Apple's stock price tumbled 8% on Thursday, slashing the tech titan's market capitalization by $178 billion. The decline cut the value of Berkshire's stake to less than $119 billion, almost $17 billion below its $135 billion peak, when Apple shares hit a record high, on Wednesday.
However, Apple stock is still up 61% this year. Its outperformance reflect unprecedented efforts by the US government and Federal Reserve to keep markets afloat, the boom in day traders with an insatiable appetite for tech stocks, and robust demand for Apple's products and services as consumers seek to stay informed, entertained, and productive during the pandemic.
Berkshire remains heavily in the green on Apple, the biggest holding in its stock portfolio. It spent about $35 billion to build the position between 2016 and 2018, meaning it has still more than tripled the value of its investment. However, its current $83 billion gain is well below the $100 billion level it briefly hit on Wednesday.
Still, Berkshire's $119 billion in Apple stock is worth more than the entire market capitalization of IBM , Citigroup , or Starbucks .
Moreover, Berkshire's Apple stake represents almost 23% of Berkshire's $521 billion market capitalization. That's striking because Berkshire owns scores of companies including Geico and See's Candies, it boasted $390 billion in net assets at the last count, and Apple is just one of the more than 40 holdings in its equity portfolio.
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