>> Call it the Buffett bump, every time billionaire investor Warren Buffet takes a bite out of Apple, the iPhone makers shares jump. On Friday, Apple stock rose nearly 4% in Friday morning trading, hitting a new record high after Buffett told CNBC that his Berkshire Hathaway added about 75 million more shares to its portfolio.
That brings the total to around 240 million shares with over $40 billion, and it makes Berkshire Hathaway Apple's second largest shareholder. Apple has been Berkshire's top holding since late last year. Reuters correspondent, Steven Nellis.>> So Warren Buffett is sort of famous for avoiding technology stocks. But what we see here is that in some way, Apple is no longer really a technology company.
It's a broad based consumer brand, like Coca Cola or Nabisco that has a fairly stable placement in most consumers lives. Whether that's through buying an iPhone, through buying a Mac, or some other mechanism. It has a place in most people's lives that is not changing a lot overtime, and it's actually expanding.
And I think that's probably what Warren Buffett is looking for.>> Buffett predicted last year that Apple would reach a trillion dollar valuation before his own company, Berkshire Hathaway. That would make it the first company to hit such a milestone. And with the latest valuation hovering around $900 billion today, Apple isn't too far from the mark.
As for Buffett, the 87-year-old can be found socializing this weekend at Berkshire's annual shareholder meeting in Omaha, Nebraska, Buffett's hometown.