Apple’s stock has hit an all-time high on Monday. The company is moving closer towards milestone clocking $1 trillion market value.
After Warren Buffett revealed of buying 75 million more shares of Apple, many investors have jumped in to buy Apple stock. The Oracle of Omaha’s company now owns more than 240 million Apple shares, which translates into 5% of stake. Buffett made the announcement on the eve of Berkshire Hathaway’s annual shareholder meeting.
Berkshire’s announcement led to the 2% more growth on Monday. The month of May has been fantastic for the tech firm. The company announced its revenue report, disclosing better than expected profits on May 1st. Apple’s market valuation is now over $940 billion.
Apple has reported slow down in iPhone sales in the United States. However, the sales in Asian countriesChina and Japan are on the rise. The company has also announced an investor buyback program, which will help the earnings per share. Apple has even increased the dividend for the investors. The company recorded 13% rise in its stock in this month.
The Cupertino-based tech firm has once again proved to its investors. Looking at shaking sales figure in the US, the pessimistic investors feared that the best days were passed for Apple. Warren Buffett’s endorsement has been the biggest reason why Apple is having best of both worlds - a value stock and a growth stock.
Apple is likely to become the first tech firm in the US to hit $1 trillion market cap. The company has clearly left its three biggest competitors, Microsoft, Alphabet and Amazon behind. However, they are not far behind either. Microsoft and Alphabet are worth $750 billion each. Facebook has suffered a lot in recent time.
The Cambridge Analytica data scandal had a minor impact on the Facebook stock. The social networking company is now worth $515 billion, which is less than 10% below its all-time high earlier this year. The five largest tech stocks are collectively worth $3.7 trillion.