Apple boost as Warren Buffett's Berkshire reveals $1bn stake in tech giant
Published 16/05/2016 | 14:08
Shares in tech giant soared on opening today after legendary investor Warren Buffett's Berkshire Hathaway revealed a new stake the tech firm.
Analysts believe the bet the move could result in a rebound for Apple after iPhone sales fell for the first time.
Buffett, who previously avoided investments in tech stocks, also increased his stake in IBM.
Nicknamed the 'Sage of Omaha. his track record to date has been mainly in more traditional stocks including Coca-Cola and American Express.
However, Apple stocks are well off highs at the moment and represent a good bet for the investor and philanthropist.
Shares in Apple gained nearly 2.5pc to $92.71 today in early trade on the investment news.
Berkshire held 9.81 million Apple shares worth about $1.07 billion as of March 31, according to a filing with the U.S. Securities and Exchange Commission detailing the company's U.S.-listed stock holdings.
It is not clear whether Buffett or either of his portfolio managers, Todd Combs and Ted Weschler, who each invest about $9 billion, made the investment.
(Additional reporting Reuters)