Buffett's firm adds 75 million more shares of Apple

What Investors Are Watching For In This Year's Berkshire Hathaway Meeting

In the mind of billionaire investor Warren Buffett, Apple is where it's at. CEO Warren Buffett confirmed that to CNBC on Thursday. While short sellers were going to town on AAPL, Buffett took the opportunity to buy Apple stock at a discount.

Buffett has also recoiled away from financing in technology companies.

Buffett described Apple as an "unbelievable company" that "earns nearly twice as much as the second most profitable company" in the U.S., and Buffett's faith in Apple helped push the stock price up to $183.65 per share.

Buffett told CNBC about the purchase ahead of Berkshire Hathaway's annual meeting this weekend.

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Apple has climbed 12.5 percent this week after the company reported solid results at the start of the year and investors were pleased with its forecast of solid iPhone sales, which came as a relief to investors. "If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States". Retailers and most other groups of stocks also were higher.

The stake in Apple, which Berkshire began building in early 2016 with a $1 billion investment, a decision that at the time was driven by one of the money managers Buffett hired to manage the stock side of Berkshire's investments. "[IPhone] is a very sticky product". It was worth over $17 billion at that time and today it holds 240.3 million shares worth $42.5 billion.

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