Superstar investor Warren Buffett revealed Monday that he had more than doubled his stake in Apple, to own 2.5% of the tech giant — giving his Berkshire Hathaway company shares in Apple worth around $17 billion.
Buffett has previously claimed that he’s not a tech investor, but said in an interview with CNBC that he’s bullish on Apple’s powerful brand and capital-deployment strategy. Berkshire Hathaway and Buffett now own 133 million shares in Apple, making it the second-biggest stock in its portfolio after Coca-Cola.
“Apple strikes me as having quite a sticky product, and an enormously useful product to people that use it,” Buffett said in the CNBC interview. Buffett said in January, he personally bought 120 million Apple shares.
Apple shares were up 0.3% in premarket trading Monday. The stock has hit record highs in February, after closing at $136.66 per share Friday. Apple currently has a market cap of more than $715 billion.
Buffett’s Berkshire Hathaway, legendary for its market-beating returns, first acquired shares in Apple last spring, as disclosed in a May 2016 filing with the SEC.
For the 2016 holiday-shopping quarter, Apple reported quarterly record revenue of $78.4 billion. Sales of the flagship iPhone line were up 5% year over year, to a total of 78.3 million devices sold during the three months ended Dec. 31.