Warren Buffett's Berkshire Hathaway bought another 75M Apple stock in the first quarter

Ignoring a chorus of pessimists and analysts, Berkshire Hathaway, the finance tyco, bought 75 milli shares of Apple in the first quarter of 2018, bringing the fund's positi to just over 240 milli shares.

Buffett revealed the massive purchase at CNBC Thursday, two days before the annual meeting of Berkshire Hathaway shareholders.

"It's an amazing business," Buffett said. "If you look at Apple, I think it's winning almost twice as much as the secd most profitable company in the United States."

Berkshire is expected to release its quarterly earnings report Saturday, where investors will be able to scour the fund's top 10 positis. Buffett said the strengthened stance would be obvious to those who follow.

The huge first quarter purchase is expected to boost the 165.3 milli Apple Berkshire shares held at the end of 2017. If the fund held its positi, as the report suggests, the 240 , Resulting 3 milli shares were worth about $ 42.5 billi at the end of Thursday's sessi.

Although he first avoided technological values, Buffett can be csidered a cvert, at least in the case of Apple. The "Oracle of Omaha" first bought into the company in 2016 with a stock purchase of about $ 1 billi. He expanded this positi to 57.4 milli shares worth about $ 6.64 billi by the end of 2016, to raise Berkshire 's share to $ 133 milli. shares a quarter later

Apple was the secd largest holding company in Berkshire last year, just behind Wells Fargo. The other technological gamble from Berkshire, IBM, has failed to enforce, and the fund eventually dropped 94.5% of its holdings in the company at the end of the year. Last year.

Buffett cstantly praised Apple and its offers of "sticky" products, especially the iPhone.

"Apple has an extraordinary csumpti franchise," Buffett said in February. "I see how strg this ecosystem is, to an extraordinary degree, you are very, very, very attached, psychologically and mentally, to the product you use. [iPhe] is a very sticky product."

The news of Buffett's big gamble Apple comes just two days after Cupertino's tech giant released its best-ever quarter in March, reporting $ 66.1 billi in revenue 52.2 milli iPhone sales. Analysts have cast doubt the company's decisi to market a $ 1,000 smartphe in the iPhone X. Critics have been silenced when CEO Tim Cook noted – repeatedly – that the flagship handset was superior to all other iPhone models since its launch in November.

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