Omaha, Nebraska – Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, made headlines recently as his company slashed its massive stake in Apple during the first quarter of the year. This move by the “Oracle of Omaha” underscores a shift in his investment strategy, signaling a departure from his once-favored tech bet.

In its latest earnings report, Berkshire Hathaway revealed that its Apple investment had decreased in value to $135.4 billion, representing a 13% decline in the stake. Despite this reduction, Apple remained the largest holding in Berkshire’s portfolio at the end of the quarter. This marks the second consecutive quarter that Berkshire has trimmed its stake in the tech giant.

Buffett’s affinity for Apple grew over the years, with one of his investing managers convincing him to buy into the stock. At one point, Buffett even dubbed Apple as the second-most important business in Berkshire’s portfolio, following its cluster of insurers. However, speculation has arisen regarding Buffett’s decision to reduce his Apple stake, with some attributing it to concerns over the company’s valuation amidst a surging stock market.

The decision to sell a portion of the Apple stake comes at a time when the tech giant is facing both challenges and opportunities. Despite announcing a record $110 billion share repurchase program, Apple reported declines in overall sales and iPhone sales, leading to a drop in its stock price. With Berkshire still holding a significant position in Apple, albeit reduced, Buffett’s move reflects a strategic adjustment in response to evolving market dynamics.

It is worth noting that Buffett’s decision to trim the Apple stake is not unprecedented, as he has made similar adjustments in the past. While Berkshire remains a key shareholder of Apple, the recent sale highlights Buffett’s cautious approach to managing the conglomerate’s investment portfolio. Ultimately, the move signals a calculated shift in strategy for one of the world’s most renowned investors.