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☆ Warren Buffett downsized his Apple stake for tax reasons. Here's what it means
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett surprised many by selling a significant portion of his gigantic Apple stake, and his reason for the sale was even more surprising. Buffett, who trimmed Berkshire Hathaway's Apple holding by 13% in the first quarter after reaping enormous gains, suggested that the sale was for tax reasons. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. There's no special tax rate for capital gains in a corporation as they become part of the entity's income. Corporate income tax rate The corporate tax rate in the U.S. averaged 32.1% from 1909 to 2024, with a peak of 52.8% in the late 1960s, according to the Internal Revenue Service.

Persons: Warren Buffett, Buffett, There's, Kelly Gillette Organizations: Apple, Treasury Department, U.S, Internal Revenue Service, Armanino LLP, Apple Berkshire, Berkshire Locations: Berkshire, Omaha, Texas

☆ Warren Buffett's Berkshire Hathaway made a number of changes in its equity portfolio last quarter
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett unveiled Chubb as his secret buy and Berkshire Hathaway's equity portfolio had some other changes in the first quarter, according to a new regulatory filing. Firstly, the Omaha-based conglomerate tweaked his energy exposure last quarter, adding to its Occidental Petroleum holding slightly and trimming the Chevron stake. Berkshire has been steadily increasing its Occidental bet since it first took a position in the first quarter of 2022. It was previously disclosed that Buffett trimmed Berkshire's Apple holding by 13% in the first quarter. Other than these changes, Berkshire's top 10 holdings remained unchanged last quarter.

Persons: Warren Buffett, Chubb, Buffett Organizations: Berkshire, Occidental Petroleum, Chevron, Occidental, HP, Paramount Locations: Omaha, Berkshire, Louisiana, Pacific

☆ Lawrence Cunningham talks Berkshire Hathaway's investment in Chubb
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLawrence Cunningham talks Berkshire Hathaway's investment in ChubbHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Lawrence Cunningham, Chubb, Brian Sullivan, “ Organizations: Berkshire, CNBC

☆ A new era of heartthrob is here, and Nicholas Galitzine is its poster boy
▼ + stars: | 2024-05-14 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +7 min

Galitzine's sexuality-spanning filmography is unique in that it's been pretty evenly split between gay and straight roles. Galitzine's focus on multi-dimensional characters makes him the heartthrob Gen Z wants and needsNicholas Galitzine as George Villiers in "Mary & George." StarzIt's remarkable that Galitzine has effectively built his career playing a number of commercial gay roles when it used to be true that "playing gay" could destroy an actor's career. On the flip side, there's a certain amount of discomfort with Galitzine, who has said he identifies as straight, playing queer roles. But it's clear he'll still keep playing roles across the spectrum of sexuality.

Persons: —, Nicholas Galitzine, Galitzine's, I'm, Galitzine's bashfulness —, who'd, Luke Perry, Prince Robert, Camila Cabello, Anne Hathaway, Mary, George, Anne Hathaway's, Galitzine, Hayes Campbell, Hayes, Hathaway's Solène, Hathaway, Solène she's, Michael Showalter, Nick, Showalter, Cathy Schulman, He's, Chalamet, Jacob Elordi, Alex, Henry, Jonathan Prime Hayes, George Villiers, King James I's, it's, Armie, he's, Gen, Z Organizations: Service, SXSW, Business, Starz, Gay Locations: Austin, Hollywood, Galitzine, British

☆ Warren Buffett is hoarding $200 billion as he may see 'storm clouds' ahead, says top economist Steve Hanke
▼ + stars: | 2024-05-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett expects Berkshire Hathaway's cash pile to hit more than $200 billion this quarter. The investor can't find assets worth buying and seems to see "storm clouds" ahead, Steve Hanke said. "Cash is king, and given what Buffett is being paid to hold it, the king is not going hungry," he said. AdvertisementWarren Buffett is building a cash pile as he probably can't find anything worth buying, and may be bracing for a tempest to hit, says Steve Hanke. This story is available exclusively to Business Insider subscribers.

