Apple has lost its position as the world’s most valuable company due to a broad sell-off of tech stocks.

Investors are now selling shares in technology companies as they invest in less risky assets.

Apple lost its position as the world’s most valuable company to Saudi Arabian oil and gas producer Aramco, worth $2.42 trillion.

Apple shares have fallen nearly 20% since the start of 2022 following a sell-off in technology stocks, but shares in energy producers have risen on the back of higher crude oil and natural gas prices in 2022.

Apple was one of the biggest beneficiaries of the pandemic, as demand for technology products soared, owing to growing dependence on smartphones, tablets, and laptops. In 16 months, Apple’s stock market value jumped from $2 trillion to $3 trillion.

Saudi Aramco, the state-owned oil company, doubled its net profit from $49 billion in 2020 to $110 billion in 2021, and the reopening of post-pandemic economies led to a sharp rise in energy prices in 2021, leading to a surge in Aramco shares. The ongoing war in Ukraine has also pushed prices even higher with countries seeking alternatives to Russian oil.