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☆ Warren Buffett compares AI to nuclear weapons in stark warning
▼ + stars: | 2024-05-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

At his annual shareholder meeting in Omaha, Nebraska, the 93 year-old co-founder, chairman and CEO of Berkshire Hathaway issued a stark warning about the potential dangers of the technology. “We let a genie out of the bottle when we developed nuclear weapons,” he said Saturday. JPMorgan Chase, the world’s largest bank by market capitalization, is also exploring the potential of generative AI within its own ecosystem, Dimon said. Dozens of AI industry leaders, academics and even some celebrities have signed a statement warning of an “extinction” risk from AI. “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war,” the statement said.

Persons: New York CNN — Warren Buffett, Berkshire Hathaway, ”, Greg Abel, Buffett, “, Abel, isn’t, Buffett Buffett, JPMorgan Chase, Jamie Dimon, Dimon, Jeffrey Sonnenfeld, Sonnenfeld, Doug McMillion, James Quincy, Sam Altman, Geoffrey Hinton Organizations: New, New York CNN, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, scamming, JPMorgan, JPMorgan Chase, Software, Yale, Summit, CNN, Walmart, Xerox, Google Locations: New York, Omaha , Nebraska, Omaha, scamming

☆ Stocks making the biggest premarket moves: Berkshire Hathaway, Paramount, Spirit Air, Victoria's Secret and more
▼ + stars: | 2024-05-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Paramount — Shares popped 2.4% following a report that the owner of Paramount Pictures and CBS Entertainment Group began formal acquisition negotiations with a group led by Sony Pictures Entertainment and Apollo. Morgan Stanley downgraded Victoria's Secret to underweight and cut its price target, citing expectations for negative EPS revisions and a tough second half for specialty retail. EHang Holdings — The autonomous aircraft stock advanced 3.2% on the heels of a bullish initiation of research coverage from Morgan Stanley. United States Steel — Shares of the Pittsburgh-based steelmaker rose more than 2% after Morgan Stanley upgraded it to overweight from equal weight. U.S. Steel shares have room to rise thanks to internal improvements, even if the Nippon Steel buyout deal collapses, Morgan Stanley said in a note.

Persons: Warren Buffett, Li, Tyson, Howard Shultz, Morgan Stanley, Coinbase, Bausch, Johnson, —, Sarah Min, Tanaya Macheel, Jesse Pound, Michelle Fox, Samantha Subin Organizations: Berkshire Hathaway, Paramount, Paramount Pictures, CBS Entertainment Group, Sony Pictures Entertainment, Spirit Airlines, Li Auto, StreetAccount, Starbucks, EHang Holdings, United States Steel, . Steel, Nippon Steel, Barclays, UBS Locations: Berkshire, China, Pittsburgh

☆ Three things investors probably don’t know, but should
▼ + stars: | 2024-05-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Arone spoke with Before the Bell to outline three things about markets right now “that investors should know, but probably don’t.”1. You write that investors might be surprised to hear that small- and mid-cap stocks have outperformed large-cap stocks over the past five months. Why do you think that’s surprising, and what does it say about markets? Most investors think that the S&P 500 has been outperforming everything else, largely dragged up by the performance of the Magnificent 7 (Amazon, Tesla, Alphabet, Meta, Apple, Microsoft and Nvidia). The big beneficiaries of that, I think, would be a surprise for most investors — those mid-cap stocks and small-cap stocks.

Persons: ”, Michael Arone, Arone, That’s, that’s, Jerome Powell, I’m, Warren Buffett, Berkshire Hathaway, Charlie Munger, Buffett, Greg Abel, Ajit Jain, Munger’s, Read, Parija Kavilanz Organizations: New, New York CNN, Wall, Federal Reserve, Bell, Apple, Microsoft, Nvidia, Treasury, Fed, Berkshire Hathaway, Oracle, Ikea Locations: New York, Berkshire, Woodstock, Nebraska, Omaha

☆ 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

☆ 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

☆ Buffett's Berkshire Hathaway gains as insurance lifts first-quarter profit and cash nears $200 billion
▼ + stars: | 2024-05-06 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Those moves come after Berkshire posted first-quarter operating profit of $11.22 billion, up 39% from the year-ago period, mainly driven by an increase in insurance underwriting earnings. Insurance underwriting earnings rose to $2.598 billion, a 185% increase from $911 million in the year-earlier quarter. Geico earnings swelled 174% to $1.928 billion from $703 million a year prior. Cash soared to a record $188.99 billion in the first quarter, up from $167.6 billion in the fourth quarter. "We had much-improved earnings in insurance underwriting.

