A ringing endorsement from mega-investor Warren Buffett has helped push Apple’s stock to a new record high today.
Apple shares were trading up 2.04% and closed at an all-time high of $139.78 per share, beating the company’s previous top mark of $137.11 set last week.
Warren Buffett’s investment company Berkshire Hathaway revealed that it has doubled its investment in Apple during 2017. News of Buffett’s confidence in the stock has sent the stock price soaring again.
Berkshire Hathaway now owns 33 million shares in Apple, worth about $17 billion. That means about 2.5% of all Apple shares are owned by the Buffett’s company.
Apple’s historic Q1 2017 earnings have also boosted the stock. Quarterly iPhone sales reached an all-time high and revenue from Apple’s services continued to rise.
Investors are also eyeing the launch of three new iPhones later this fall. Some Wall Street analysts think a bevy of new features added to the iPhone will trigger an avalanche of upgrades from customers who have an iPhone that’s two-years or older. Design changes could also help Apple score more sales in China.
Apple shares crept upwards of $140 per share during trading today. If shares tick up about $8, Apple will break its previous market capitalization record of $774.69 billion set in 2015.