Westpac Bets Big on Apple with $104 Million Investment

Westpac Banking Corp has made a significant investment in Apple Inc., taking a $104.11 million position in shares of the tech giant. According to its latest 13F filing with the Securities and Exchange Commission (SEC), Westpac bought 359,807 shares of Apple's stock in the second quarter, valued at approximately $104,114,000.

This acquisition represents a major stake for Westpac, as Apple comprises 6.4% of the bank's investment portfolio, making it its second biggest holding. This is not an isolated instance, as several other hedge funds and institutional investors have also increased their stakes in Apple during the same quarter.

The iPhone maker has been experiencing a surge in demand, driven by factors such as the introduction of the foldable iPhone Duo and strong preorder lead times for the latest models. Additionally, Apple's services business, which includes the App Store, Apple Music, and Apple Pay, continues to grow rapidly, providing a significant source of recurring revenue.