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In a surprising move, Warren Buffett’s Berkshire Hathaway has significantly reduced its stake in Apple. According to a recent SEC filing, the company has cut its Apple holdings by around half, bringing the value down to $84.2 billion.
Key points:
- Apple remains Berkshire Hathaway’s largest stock holding, despite the reduction.
- This move follows a previous 13% reduction in Apple stock earlier this year.
- Berkshire Hathaway has made substantial profits from the sale, having initially invested in Apple in 2016.
- The decision comes after Apple’s recent third-quarter earnings report, which showed declining global iPhone sales for the second consecutive quarter.
- Apple CEO Tim Cook mentioned that the company is shifting resources to prepare for the launch of Apple Intelligence, a suite of AI features planned for release in the fall.
This development raises questions about Buffett’s confidence in Apple’s future performance. However, it’s worth noting that Buffett has been selling off other stocks as well, including $3.8 billion of shares in Bank of America.
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