Apple rises after Warren Buffett ups his stake by 75 million shares

• Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday.
• Apple rose more than 1% after the stake was disclosed. 
• The news comes just ahead of the firm's annual shareholder meeting in Omaha, Nebraska. 
• Follow Apple's stock price in real-time here.

Shares of Apple rose more than 1% in early trading Friday after billionaire investor Warren Buffett said he’d added 75 million shares of the tech giant’s stock to his portfolio.

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The new stake, coupled with the firm's 165.3 million shares already owned, brings Buffett's total Apple holdings to 240.3 million. At Friday's trading prices, the stake is worth roughly $42.92 billion. 

Buffett disclosed the new investment Thursday evening in an interview with CNBC ahead of Berkshire Hathaway’s annual meeting in Omaha, Nebraska.

"If you look at Apple, I think it earns almost twice as much as the second most-profitable company in the United States," Buffett told the cable network, calling it an "unbelievable company."

Apple on Wednesday reported another blockbuster quarter in which it brought in $61 billion in revenues powered by sales of 52.2 million iPhones.

Shares of Apple are up 3.8% since the beginning of 2018.