Warren Buffett’s Berkshire Hathaway cut its Apple holding by around half , to $84.2 billion, according to an SEC filing .
While Apple remains the firm’s largest stock holding by far, Buffett had already reduced its stake by 13 percent earlier this year, hinting that he didn’t mind selling “a little Apple” for tax reasons .
Berkshire Hathaway made huge profits on the sale, according to calculations by The Financial Times ; Buffett had largely avoided tech investments before beginning to buy Apple stock in 2016. He’s has been selling off other stocks as well, for example selling $3.8 billion of shares in Bank of America.
Apple announced its third quarter earnings on Thursday, with iPad growth offering a bright spot as global iPhone sales declined for the second consecutive quarter, due in part to competition in China from companies like Huawei.
CEO Tim Cook said the company has been diverting resources to prepare to launch Apple Intelligence — a suite of AI features that it plans to release in the fall .