The 2018 Berkshire Hathaway Annual Meeting

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Berkshire's initial investment in Apple was small, suggesting it was made by one of Mr. Buffett's investment deputies.

While Buffett likes to have a big cash hoard to ride out tough times and buy when prices are lower, holding too much cash is muting Berkshire's results.

In explaining his growing love for Apple shares, Buffett explained that the tech company's dominance in the smartphone market and "strong ecosystem" makes it an attractive investment.

For Warren Buffett, CEO of Berkshire Hathaway, which owns Geico, that prompts the question: what does this mean for auto insurance?

Speaking to CNBC, the 86-year-old offered effusive praise for Apple, calling it an "unbelievable company" that earns nearly twice as much as the country's second-most profitable company, JPMorgan Chase.

Warren Buffett, CEO of Berkshire Hathaway Inc, tours the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018.

"I don't believe in imposing my political opinions on the activities of our businesses", Buffett said, in response to a shareholder's question read by CNBC's Andrew Ross Sorkin.

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Buffett's commitment to Apple over the past two years has surprised many, given his historical aversion to companies associated with the technology sector. What is more surprising to investors is the not the fact that Buffet has invested in 75 million more Apple shares but the fact that he is completely out of IBM.

The Trump administration reached out to China to request them to reduce trade deficit with the United States before the end of 2020 in an attempt to prevent a trade war between the two dominant world economies. Berkshire officials say this year's attendance could top the record of 42,000 set a few years ago when the company marked 50 years of Buffett's leadership, but the attendance figures are only an estimate based on the number of meeting pass requests.

The investment also helps Buffett deploy Berkshire's cash and equivalents while he looks for his first major acquisition since paying $32.1 billion for aircraft parts maker Precision Castparts Corp in January 2016.

Berkshire Hathaway owns 10 percent of Wells Fargo's stock, and Buffett reiterated his support for the bank Saturday despite its recent scandals.

Apple's shares now only need to rise by around another $14 apiece, or roughly seven per cent, to give the business a market valuation of $1 trillion.

The billionaire investor recently sold out of an unsuccessful investment in International Business Machines (IBM), at the same time he was buying Apple. The shares closed up 3.9% at $183.83 on Friday.