Apple’s revenue and earnings hit a record high, shares rose more than 5%, Buffett made $8 billion.

Berkshire Hathaway’s stake in Apple jumped more than $8 billion in value on Friday, as Apple shares rallied strongly It rose more than 5% after its earnings report.

Apple on Thursday announced the company’s first-quarter earnings for fiscal 2022, with revenue reaching a record high of nearly $124 billion and strong sales growth across all product lines except the iPad. Investors seemed particularly enthusiastic about CEO Cook’s remarks that supply chain issues were improving.

Berkshire started buying Apple stock in 2016 and now owns 887,136,000 shares of the iPhone maker, or more than 5% of Apple’s outstanding shares, according to FactSet.

Buffett has been one of Apple’s biggest backers since 2016, even though he argued before buying Apple stock that skyrocketing tech investments were too risky for Berkshire. Apple now accounts for more than 40% of Berkshire’s portfolio.

Apple pays a regular dividend, which Buffett says is attractive based on his investment philosophy.

Buffett once called Apple Berkshire’s “third largest business” after insurance and railroads. He has previously said the iPhone is a “sticky” product that keeps people in Apple’s ecosystem.

“It’s probably the best company in the world that I know,” Buffett said in a February 2020 interview. “I don’t think Apple is a stock. I think it’s our third business.”

Investing in Apple has played a vital role in helping Berkshire through the Covid-19 crisis, as other pillars of its business, including insurance and energy, have been hit hard.