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Warren Buffett's Berkshire Hathaway Sells Half of Apple Stake in Q2 2024, Boosts Cash Reserves to $277 Billion

Aug 3, 2024, 02:03 PM

Warren Buffett's Berkshire Hathaway has significantly reduced its stake in Apple, selling nearly half of its position in the second quarter of 2024. This marks the third consecutive quarter of large sales volumes of Apple stock by Berkshire. The sales come despite Apple reporting a 5% growth in sales for the quarter and Cook's note on spending more with flat revenue. Additionally, Berkshire Hathaway has been selling shares of Bank of America, contributing to a record cash position of $277 billion. The company's net income for the second quarter was $30.3 billion, driven by higher insurance underwriting profits and increased income from its large cash holdings. Buffett's actions suggest a strategic shift, potentially preparing for major acquisitions or buybacks if stock prices decline. The Vision Pro product flop and Q2 FY24 repurchase volume being the lowest since 2018 may have influenced these decisions.