Based on the current situation where investors are seen shifting direction to less risky assets, Apple Inc shares plunged 5% during the session in New York with a market capitalization value of $ 2.37 trillion.
The opportunity was taken by the world's oil and gas producer, Aramco to seize the 'throne' of the world's most valuable firm dominated by Apple, with a market capitalization of $ 2.42 trillion.
This indirectly breaks the 2 -year deadlock experienced by the Saudi Arabian oil and gas company, where the last time it ascended the ‘throne’ was in 2020.
The fall in tech stocks can be attributed to the ongoing selling session at the moment.
While energy production stocks including crude oil and natural gas prices soared, Apple shares have shrunk by 20%.
The release of US inflation data in yesterday’s New York session which saw inflation hover at a 40 -year high, the Nasdaq technology index has closed down 3.2%.
Rising prices have been a major threat to the global economic recovery with the emergence of the Covid-19 pandemic, and central banks around the world have implemented interest rate hikes.
As a result, anxious investors have turned to less risky assets for fear that high borrowing costs will slow economic growth.
Among other risky assets that were also affected were cryptocurrencies with Bitcoin seen to be in a downward trend.
The price of Bitcoin has dropped to the $ 27,000 level and it has roughly lost 60% of its value since reaching its highest level last November.
