Apple hits record high after Buffett's Berkshire increases stake

Apple Inc's stock hit an all-time high on Friday after Warren Buffett's Berkshire Hathaway Inc disclosed it bought an additional 75 million shares of the iPhone maker in the first three months of the year.

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.

Apple declined to comment on Friday.

"If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States," Buffett told CNBC, which first reported https://www.cnbc.com/2018/05/03/buffetts-berkshire-hathaway-bought-stunning-75-million-apple-shares-in-first-quarter.html the news on Thursday.