apple (AAPL – Free Report) is currently the hottest stock on Wall Street as its shares are gaining at the fastest pace in over nine years. This is especially true, as the stock scaled multiple highs, surpassing $185 for the first time on May 7. The technology giant has been on the longest six-day winning streak since Mar 17, 2009, gaining 14.1% and is heading closer to a record trillion-dollar market capitalization.

The massive upside came on the back of strong second-quarter fiscal 2018 results, which eased concerns about weak demand for iphone and the bullishness shown by the Oracle of Omaha.

Glance at Q2 Earnings

Earnings per share came in at $2.73, beating the Zacks Consensus Estimate by 4 cents and improving 30% from the year-ago quarter. Revenues grew 16% year over year, the fastest growth in more than two years, to $61.1 billion and edged past the estimate of $61 billion. Apple sold 52.2 million iPhones in the fiscal second quarter, up from 50.8 million units in the year-ago quarter but below the consensus estimate of 52.94 million units.

The gadget maker foresees revenues in the range of $51.5-$53.5 billion for the third quarter of fiscal 2018. The company also encouraged investors with a big dividend boost and stock buybacks, following the tax break that will bring overseas cash back to the United States. It announced a massive share buyback program to the tune of $100 million on top of the existing $210 billion to be completed during the fiscal third quarter, and boosted its quarterly dividend by 16% to 73 cents.

Buffett's Confidence

Warren Buffett's Berkshire Hathaway disclosed late last week that it had purchased an additional 75 million shares in the iPhone maker in the first quarter, raising its stake to $44 billion or 5%. Then he doubled down his bullish comments on May 7 by saying that he likes Apple stock so much he would love to own all of it.  

“I clearly like Apple. We buy them to hold,” Buffett said on CNBC's Squawk Box. “We bought about 5% of the company. I'd love to own 100% of it. … We like very much the economics of their activities. We like very much the management and the way they think.”