Persons: Warren Buffett, Martin, Cash, Buffett, Berkshire Hathaway, Brian Meredith, Edward Jones, James Shanahan Organizations: Berkshire Hathaway, Berkshire, UBS Locations: Omaha , Nebraska, Berkshire

☆ There's more 'good value' in Japan market than in the U.S., asset management firm
▼ + 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 EmailThere's more 'good value' in Japan market than in the U.S., asset management firmJeremy Schwartz, global CIO at WisdomTree, discusses the decision of Warren Buffett's Berkshire Hathaway to reduce its stake in Apple.

Persons: Jeremy Schwartz, Warren Buffett's Berkshire Hathaway Organizations: WisdomTree, Apple Locations: Japan, U.S

☆ Warren Buffett had a 'resounding endorsement' for Apple's investment case: Deepwater's Gene Munster
▼ + 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 had a 'resounding endorsement' for Apple's investment case: Deepwater's Gene MunsterGene Munster, Deepwater Asset Management managing partner, joins 'Squawk Box' to discuss the state of AI technology, Warren Buffett's comments on AI and AI-related scams at the Berkshire Hathaway annual meeting, Berkshire's sale of Apple, and more.

Persons: Warren Buffett, Gene Munster Gene Munster, Warren Buffett's Organizations: Deepwater Asset Management, Berkshire Hathaway, Apple

☆ 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

☆ Stock futures inch higher Sunday after weaker-than-expected jobs report left investors looking up: Live updates
▼ + stars: | 2024-05-05 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Dow Jones Industrial Average futures rose 66 points, or around 0.2%. Last week, the Dow and Nasdaq gained 1.1% and 1.4% each, while the S&P 500 gained 0.5%. But the April jobs report helps clear a path to that destination," said Comerica Bank chief economist Bill Adams. While the peak of the first-quarter earnings season has passed, investors are still watching key companies set to report this week, including Dow member Disney on Tuesday and Uber on Wednesday. On the economic front, Richmond Fed president Tom Barkin and New York Fed president John Williams are both scheduled to speak on Monday.

Persons: Dow, Bill Adams, Warren Buffett's Berkshire Hathaway, Uber, Emmanuel Cau, Tom Barkin, John Williams Organizations: New York Stock Exchange, U.S ., Federal Reserve, Dow Jones Industrial, Nasdaq, Dow, Traders, Comerica Bank, Apple, Disney, Barclays, Richmond Fed, New York Fed Locations: New York City, U.S, U.S . U.S

In this article BRK.A Follow your favorite stocks CREATE FREE ACCOUNTWarren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. The death of Munger last year brought the question of succession to the forefront of many investors' minds at this year's shareholders meeting. Warren Buffett and Greg Abel during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024. At the 2015 meeting, for example, he observed, "Warren, if people weren't so often wrong we wouldn't be so rich." Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.

Persons: Warren Buffett, David A, CNBC Warren Buffett, Charlie Munger, Munger, Buffett, Greg Abel, Ajit Jain, Berkshire Hathaway, he'd, Abel, Greg, CNBC Abel, that's, Munger's, Warren Organizations: Berkshire, Grogen, CNBC, Berkshire Hathaway, Berkshire Hathaway Energy, Oracle Locations: Omaha , Nebraska, mull, Berkshire, Omaha

☆ How Warren Buffett, set to turn 94 this year, is thinking about his age and his business
▼ + stars: | 2024-05-05 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

Warren Buffett made several jokes about his age during Saturday's annual shareholder meeting. Buffett will be turning 94 this year and has already made plans for a successor. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWarren Buffett is very aware that he won't be at the helm of Berkshire Hathaway forever.

Persons: Warren Buffett, Buffett, —, Berkshire Hathaway Organizations: CNBC, Service, Berkshire Hathaway, Berkshire, Business Locations: Berkshire

☆ Warren Buffett: Insurance is the most important business at Berkshire
▼ + 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: Insurance is the most important business at BerkshireBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting.

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

☆ Warren Buffett holds first Berkshire Hathaway meeting without Charlie Munger
▼ + stars: | 2024-05-04 | by ( Nicole Goodkind | Eva Rothenberg | ) edition.cnn.com time to read: +3 min

Buffett will appear for the first time without his longtime business partner and friend Charlie Munger, who died in November. In 1978, Munger joined Berkshire Hathaway as vice-chairman and sat by Buffett’s side, quick with a quip or a sage piece of advice. Berkshire’s operating profits are expected to increase by 21% to $6,702 per Class A share, according to the FactSet estimates. Berkshire Hathaway reported a significant uptick in fourth-quarter operating earnings, which totaled $8.5 billion, up from $6.6 billion, or a 28% increase from a year ago. For the year, operating earnings rose to $37.3 billion, after setting a record of $30.8 billion in 2022.

