From Nasdaq: 2024-08-06 13:44:00

Warren Buffett reduces stake in Apple by nearly 50% to $84.2 billion, also reduces stake in Bank of America. Berkshire’s holdings are concentrated in top five stocks. The move leads to increase in cash balance to $277 billion.

Apple stock overvalued, underperforms sector. Shares trade below 50-day moving average with year-to-date gains of 9.2%. AI focus aids long-term prospects with Apple Intelligence integrated into iOS 18 and macOS Sequoia.

Apple’s Services business grows 14.1% in the third quarter, accounting for 28.2% of sales. Strong liquidity supports dividends and share repurchases. Apple returns $32 billion in the third quarter and authorizes additional share repurchases. Apple’s AI push and Services business make it an attractive investment option.



Read more at Nasdaq: Buffett Cuts Apple Stake: What Should You Do With AAPL Stock?