Billionaire Warren Buffett revealed his investment firm Berkshire Hathaway has bought 9.81 million shares in Apple worth $1 billion. Buffett, who has never been seen in the tech arena, boosted Apple shares on Monday leaving them 3.7% higher at $93.88. Berkshire is now the 56th largest shareholder in the iPhone company.

According to reports, Warren Buffett himself wasn’t behind the investment, but his stock-picking team led by Todd Combs and Ted Weschler picked Apple as its next target.

Buffett is known for purchasing “value stocks”, making this investment in the technology sector surprising. He has admitted that he has been “slow” in getting involved in the tech industry, which makes sense as he doesn’t believe in investing in companies he doesn’t understand.

Apple has not been performing so well, but Buffet’s investment has boosted the iPhone company’s market value by over $18 billion. Last week, Apple lost its top spot as the most valuable company in the world to Google’s Alphabet—the market cap of Alphabet was $547.1 billion against Apple’s $529.3 billion the next day.In the last 12 months, Apple shares have decreased nearly 30 percent—shares rose on Monday after Berkshire Hathaway disclosed its new investment. Apple recorded a dip in sales for the first time since its inception in the quarter ending March.

Apple continues to hold a competitive advantage over other companies like Xiaomi and Samsung which have taken over its market share, with over one billion active users. Its subsidiary services like iTunes and the App Store continue to engage and encourage users back to its forum. Rumours of the iPhone 7 are already in circulation, and will definitely attract eyeballs!

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