Persons: Warren Buffett, Steve Hanke, Cash, Buffett, — Organizations: Berkshire, Service, Johns Hopkins University, Business, Buffett, Apple Locations: Berkshire

☆ Harvard expert shares the No. 1 lesson to learn from Warren Buffett’s career: 'You can't be really successful' without it
▼ + stars: | 2024-05-14 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Warren Buffett's Berkshire Hathaway raised its stakes in Mitsubishi Corp., Mitsui & Co., Itochu, Marubeni and Sumitomo — all to 7.4%. "To be truly successful, to do anything great, you have to use your strengths,. "So I think you need both to be truly successful," he says. Find what motivates youThere are two types of motivation, George says: extrinsic motivation, like a comfortable salary, and intrinsic motivation, like enjoying a job where you get to help people every day. Becoming more successful can start with figuring out your own intrinsic and extrinsic motivations, says George.

Persons: Warren, Berkshire Hathaway, Warren Buffett, Bill George : Buffett, George, Zach Clayton, Buffett, Forbes, Buffett didn't, Hone Organizations: Mitsubishi Corp, Mitsui & Co, Sumitomo, Harvard University, Berkshire, Harvard Business School, CNBC

☆ CNBC's Inside India newsletter: A disconnected stock market
▼ + stars: | 2024-05-10 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

CNBCThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. For local investors, Indian stocks would have underperformed the U.S. benchmark by more than 45 percentage points since Buffett's 2008 bet. It appears that India's near 8% GDP growth isn't transforming into stock market returns. But that has also meant significant competition for the incumbents, many of which are listed on the stock market. This year has also been particularly unlucky for Indian stock market investors thanks to the uncertainty added by politics.

Persons: Warren Buffett, it's, Jonathan Pines, Federated Hermes, Rajeev Agrawal, Agrawal, Narendra Modi's, Kevin Carter, Buffett, Carter, Modi, Narendra Modi, Amit Shah, Virat Kohli, Rajat Patidar Organizations: Berkshire, CNBC, BSE, Federated, DoorDarshi Advisors, Narendra Modi's BJP, India, Ecommerce, One97 Communications, Ujjivan Financial, BJP, Russia, Indian, Ukraine, India's Central Bureau of Investigation, Indian Premier League, Wednesday, Royal Challengers Bengaluru Locations: Omaha , Nebraska, Omaha, BSE India, India, United States, Gandhinagar Lok Sabha, Russia, Mumbai, Punjab Kings

☆ Warren Buffett had to work from his iPhone for days after lines went down at Berkshire Hathaway
▼ + stars: | 2024-05-10 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett slashed his Apple stake then found himself forced to work from his iPhone. The investor turned to the device after phone lines went down this week at Berkshire Hathaway HQ. "I'm glad we didn't sell all of our Apple," Buffett joked to The Omaha World-Herald. The famed investor revealed during Berkshire Hathaway's annual shareholder meeting on Saturday that he'd slashed his Apple stake. He was nodding to Berkshire cashing in 13% of its Apple stake for roughly $20 billion last quarter.

Persons: Warren Buffett, Buffett, —, he'd, Berkshire Hathaway Organizations: Apple, Berkshire Hathaway, Service, Berkshire Hathaway's, Berkshire Locations: Omaha, Berkshire

☆ Kevin Clayton on the floor Berkshire Hathaway Annual Meeting with Warren Buffett
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKevin Clayton on the floor Berkshire Hathaway Annual Meeting with Warren BuffettBecky Quick speaks with Clayton Homes CEO Kevin Clayton from the floor of Berkshire Hathaway's Annual Meeting

Persons: Kevin Clayton, Warren Buffett Becky Quick, Clayton Organizations: Berkshire Hathaway, Clayton Homes Locations: Berkshire

☆ How Corporate America is rethinking its sustainability and diversity efforts
▼ + stars: | 2024-05-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how Corporate America is rethinking its sustainability and diversity efforts amid a push to avoid being labeled "woke." The rallying cry against companies' progressive campaigns is starting to leave a mark on Corporate America. AdvertisementAfter years of big promises and grand plans around social issues like diversity and sustainability, companies have taken a noticeable step back , Business Insider's Emily Stewart writes. The electric car maker axed more than 3,400 job postings in North America down to just three on Wednesday.

