Warren Buffett’s Hathaway increases shares in Apple
LOS ANGELES — Legendary investor Warren Buffett has increased his holdings in tech giant Apple through his Berkshire Hathaway company.
CNBC reports that Hathaway added 165.3 million shares of Apple stock, while also dumping 94.5% of its IBM holdings.
Buffett had told the NBC-owned financial network that he was more optimistic about Apple’s future than IBM. In 2011, Buffett wasn’t so sure about Apple’s future. “Coca-Cola is very easy for me to come to a conclusion as to what it will look like economically in five or 10 years, and it’s not easy for me to come to a conclusion about Apple,” he had told Bloomberg.
Buffett’s company is now the fourth-largest Apple shareholder.
CNBC played up the fact that in the 1980s, Apple and IBM were rivals. IBM helped popularize personal computing with IBM-branded computers that used a rival operating system from Microsoft.
Today, IBM has since long left computing and now focuses more on cloud services, security and artificial intelligence. As for Apple, computers are its the fourth largest business, following smartphone, software services (iTunes, iCloud, Apple Music) and the iPad tablet.
Apple shares closed at $167.37 a share Wednesday, up $3.03 from the previous day’s trading.
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