Tech

Warren Buffett’s praise for Apple sends shares through the roof

Apple's share price has once again hit record heights after billionaire Warren Buffett repeated his strong support for the tech company.

For the first time, shares went past the $185 mark today, opening at $185.18 before climbing to over $187 later in the day.

The rise came on the back of investing heavyweight Buffett telling CNBC this morning that he loved Apple stock so much that he would own "100 per cent of it" if he could.

"We bought about five per cent of the company," he said. "I'd love to own 100 per cent of it. We like very much the economics of their activities. We like very much the management and the way they think."

The last time Apple stock beat records only came last Friday, when Buffett announced that his conglomerate Berkshire Hathaway had bought 75m Apple shares in the first quarter.

Also speaking on CNBC's early morning talk show Squawk Box was Microsoft co-founder Bill gates, who agreed with Buffett on the value of Apple's stock.

"Apple's an amazing company, and the multiple's not gigantic," he added. "The top tech companies do have a very strong profit position right now but Apple has the most of all."

Buffett sends stark bitcoin warning

During the show, Buffett once again aired his strong views on the current bitcoin fad after he predicted it would "come to a bad end" earlier this year.

Read more: Warren Buffett believes bitcoin will "come to a bad ending"

After calling Bitcoin "rat poison squared" at Berkshire Hathaway's AGM on Saturday, he sent another stark warning about the risk of trading cryptocurrencies.

"The asset itself is creating nothing," he said. "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along."

The sentiment on bitcoin was shared by Gates too, who said he would short it "if there was an easy way to do it.

"As an asset class, you're not producing anything and so you shouldn't expect it to go up. It's kind of a pure 'greater fool theory' type of investment," he explained.

Cryptocurrencies have enjoyed a meteoric rise in popularity over the past year thanks to the sharp rise in prices and volatile state of the market.

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