Persons: —, let's, wokening Brooks Kraft, Emily Stewart, Emily, ESG, hasn't, Peter Thiel, Donald Trump's, Bud Light, influencer Dylan Mulvaney, Rock, Saul Loeb, Chelsea Jia Feng, Wall, Warren Buffett, It's, Justin Sullivan, Elon, Eric Schmidt, Steve Mnuchin, Kevin O'Leary, salespeople, BI's Rob Price, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, wokening Brooks Kraft LLC, Corporate America, Trump Media, Getty Images, of America, Berkshire Hathaway's, People's Bank of China, Chelsea, Microsoft, Google, YouTube, Netflix Locations: America, Beijing, North America, New York, London

☆ Warren Buffett said he could make a 50% return on $1 million and predicted higher taxes. Here are 14 Q&A nuggets.
▼ + stars: | 2024-05-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +7 min

Read previewWarren Buffett let slip a slew of intriguing facts and anecdotes during Berkshire Hathaway's annual shareholder meeting on Saturday. But the Berkshire CEO also warned of higher taxes, teased a potential Canadian investment, and revealed a $500 million gift of Berkshire stock. Cash hoardBerkshire's mountain of cash and Treasury hit a record $189 billion last quarter, and it's likely to swell to more than $200 billion this quarter, Buffett said. Taxing timesThe government will probably raise taxes in the coming years in a bid to balance its budget, Buffett said. Pocket changeBuffett claimed that if he had only $1 million to invest instead of nearly $200 billion, he could earn a 50% annual return.

Persons: —, Warren Buffett, Buffett, he'd, Costco Buffett, Charlie Munger, Charlie, Talia Lakritz, he's, Todd Combs, Ted Weschler, Greg Abel, Greg, Munger, Abel, haven't, Ruth Gottesman, Sandy Gottesman, Brent N, Clarke, Garry Kasparov, Kasparov, B Organizations: Service, Paramount, Business, Treasury, Costco, Albert Einstein College of Medicine, Getty, Berkshire, Nebraska Furniture Locations: Berkshire, Russian, Omaha, Costco . Berkshire, Wisconsin, Canada, Nebraska

☆ John Leguizamo reveals he turned down Stanley Tucci's iconic part in 'The Devil Wears Prada'
▼ + stars: | 2024-05-08 | by ( Palmer Haasch | ) www.businessinsider.com time to read: +2 min

John Leguizamo revealed that he turned down Stanley Tucci's part in "The Devil Wears Prada." AdvertisementJohn Leguizamo said that he declined what turned out to be an iconic role for Stanley Tucci — lovable art director Nigel Kipling in "The Devil Wears Prada." 'The Devil Wears Prada,' the Stanley Tucci part," Leguizamo responded. 20th Century Studios"The Devil Wears Prada" wasn't the only role that Leguizamo said he regretted turning down. "I felt dissed, and they probably weren't dissing me, but I felt dissed," Leguizamo said.

Persons: John Leguizamo, Stanley, Wears, Leguizamo, Smith, —, Stanley Tucci, Nigel Kipling, Tucci, Anne Hathaway's, Andy, Miranda Priestly, Meryl Streep, Anna Wintour, Vince Vaughn's, Brad Pitt, Angelina Jolie, Robin Williams, Williams, Sid Organizations: Service, Studios

☆ Warren Buffett warned on AI scams, a fiscal disaster, and losing friends. Here are 15 top quotes from Berkshire's bash.
▼ + stars: | 2024-05-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting. Buffett hailed his late business partner, Charlie Munger, and offered a raft of life advice. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The 93-year-old CEO ruled out retirement at 65 for his successor, paid tribute to his late business partner, Charlie Munger, and offered advice about role models, quality relationships, and giving back. This story is available exclusively to Business Insider subscribers.

Persons: Warren Buffett, Greg Abel, Buffett, Charlie Munger, — Organizations: Berkshire Hathaway's, Service, Paramount, Business Locations: Berkshire

☆ JPMorgan says the late Charlie Munger would love this wonderful bank trading at a fair price
▼ + stars: | 2024-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

JPMorgan said this regional bank is so appealing that it would have attracted attention from the late Charlie Munger. "When we think of the late, great Charlie Munger and his mantra to 'buy wonderful businesses at fair prices,' the bank that fits this bill in our view is Cullen Frost," the firm's bank analyst Steven Alexopoulos said in a note. However, JPMorgan said the bank's "strong organic growth story" remained fully intact. JPMorgan said investors are now able to buy the shares at 13.1 times forward earnings, compared to a 16X historical average. The bank maintained its overweight rating and has a 12-month price target of $140 per share, which would translate into 32% upside from Tuesday's close of $105.62.

