California (May 04, 2018): Apple Inc’s stock hit an all-time high on Friday after Warren Buffett’s Berkshire Hathaway Inc disclosed it had bought 75 million more shares of the iPhone maker in the first three months of the year.
Buffett’s increased stake, confirmed by a representative of the billionaire investor, pushed Apple’s shares up as much as 3.8 percent to $183.65.
It was the stock’s second significant gain this week after the Cupertino, California-based firm surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.
“If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States,” Buffett added.
Buffett’s Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector
Berkshire’s initial investment in Apple was small, suggesting it was made by one of Buffett’s investment deputies, but with the latest stake purchase, it has grown to a massive 240.3 million shares worth $42.5 billion.
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