Saudi Arabian oil and gas producer Aramco has reclaimed the top spot from the iPhone maker for the first time in almost two years, APA reports citing BBC.
Investors have been selling shares in technology firms as they move into what they see as less risky assets.
Bitcoin, other major cryptocurrencies and digital assets have also continued to fall sharply.
Shares in Apple fell by more than 5% in New York on Wednesday to end the trading day with a stock market valuation of $2.37tn (£1.94tn).
That meant it lost its position as the most valuable company in the world to oil and gas producer Aramco, which was valued at $2.42tn.
It is the first time that Aramco has held the top spot since 2020. Shares in energy producers have risen this year as the cost of crude oil and natural gas have gone up.
Meanwhile Apple's shares have fallen by almost 20% since the start of the year after a sell-off in technology stocks.
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