Warren Buffett's Berkshire Hathaway has cut its stake in Apple by about half, to $84.2 billion, according to an SEC filing.
Apple remains the company's largest holding, but Buffett cut his stake by 13% earlier this year, suggesting he would be willing to sell “a little bit” of Apple for tax reasons.
According to the Financial Times, Berkshire Hathaway made a huge profit on the sale. Buffett had largely avoided technology investments until he started buying Apple stock in 2016. That could be a sign that Buffett has lost faith in Apple, or he could just be in a selling mood. He has also sold other stocks, including $3.8 billion worth of Bank of America shares.
The report comes on the heels of Apple reporting its third-quarter earnings on Thursday, which showed a positive outlook for the company as global iPhone sales declined for the second straight quarter, partly due to competition from companies like Huawei in China.
CEO Tim Cook said the company has been investing resources to prepare for the launch of Apple Intelligence, a suite of AI capabilities the company plans to release in the fall.
