An 'Amazing Business': Buffett Buys 75M More Apple Shares In Q1

Apple so 'unbelievable' that Warren Buffett buys $75 million more shares

Buffett's Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector.

As FOX Business previously reported, Apple shares rose earlier in the week after the company announced a $100 billion boost to its share buyback program. Up to Thursday's close, Apple stock had risen more than 5 percent since Berkshire disclosed on February 14 that it had raised its stake in the Cupertino, California-based company. Berkshire's latest Apple investment have suggested that it serves as a way of minimizing the corporate group's $116 billion.

One company that won't appear anywhere in Berkshire's report is IBM.

While short sellers were going to town on AAPL, Buffett took the opportunity to buy Apple stock at a discount. As CNBC notes, investors responded positively to Warren Buffett's Berkshire Hathaway firm upping its investment in Apple by 75 million shares last quarter.

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

Apple has posted its profits of $61.1 billion with the net quarterly revenue of $13.8 billion in the first quarter of this year. That report will include information on Apple, and the rest of Berkshire's 10 largest holdings.

Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion a year ago, and promised $100 billion in additional stock buyback.

US stocks rose Friday as shares of Apple hit an all-time high to lead a rally for technology companies.

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