Wondering how Buffett's top picks are faring in 2018?

Warren Buffett was in Omaha for the Berkshire Hathaway annual meeting at the weekend

Warren Buffett was in Omaha for the Berkshire Hathaway annual meeting at the weekend Nati Harnik AP

There were many rumors that the US-based company, Apple's favorite iPhone X was a complete disappointment and that the company was struggling to regain its competitive edge.

Buffett revealed last week that Berkshire had bought about 75 million additional Apple shares in the first quarter, adding to the 165.3 million it already owns. According to Market Watch, the stock is jumping towards its biggest six-day rally in nine years.

Apple, whose stock hit a new record high Monday, has been a major victor for Berkshire Hathaway: Apple's stock price has roughly doubled in the two years since Berkshire initially disclosed its stake. "I went into Apple because I came to certain conclusions about both the intelligence with the capital they deploy, but more important the value of their ecosystem and how permanent that ecosystem could be".

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If it crosses the trillion-dollar threshold, it will become the first USA company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve. "We like very much the management and the way they think". "You buy it because you think it's a good investment over 10-20 years". Warren was appreciative of the buyback programme too and CNBC reported that he said, "When I buy Apple, I know that Apple is going to repurchase a lot of shares", he said. We own 5 percent of it.

"If you don't understand it, you get much more excited", Buffett said on CNBC television. There is no reason at all for me to encourage other people to buy Apple. But in terms of recent times - well - it - it was - it was - it was a company I liked, a business I liked very much.

Apple CEO Tim Cook responded to the praise in kind.

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The gap between Apple and other US companies in terms of market cap is equally impressive, with the iPhone-maker now worth over $120 billion more than its nearest tech rivals Amazon ($773B), Microsoft ($732B) and Alphabet ($719B), which are the second, third and fourth in market cap valuations, respectively.

Apple is once again closing in on becoming the first company to have a market cap of $1 trillion.

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