According to a new filing with the Securities and Exchange Commission, Warren Buffett’s Berkshire Hathaway has continued to make big bets on Apple, raising its stake in the tech giant by 23.3 percent to 165.3 million shares.
Alongside the boosted stake in Apple, Berkshire Hathaway dumped 94.5 percent of its IBM holdings over the three months ending 2017.
At the end of trading on Wednesday, the 165.3 million shares are worth about $27.7 billion. Buffett has steadily increased his stake in Apple after making its first investment in 2016 worth $1 billion.
Though Buffett initially shied away from tech sector stocks, mostly due to inherent volatility, Buffett has modified his investing pattern to accommodate certain big-name players including Apple.
The investor is attracted to Apple’s product offering and loyal customer base, noting a device like iPhone is a “valuable product to people that build their lives around.”
[via Business Insider]
Other articles in the category: News
Amazon Luna Launches in Canada with Cloud Gaming Controller
Amazon announced today that its Luna cloud gaming service and Luna Controller have officially launched in Canada, offering gamers instant access to console-quality games on their existing devices. This is an exciting announcement if you're a gamer that has been jealous of Luna being U.S. only, until now. Amazon Luna, powered by Amazon Web Services...
Amazon Fire TV Expands Offerings in Canada: New Sizes, Series, and Features
Amazon announced an expansion of its Amazon-built TV family on Wednesday, which will now include three new sizes of the Fire TV Omni QLED Series lineup, featuring the Fire TV Ambient Experience, and the introduction of the budget-friendly Fire TV 2-Series, starting at just $269.99 CAD. On top of these new offerings, Fire TV has...
‘Beats Studio Buds+’ are Coming with New Features, Says Report
Despite the integration of features like "Hey Siri” for the so-called 'Beats Studio Buds+’, the latter earphones will continue to use a custom Beats chip rather than Apple's H1/H2 chips, according to sources speaking with 9to5Mac. With iOS 16.4 just around the corner, bringing new features such as emoji, web app notifications, and more, the...