Persons: Charlie Munger, Cullen Frost, Steven Alexopoulos, Munger, Buffett, Cullen, Frost, — CNBC's Michael Bloom Organizations: JPMorgan, Berkshire Hathaway's, CFR, Frost Bankers Locations: San Antonio , Texas

☆ Warren Buffett's Apple trim epitomizes one of Jim Cramer's major investing rules
▼ + stars: | 2024-05-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

Warren Buffett's reasons this weekend for trimming Berkshire Hathaway's massive Apple stake exemplify one of Jim Cramer's primary rules of investing. More recently, Jim steadfastly stood by his "own it, don't trade it" conviction as Apple shares went on a rough ride earlier this year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Warren, Jim Cramer's, Jim, Buffett, Tim Cook, CNBC's Becky Quick, Cook, Becky, Jim likes Apple, Apple, Jim Cramer, Warren Buffett Organizations: Apple, Developers, CNBC, Berkshire Locations: Berkshire, Omaha , Nebraska

☆ More Americans are feeling a six-figure salary can't afford them a middle-class lifestyle
▼ + stars: | 2024-05-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at people who feel like a middle-class salary doesn't equal a middle-class lifestyle . The big storyMiddle-class meltdownMichael Raines"Lately, I'm getting the feeling that I came in at the end. AdvertisementBusiness Insider's Jennifer Sor has a report on the people making over six figures who think the middle-class lifestyle they dreamed of isn't realistic for their salary . AdvertisementMarco Bottigelli/Getty, Yevgen Romanenko/Getty, Maskot/Getty, Tyler Le/BILet's address the elephant in the room: A six-figure salary is still a lot of money. Words like "AI Infrastructure" and "generative AI" point to more money heading to Nvidia for its popular H100 GPU chip.

Persons: —, Michael Raines, I'm, It's, Tony Soprano bemoaned, Jennifer Sor, Vincent, it's, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Jenny Chang, Rodriguez, Warren Buffett, Buffett, Shruti Gandhi, Dalton Caldwell, James Cham, Hemant Taneja, Jenny Lefcourt, Nick Little, Sam Altman, Alice Zhang, Serena Williams, Jack Dorsey, Dorsey, — Dorsey, Bluesky, Alyssa Powell, Katie Notopoulos, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, Pew Research Center, nab, Adobe, Wall, Hamptons, Nvidia, Genomics, Serena Ventures, Fortune, Starbucks Locations: New York, Zillow, Santa Barbara , California, Berkshire, Bluesky, London, Chicago

☆ 5 things to know before the stock market Monday, May 6
▼ + stars: | 2024-05-06 | by ( Michele Luhn | ) www.cnbc.com time to read: +3 min

Feeling optimisticStock futures were higher Monday after ending last week on a positive note in light of a weaker-than-expected jobs report. Last week, the Dow and Nasdaq rose 1.1% and 1.4%, respectively, while the S&P 500 added 0.5%. Buffett's back, all rightWarren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. During the meeting, Buffett also fielded questions from shareholders, opined on the future of artificial intelligence and praised Fed Chair Jerome Powell for his work steering the economy. Final verdictCombination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance.

Persons: Joseph Prezioso, Warren Buffett, Charlie Munger, Buffett, Greg Abel, Jerome Powell, Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, Zhao, Justin Sullivan Organizations: Dow, Nasdaq, Traders, Federal Reserve, Disney, Anadolu Agency, Getty, Berkshire, CNBC, Oracle, Berkshire Hathaway's, Paramount, Reuters, Bloomberg Locations: Omaha , Nebraska, Omaha, San Rafael , California

☆ Key takeaways on the markets and economy from Berkshire's annual meeting
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKey takeaways on the markets and economy from Berkshire's annual meetingAnneka Treon, Chief Economist at Van Lanschot Kempen, and Barbara Goodstein, Managing Partner at R360, discuss Berkshire Hathaway's annual shareholder meeting and the broader markets.

Persons: Anneka Treon, Van Lanschot Kempen, Barbara Goodstein Organizations: Berkshire Locations: Van

☆ Warren Buffett is now 'as bearish as he ever gets,' says Bill Smead
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett is now 'as bearish as he ever gets,' says Bill SmeadBill Smead, chief investment officer at Smead Capital Management, joins CNBC's 'The Exchange' to share his reactions to Berkshire Hathaway's annual meeting over the weekend.

Persons: Warren Buffett, Bill Smead Bill Smead Organizations: Smead Capital Management, Berkshire Hathaway's Locations: Berkshire

☆ Why Warren Buffett's Paramount bet may have cost him $1.5 billion
▼ + stars: | 2024-05-06 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Famed investor Warren Buffett's Berkshire Hathaway placed a $2.7 billion bet on Paramount in 2022. But when someone who's worth an estimated $132 billion says "quite a bit of money," it's probably a very big amount. The math: In 2022, Berkshire accumulated 91 million shares of Paramount B shares; Barron's estimates he paid "more than $30" per share. AdvertisementThat left Berkshire with another 63.3 million Paramount shares at the beginning of 2024, and sometime between then and Saturday they have sold off the rest. Add all that up, and it looks like Berkshire sold its Paramount stake for $1.2 billion after paying $2.7 billion for it — a $1.5 billion loss.

