75 million more Apple shares purchased by Warren Buffett of Berkshire Hathaway

That adds to 165 million shares that Berkshire had at the end of past year. Moreover, he also said that if you look at the company, it probably earns almost twice as much as the 2nd most profitable firm in the US. The upcoming report by Berkshire Hathaway will reveal information on the company's 10 biggest holdings.

It's being reported that Berkshire Hathaway Inc had grabbed another 75 million Apple Inc shares in Q1.

Apple shares added 3.9 percent, to $183.83, as investors hoped to grab some of the Buffett investment magic.

Buffett's increased stake, which was confirmed by a representative of the billionaire investor, pushed Apple's shares up as much as 4.2 percent to $184.25, taking the company's market value to about $906 billion.

The company also called out the iPhone X as the most popular model in the product lineup which is a new trend; higher-priced Plus models of iPhones were never more popular than slightly cheaper and smaller flagships in previous years.

"It's an awesome business", he said.

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Veteran investor Mr Buffett disclosed the purchases by his Berkshire Hathaway fund on CNBC late on Thursday, ahead of the investment giant's shareholder meeting this weekend.

The Dow Jones Industrial Average slashed an opening 150-point drop to trade sharply higher Friday afternoon, on the back of a pop in Apple Inc.

However, there may also be another reason for the investment: Berkshire's cash position.

But the business tycoon has suggested that he sees Apple more as a consumer company than investing.

In late afternoon trading, US benchmark 10-year yields were flat at 2.945 percent from 2.946 percent late on Thursday. The business had revenue of $58.91 billion during the quarter. In January this year, Warren Buffett appointed Gregory Abel and Ajit Jain to the Berkshire Hathway board as vice chairmen, hinting that one of them is the most likely heir to Berkshire.