HP stock had its best day in more than two years! As a result, Warren Buffett's Berkshire Hathaway became nearly $650 million richer.
Berkshire said it owns 121 million shares of HP, now it’s the largest shareholder in the PC and printer maker. HP shares rose 15% on Thursday after the announcement, pushing the value of Berkshire's stake to $4.85 billion from $4.2 billion. It was the biggest increase for HP since March 2020. HP is now Berkshire's second largest technology holding after Apple. Buffett famously avoided high-flying tech stocks before his holding company began accumulating Apple shares in 2016. In fact, Apple is HP’s rival in the PC market. Buffett's investment comes at an uncertain time for the PC market.
Some market analysts now believe that PC shipment growth will slow sharply next year, and demand has already peaked. Let’s see what it can lead to!
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