockchain network, has also dropped drastically in recent weeks, losing more than 40% of its value.

Pandemic consequences

        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 devices increased significantly. According to World Bank figures, Apple's value was more than the $2.76 trillion worth of the UK economy.

        Demand for smartphones, tablets, and laptops increased dramatically during lockdowns, according to the world's largest technology corporations. Apple's stock market value increased from $2 trillion to $3 trillion in just over 16 months. Saudi Aramco, the state-owned oil company, has profited from higher energy costs.

        Saudi Arabia is the leading producer in the Opec oil cartel, with Saudi Aramco's net profit more than doubling from $49 billion in 2020 to $110 billion in 2021. Energy costs rose sharply in 2021 as economies recovered from pandemic measures, and this year's war in Ukraine has driven prices even higher as countries seek alternatives to Russia for supply.