Apple Loses Its Bite

Apple Inc., the multinational technology giant, ceded its position as the world’s most valuable company amid a broad sell-off of technology stocks.

Saudi Arabian oil and gas producer Aramco has reclaimed its number one position for the first time in almost two years.

Investors have been selling shares in technology firms as they move into what they see as less risky assets.

Shares in Apple fell by more than 5% earlier in the week’s trading, resulting in a stock market valuation of US$2.37 trillion.

Aramco was valued at US$2.42 trillion.

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Edited by Jesus Chan

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