By Joyce Yu
Philadelphia, PA–Apple announces September 12 event, where not only new iPhones, but upgrades to nearly every Apple product line is expected to be unveiled. Bloomberg reported that three new iPhone X models will be introduced: a sequel to the current model with the 5.8-inch OLED display, a larger version with an OLED 6.5-inch display and a cheaper version with a 6.1-inch LCD screen. There will be new color options too.
Apple’s annual September event serves as the showcase to new product models, but this year’s unveiling is rumored to be impressive. Reports have suggested a new line of iPhones, a new MacBook Air and updated Mac Mini, upgrades to the iPad and a new Apple Watch.
Apple share extended its recent rally to new highs, gaining 2% to $227 a share. The tech giant also gained support by Buffett admitted on a CNBC interview “We bought just a little [more].” Buffett’s Berkshire Hathaway is the second-largest holder of Apple shares with a stake worth about $56 billion. The investment firm increased its stake in Apple by 5% in the second quarter, according to a public filing.
Favoring Apple as an investment, Buffett said he loves Apple due to the power of its brand and ecosystem, not its short-term financial results. “I do not focus on the sales in the next quarter or the next year,” he said. “I focus on the … hundreds, hundreds, hundreds millions of people who practically live their lives by it [iPhone].”
The billionaire investor spoke with CNBC on his 88th birthday from the Smith & Wollensky steakhouse in New York, ahead of his lunch with the winning bidder of the Glide auction. The annual event raises money for the San Francisco charity by offering a private meal with the Berkshire Hathaway chairman and CEO. This year’s winning bid went for over $3.3 million.
Also breaking record levels is Amazon’s share which rose as high as 1.14% in Thursday afternoon session to $2026. With the average price target of $2,141.50, Amazon would become the second company to top $1 trillion in market cap if the stock rises to at least $2,050.27. Apple became the first-ever $1 trillion U.S. company on Aug. 2. Year-to-day, Amazon shares have gained 73%, leaving behind Apple whose stocks have climbed 33%. The Nasdaq Composite Index has gained 17% this year.
