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Warren Buffett Makes Shock Tech Investment
For more than a year, Warren Buffett has been holding back, with a wallet full of cash.
However, on Friday, the world's most renowned investor spoke up — purchasing stocks to ultimately profit from the AI boom he had previously steered clear of.
Berkshire Hathaway, led by Buffett, revealed a fresh investment of $4.3 billion in Alphabet, the parent firm of Google, becoming its tenth largest holding.
The decision took analysts by surprise, as they had always associated Buffett with accumulating his $154 billion wealth by investing in stable, unexciting companies. like Occidental Petroleum, BNSF Railway, GEICO, Dairy Queen, and UnitedHealth.
Buffett has mostly avoided investing in technology companies. Although Berkshire has held Apple stock for many years, Buffett has stated that he views the iPhone manufacturer as a consumer goods company, rather than a genuine tech business.
This year, with Wall Street reaching new peak levels, fueled by AI leaders such as Nvidia, Buffett hasperched on a $344 billion cash reserve.
Alphabet has increased by 46 percent this year due to rising demand for artificial intelligence, which is boosting its cloud operations and reinforcing its leadership in search and YouTube.
Buffett has previously acknowledged that he made a mistake by not purchasing Google in the past.
He recognized its tremendous potential when Geico — which he owns — paid $10 per click for initial search advertisements.
Alphabet's stock fell approximately 0.8 percent by the close on Friday. It has increased over 1.5 percent since Buffett's statement.
The acquisition of the Alphabet shares was likely executed by Buffett's assistants, Todd Combs or Ted Weschler, who oversee most of Berkshire's technology investments.
Although he invested in Alphabet, Buffett kept reducing other holdings — decreasing another 15 percent of Berkshire's substantial Apple stake, now valued at $60.7 billion.
Berkshire also decreased its holdings in Bank of America, Verisign, and DaVita, indicating the 12th consecutive quarter that the company has been selling stocks overall as technology stock prices rise.
The unexpected declaration was made just days following Buffett's last annual letter as CEO.
In it, he wrotehe's becoming silent after almost 60 yearsat the leadership of Berkshire Hathaway.
A 95-year-old billionaire surprised Wall Street this summer by declaring he will resign as CEO by the end of the year, passing leadership to his longtime assistant Greg Abel.
Buffett mentioned he will no longer compose Berkshire's well-known annual letter, a practice that started in 1965 and established him as one of the most closely followed figures in the business world.
But the "Oracle of Omaha" isn't vanishing entirely.
He intends to maintain communication with shareholders via an annual Thanksgiving statement — and mentions he will increase his charitable efforts, distributing his remaining $149 billion share in Berkshire Hathaway.
"As the British might put it, I'm going silent. In a way," Buffett wrote in a letter released on Monday, marking his last as CEO of Berkshire.
Read more- What prompted Warren Buffett, known as the 'Oracle of Omaha,' to eventually resign from the massive enterprise he established at Berkshire Hathaway?
- What significant step is Warren Buffett taking as he quietly steps down from Berkshire Hathaway at the astonishing age of 95?
- What prompted Warren Buffett, the renowned Oracle of Omaha, to eventually resign from his position at Berkshire Hathaway when he was 94 years old?
- What is the well-known 'Oracle of Omaha' intending to do to keep influencing the world following his departure from the role of CEO at Berkshire?
- What is the reality of Warren Buffett's choice to resign, and what impact might it have on Berkshire Hathaway's future?
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