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Warren Buffett said he purchased $600 million worth of Apple shares during a dip in the March quarter, and would have bought more if the stock price didn't bounce back.
Apple's share price dipped during a three-day selloff around March 14, but quickly recovered. The bounce back was the only reason that Buffett didn't add more shares to his portfolio, the Berkshire Hathaway CEO and chairman told CNBC.
"Unfortunately the stock went back up, so I stopped. Otherwise who knows how much we would have bought," said Buffett on Sunday.
Apple is Berkshire Hathaway's largest stock holding, and Buffett considers the company one of his "four giants." By the end of March, the company held $159.1 billion worth of Apple shares, representing about 40% of its equity portfolio.
Apple shares came under pressure because of ongoing supply constraints and fears of consumer spending shifts because of inflation and other macroeconomic factors. Shares of Apple are currently down 13.69% in 2022 thus far.
In late April, Apple authorized another $90 billion in share buybacks, maintaining its pace as the public company that spends the most money buying back its own stock.