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As Apple gets set to unveil new iPhone models, shares hit an all-time high

As Apple gets set to unveil new iPhone models, shares hit an all-time high
It was quite an eventful month of August for Apple in terms of its shares. On August 2nd, the tech giant became the first U.S. public company to earn a valuation of one trillion dollars. Some expected Apple to roll over and play dead after hitting the magic figure, but that wasn't the case at all. Since making history, Apple's shares rose another 10% to finish the month of August at $227.63 for a valuation of close to $1.1 trillion. An all time high of $228.87 was hit on Friday, the last day of the month.

Some traders have been buying the stock in anticipation of Apple's September 12th new product event being held at the Steve Jobs Theater. Typically, the shares rise in anticipation of the introduction of the latest iPhone models. Nimble traders then sell their shares or call options as soon as the new phones are announced, scoring a quick profit. That's known as buying the rumor and selling the news. But that's not the play that famed long-term investor Warren Buffet has in mind.

Buffet has been continually adding to his Apple position, even earlier this year when analysts falsely said that the iPhone X was deadWith Wall Street traders in "full panic mode" just before the fiscal second quarter earnings announcement,Apple's shares briefly dipped 8% within days. But the following two earnings reports indicated that the tenth anniversary iPhone had actually been Apple's biggest seller. The "Oracle of Omaha" usually is averse to investing in tech, but he has doubled his stake in Apple since 2017. He reportedly started building his position in the stock after falling in love with his Apple iPad.

Buffet's holding company, Berkshire Hathaway, is the second largest holder in Apple with ownership of 246.5 million shares at the end of June. Those shares are currently valued at over $56 billion. Mutual fund company Vanguard has the largest stake in Apple.

source: AppleInsider
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