Persons: Warren Buffett, Buffett, Charlie Munger, Greg Abel, Ajit Jain, Munger’s, Munger, ”, “, Charlie, Berkshire Hathaway, “ Charlie, Abel, Greg, ” Buffett, “ Greg Organizations: New, New York CNN, Berkshire Hathaway, Oracle, “, Berkshire Locations: New York, Woodstock, Nebraska, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska

☆ Warren Buffett: Solar will never be the only source of electricity
▼ + 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: Solar will never be the only source of electricityBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting.

Persons: Warren Buffett Organizations: Berkshire Hathaway

☆ Buffett on Berkshire's $188 billion cash pile: 'We only swing at pitches we like'
▼ + stars: | 2024-05-04 | 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 EmailBuffett on Berkshire's $188 billion cash pile: 'We only swing at pitches we like'Berkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting. Buffett answers a shareholder question about why Berkshire is "sitting on" $188 billion in cash.

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

☆ Warren Buffett's Berkshire Hathaway cut Apple investment by about 13% in the first quarter
▼ + stars: | 2024-05-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. OMAHA, Nebraska — Warren Buffett's Berkshire Hathaway cut its gigantic Apple stake in the first quarter as the "Oracle of Omaha" continued to downsize his one-time favorite bet. In its first-quarter earnings report, Berkshire Hathaway reported that its Apple bet was worth $135.4 billion, implying around 790 million shares. It sold about 10 million Apple shares (just 1% of its massive stake) in the fourth quarter. This filing, when accounting for the change in Apple's stock price, would imply Berkshire sold about 116 million shares.

Persons: Warren Buffett, OMAHA , Nebraska — Warren, Berkshire Hathaway, Buffett, Ted Weschler, Todd Combs Organizations: Berkshire, OMAHA , Nebraska —, Apple Locations: Omaha , Nebraska, OMAHA , Nebraska, Omaha

☆ 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

☆ Warren Buffett's best advice for investing—and for a happy life—from the 2024 shareholders meeting
▼ + stars: | 2024-05-04 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

Every year, tens of thousands of investors flock to Omaha — and many more tune in around the world – to watch Berkshire Hathaway chairman Warren Buffett field questions from shareholders at his company's annual meeting. But without getting into the nitty-gritty, here's two key pieces of advice Buffett shared on Saturday — one about money, and one about life. The description of the process he and longtime partner Charlie Munger employed offers tremendous insight to his investment philosophy. The point for investors: Buffett doesn't buy any investment based on vibes or impulse. "Charlie and I missed a lot of things … we never worried about missing something that we didn't understand," Buffett said.

Persons: Warren Buffett, Buffett, Charlie Munger, Charlie, didn't, you've Organizations: Omaha —, Berkshire Hathaway, Apple Locations: Omaha

☆ Warren Buffett on acquisition strategy: We haven't seen anything that moves the needle
▼ + 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 acquisition strategy: We haven't seen anything that moves the needleBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting.

Persons: Warren Buffett, Hathaway Organizations: Berkshire Hathaway

☆ Warren Buffett explains why Berkshire reduced its big Apple stake
▼ + stars: | 2024-05-04 | 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 explains why Berkshire reduced its big Apple stakeBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting.

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

☆ 'Don't count on us to foresee who the winners will be' in EV space, says Warren Buffett
▼ + 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 Email'Don't count on us to foresee who the winners will be' in EV space, says Warren BuffettBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting. Buffett answers a shareholder question about Berkshire's outlook on the electric vehicle industry.

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

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: I just like the feeling of being trusted
▼ + 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: I just like the feeling of being trustedBerkshire Hathaway Chairman and CEO Warren Buffett presides over the 2024 Berkshire Hathaway annual meeting.

Persons: Warren Buffett Organizations: Berkshire Hathaway

☆ Berkshire Hathaway operating earnings soar 39% as Buffett's cash hoard swells to record $188 billion
▼ + stars: | 2024-05-04 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. Berkshire Hathaway reported Saturday a huge year-over-year increase in operating earnings in the first quarter, while its cash holdings bubbled to record levels. The Warren Buffett-led conglomerate posted an operating profit — which encompasses earnings from the company's wholly owned businesses — that surged 39% to $11.22 billion from the year-earlier period. That gain was led by a 185% year-on-year increase in insurance underwriting earnings to $2.598 billion from just $911 million. Berkshire's railroad business raked in $1.14 billion in profit, down slightly from the first quarter of 2023.

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

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