Warren Buffett's Berkshire pares huge Apple stake as cash, operating profit set records
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OMAHA: Berkshire Hathaway significantly reduced its enormous stake in Apple in the first quarter, as Warren Buffett's conglomerate let its cash hoard swell to a record $189 billion. Buffett's company also posted a record operating profit exceeding $11 billion, as its insurance operations benefited from improved underwriting and higher income from investments as interest rates rose. The value of Berkshire's stake in Apple fell 22% to $135.4 billion as of March 31 from $174.3 billion at the end of 2023, even though the iPhone maker's share price fell just 11% in the quarter. Based on changes in Apple's stock price, Berkshire appears to have sold 13% of its Apple shares in the quarter, ending with about 790 million. A large sale is an about-face for Buffett, who is normally tech-phobic but came to view Apple as a consumer goods company with strong pricing power and devoted customers.Some investors, however, have expressed...