Warren Buffett's Berkshire Buys $4.2 Bln Stake In HP

(RTTNews) - Investor billionaire Warren Buffett has revealed that his company Berkshire Hathaway Inc. owns 121 million shares in HP Inc. (HPQ), which makes him the biggest shareholder in the PC and printer maker.

The news sent shares of HP surging on Thursday. The stock closed Thursday's trading at $40.06, up $5.15 or 14.75%, boosting the value of Berkshire's stake by about $650 million to a value of $4.85 billion from $4.20 billion.

Palo Alto, California-based HP had about 1.06 billion shares outstanding as of January 31. HP is now Berkshire's second-biggest tech holding after tech giant Apple Inc. (AAPL). Berkshire owns shares of over $150 billion in Apple.

Lately, HP has benefited from strong demand for laptops and desktops as the work from home culture during the pandemic boosted the its sales. However, market experts believe that that PC shipment growth will slow down going forward.