“Apple hit a new all-time high Friday, briefly surpassing its previous high of $183.50 — pushed up by news that Warren Buffett’s Berkshire Hathaway bought 75 million shares in the first quarter,” Sara Salinas reports for CNBC. “The stock is now roughly $20 per share short of a $1 trillion market cap.”

“Buffett is in Omaha, Nebraska, for the annual Berkshire Hathaway shareholders meeting, and he hasn’t been shy about his bull case for Apple,” Salinas reports. “The legendary investor revealed his company’s massive stake in Apple and said obsessing over iPhone X sales in the near term “totally misses the point” on the stock. Buffett’s comments drove Apple ahead of the rest of the tech sector and overall market.”

“‘I don’t think he’s done. I think the numbers of the investment in Apple are going to go higher and maybe even significantly higher,’ said David Rolfe, CIO of Wedgewood Partners, which counts Berkshire and Apple as its two largest holdings,” Salinas reports. “Apple CEO Tim Cook said the company is ‘thrilled’ to have Buffett and Berkshire as a major investor. ‘On a personal level, I’ve always greatly admired Warren and have always been grateful for his insight and advice,’ Cook said in a statement.”

Read more in the full article here.

MacDailyNews Take: Interns, order that second keg!

SEE ALSO:
Warren Buffett’s Berkshire Hathaway bought 75 million more Apple shares during the first quarter – May 4, 2018
Why was iPhone X so successful at $999 despite a slew of fake news? – May 2, 2018
Uh, yeah, about those iPhone X ‘concerns’ from analysts: Never mind – May 1, 2018
Apple beats Street with best Q2 ever – May 1, 2018
Apple’s iPhone X isn’t selling well – or is it? – April 21, 2018
Apple’s iPhone X to be discontinued this year, analyst claims – April 20, 2018
Morgan Stanley: Apple stock may fall on ‘materially’ weaker iPhone sales – April 20, 2018
Apple’s iPhone X made 5 times the profit of 600 Android OEMs combined – April 18, 2018
Apple’s iPhone captured 86% of global handset profits in Q417; iPhone X alone took 35% of global handset profits – April 17, 2018
Bernstein: Ams AG is biggest winner in Apple’s TrueDepth Camera system – April 10, 2018
Apple’s iPhone X is the UK’s most popular smartphone – April 9, 2018
Apple’s iPhone X sales continue to disappoint, some analysts say – March 22, 2018
Ignore the iPhone X naysayers – March 10, 2018
Will the naysayers admit they were wrong about Apple’s iPhone X? – February 5, 2018
Do iPhone X sales spell trouble for Apple? – January 30, 2018
Apple supplier says report of iPhone X production cuts was overstated – January 30, 2018
Another January, another misleading iPhone supply cuts story from Nikkei – January 29, 2018
Apple stock drops after Nikkei report of iPhone X production cut – January 29, 2018
Reports of Apple cutting iPhone X orders make no sense – January 2, 2018
Apple stock tumbles on one poorly-sourced report of low iPhone X demand – December 26, 2017
Apple and suppliers shares drop on report of weak iPhone X demand – December 26, 2017