Apple shares reach all-time high ahead of new iPhone

Apple shares hit record high on Thursday after it announced an event for 12 September where it's expected to unveil its new iPhone models.

At one point shares rose to over $228 each amid speculation that there will be three new models released this year, including one with a larger display.

Hours after Apple's announcement, tech news website 9to5Mac, posted photographs of two gold iPhone models stacked on top of each other, with a larger-screened model on the bottom. Both models resemble the current iPhone X. The site claimed the new models will be called iPhone XS

Investor Warren Buffett told CNBC on Thursday that the iPhone was "enormously underpriced" even though it costs $1,000, given how indispensable it had become for so many people.

Buffet also said he would be adding to his already large stake in the firm. Earlier this month, his firm Berkshire Hathaway revealed it had purchased 12.4m shares of Apple in the second quarter of 2018, taking the total held to nearly 252.0m.

Apple recently became the world’s first trillion-dollar company, 42 years after it was founded.