Tim Cook says Warren Buffett’s investment shows that Apple isn’t really a tech company anymore

“Berkshire Hathaway’s major investment in Apple shows that Warren Buffett understands the iPhone maker is really a consumer products company at its core rather than a technology company, Apple CEO Tim Cook told CNBC,” Matthew J. Belvedere reports for CNBC.

“‘[Buffett] has been very clear, he didn’t invest in technology companies and companies he didn’t understand. He’s been totally clear with that. And so he obviously views Apple as a consumer company,’ Cook told CNBC’s Becky Quick in an interview that aired Monday,” Belvedere reports. “‘We believe that technology should be in the background, not the foreground, and that technology should empower people to do things and help them do things they couldn’t do otherwise,’ said Cook, who attended this weekend’s Berkshire shareholders meeting in Omaha, Nebraska, for the first time.”

“As sales growth of its hardware business slows, Apple has been growing its services,” Belvedere reports. “While discussing what it means to have Berkshire in Apple’s corner, Cook said Buffett’s faith in the company ‘seemed like recognition’ of this continuing evolution.”

Read more in the full article here.

MacDailyNews Take: With Buffett leading the way, perhaps the market will finally begin to understand Apple is not just “the iPhone maker.”

Berkshire Hathaway’s Warren Buffett: ‘I like our Apple holdings very much’ – May 6, 2019
Warren Buffett’s Berkshire Hathaway Apple holdings up over $10 billion this year – May 3, 2019

[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]