Persons: Warren Buffett's Berkshire Hathaway, hasn't, — Buffett, —, Warren Buffett, Berkshire Hathaway, Buffett, we've, Berkshire Hathaway hasn't, Berkshire Organizations: Paramount, Service, Sony, Apollo, Berkshire, Bloomberg Locations: Berkshire

☆ Elon Musk says Warren Buffett should buy Tesla stock. Here's why he probably never will.
▼ + stars: | 2024-05-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Warren Buffett's Berkshire Hathaway should buy Tesla stock, according to Elon Musk. Detailed below is why Warren Buffett probably won't invest in Tesla, despite the encouragement. AdvertisementWarren Buffett should buy Tesla stock, according to Elon Musk. Related storiesBut Musk's dream of Berkshire Hathaway giving Tesla its stamp of approval and buying the stock is probably never going to happen. This isn't the first time Musk suggested Berkshire Hathaway should invest in Tesla.

Persons: Warren, Berkshire Hathaway, Elon Musk, Musk, Buffett, Warren Buffett, —, Charlie Munger, Munger, Charlie, you've, they're Organizations: Service, Apple, Berkshire, Berkshire Hathaway's Locations: Tesla, Berkshire, BYD

The Berkshire Hathaway annual shareholders meeting Saturday will be broadcast exclusively on CNBC and livestreamed on CNBC.com. Chairman and CEO Warren Buffett is expected to field questions from Berkshire Hathaway shareholders who are attending the meeting in Omaha, beginning at 10:15 a.m. The event is always closely watched, but this year's will be noteworthy because Buffett won't have Charlie Munger by his side. Munger, the former vice chairman of Berkshire, was known for his sharp wit, and his absence is being felt by the thousands attending the event. Among the questions that will be top of mind at the "Woodstock or Capitalists" will be what Buffett's mystery holding is.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, Munger Organizations: Berkshire Hathaway, CNBC, Berkshire Locations: Omaha, Berkshire, Woodstock

☆ Warren Buffett on Pilot dispute: 'All's well that ends'
▼ + stars: | 2024-05-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarren Buffett on Pilot dispute: 'All's well that ends'Berkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting. Buffett answers shareholder question about Berkshire Hathaway's dispute with Pilot.

Persons: Warren Buffett, Berkshire Hathaway, Buffett Organizations: Berkshire, Berkshire Hathaway Locations: Berkshire

☆ Most of Warren Buffett’s stock portfolio is tied up in just 5 stocks. Here’s what they are
▼ + stars: | 2024-05-04 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Berkshire Hathaway reported Saturday its first-quarter 2024 figures, revealing that most of the conglomerate's stock portfolio is focused on just five stocks. At the end of the January-March period, Berkshire owned $135.4 billion in Apple shares , implying about 790 million shares. Apple has struggled this year, losing more than 4%, while the S & P 500 has soared 7.5% to record levels. The company also owned $24.5 billion in Coca-Cola stock — a longtime holding of Buffett's — and $19.4 billion in Chevron shares. Overall, these five positions made up about 75% of Berkshire Hathaway's stock portfolio.

Persons: Berkshire Hathaway, Warren Buffett, behemoth, Apple, — Organizations: Apple, American Express, Bank of America, Chevron Locations: Berkshire, Bank

☆ Warren Buffett says AI scamming will be the next big 'growth industry'
▼ + stars: | 2024-05-04 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Warren Buffett isn't jumping on the artificial intelligence bandwagon just yet, warning about the technology's potential for harm. "When you think about the potential for scamming people ... if I was interested in investing in scamming, it's gonna be the growth industry of all time and it's enabled, in a way" by AI, Buffett said at Berkshire Hathaway's annual shareholder meeting on Saturday. Buffett pointed to the technology's ability to reproduce realistic and misleading content in an effort to send money to bad actors. "Obviously, AI has potential for good things too, but ... I do think, as someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm — and I just don't know how that plays out," Buffett added.

Persons: Warren Buffett, it's, Buffett, — Organizations: Berkshire Locations: scamming

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