Warren Buffett's Berkshire Hathaway on Monday revealed a new stake in Apple, in a bet that the stock's price could rebound after iPhone sales fell for the first time.
Berkshire held 9.81 million Apple shares worth $1.07 billion as of March 31, according to a regulatory filing detailing most stock holdings of Buffett's Omaha, Nebraska-based conglomerate.
It is unclear whether the Apple investment was made by Buffett or by one of his portfolio managers, Todd Combs and Ted Weschler, who each invest about $9 billion.
Buffett typically makes Berkshire's multibillion-dollar investments, while Combs and Weschler make smaller wagers.
The investment deepens Berkshire's commitment to the technology sector, which Buffett has largely shunned apart from a big stake in International Business Machines Corp, which grew slightly in the first quarter.
Apple last month reported its first quarterly decline in revenue in 13 years as an increasingly saturated market hurt iPhone sales.
Chief Executive Tim Cook is looking to develop other technologies, and last week unveiled a $1 billion investment in Chinese ride-hailing service Didi Chuxing.
Shares of Apple have fallen by nearly one-third since April 2015. They were up $2.13, or 2.4 percent, at $92.65 in Monday morning trading, likely because of Berkshire's imprimatur.
"The stock is stunningly cheap, and it has a massive pile of cash," said Steve Wallman, founder of Wallman Investment Counsel in Middleton, Wisconsin, who has owned Berkshire since 1982 and Apple since 2003. "Apple is not getting credit for research and development it is doing behind the scenes, which will eventually show up in new products."
An Apple spokeswoman did not immediately respond to requests for comment.