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]