Despite the sale, Apple is “even better” than American Express and Coca-Cola, which are “wonderful” businesses Berkshire also owns, Mr Buffett told the crowd of thousands in Omaha.

Unless something changes dramatically, Apple will remain its largest investment, he said, hinting that tax implications had motivated the sale. The iPhone may be one of the greatest products of all time, Mr Buffett added.

Apple has faced a slew of headwinds — a €1.8bn competition fine from the EU, a slump in sales in China, and the scrapping of a decade-long car project among them.

The sale bolstered Berkshire’s cash pile, which climbed to a record $189bn at the end of March. Given current market conditions — where rate cuts are uncertain, inflation remains elevated and geopolitical risks abound — Mr Buffett said he didn’t mind amassing the cash and said it could reach $200bn by the end of the quarter.

“Buffett is hoarding cash and therefore is bearish on the stock market,” said Smead Capital Management chief investment officer Bill Smead.

Meanwhile, Taiwan’s Foxconn, the world’s largest contract electronics maker and the biggest assembler of Apple’s iPhone, reiterated on Sunday that it expected a rise in second-quarter revenue, and reported record sales for the month of April. 

Foxconn said in a statement that this year’s second quarter “remains a traditional off-peak season, and major products are entering a period of transition between old and new products”.

But it added: “The operations outlook for the second quarter is expected to show both quarter-on-quarter and year-on-year growth.” 

The statement did not elaborate and the company does not give numerical guidance.

• Bloomberg and Reuters