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"We don't own any; we're not short any", Buffett said in an interview on CNBC.

His endorsement helped lift Apple stock to an all-time closing high. In addition, Apple announced a $100 billion share repurchase authorization.

The recovery in the share prices makes it less opportune for Apple's corporate treasury to execute purchases as it proceeds with an additional $100 billion of buybacks in an effort to further winnow down its mountain of cash.

Warren Buffett and his business partner, Charles Munger, answered questions from analysts, journalists and shareholders in the audience of Berkshire Hathaway Inc's annual meeting in Omaha, Nebraska.

Funds from the repatriation of Apple's $252 billion overseas cash hoard arrived at a convenient time for traders working on behalf of Apple.

Buffett also spoke about one of Apple's main rivals - Google - admitting it had been a mistake for Berkshire not to invest in Alphabet, its parent company, and Amazon.

The Cupertino, California-based company's global sales accounted for 65% of the quarter's revenue, and its earnings per diluted share jumped by 30%.

Up to Friday's close, Apple stock had risen 9.8 percent since Berkshire disclosed on February 14 that it had raised its stake in the company, Reuters noted. Berkshire Hathaway has owned See's Candy since 1972 and has made the chocolate and candy manufacturer a huge success.

At its low in February, the stock was available for as little as $150, an 18 per cent discount to its current price.

Earlier this week, we reported that Berkshire Hathaway, the conglomerate founded and run by Warren Buffett, had purchased an addition 75 million AAPL shares during the first quarter of this year.

At its close of $183.83 on Friday, however, Apple now stands at a premium of almost 7 per cent to its 60-day VWAP of $172.11.

The comments come after President Donald Trump's recent trade attacks on China including proposed tariffs on $US50 billion worth of Chinese goods and tariffs on imports of steel and aluminium.


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