Warren Buffett at the annual meeting said that Apple

Warren Buffett at the annual meeting said that Apple

Warren Buffett Berkshire Hathaway's Apple

‘Apple happens to be better business than any we own’, Billionaire Warren Buffett said at the Berkshire Hathaway Inc.’s annual general meeting in Omaha, Nebraska. Buffett and his partner Charlie Munger are spending all day Saturday answering questions at Berkshire Hathaway’s annual meeting inside a packed Omaha arena.

Buffett on Saturday called the iPhone an “extraordinary product”. The billionaire said, “Apple is not 35% of Berkshire Hathaway‘s portfolio, but a significant holding nonetheless, as the iPhone is an extraordinary product”.

Warren Buffett acquired 895 million Apple shares worth $148 Billion. It is Berkshire Hathaway’s biggest holding. The investor owns 5.57% of the outstanding Apple stock.

Berkshire first bought the stock in 2016, and since then Apple has grown to a $110 billion position comprising roughly 40% of Berkshire’s stock holdings.

Notably, Berkshire Hathaway purchased 20.8 million shares worth $3.2 billion in February this year, thereby surging its stake to 5.8 percent in the Apple (AAPL).

Buffett on Saturday posted a rather gloomy prediction for the his own businesses, “the good times may be over’.  The billionaire investor expects earnings at the majority of Berkshire’s operations to fall this year as a long-predicted downturn slows economic activity.

“The majority of our businesses will report lower earnings this year than last year,” Buffett said, before crowds of thousands at the event on Saturday. During the last six months or so, the “incredible period” for the US economy has been coming to an end, he said.

Buffett’s statements come after Berkshire posted an almost 13% gain in operating earnings to $8.07 billion for the first quarter.

The billionaire also talked about artificial intelligence at the event. He said that AI may change the world in all sorts of ways, but new technology won’t take away opportunities for investors, and he’s confident America will continue to prosper over time.

“New things coming along doesn’t take away the opportunities. What gives you the opportunities is other people doing dumb things,” said Buffett, who had a chance to try out ChatGPT when his friend Bill Gates showed it to him a few months back.

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