Warren Buffett piled into Alphabet to bet big on AI, successor Greg Abel says
Berkshire Hathaway CEO Greg Abel revealed that Warren Buffett initiated a $38 billion investment in Alphabet to capitalize on the AI boom. The move marks a rare departure from Buffett's traditional avoidance of tech stocks.
Why it matters
Buffett's significant pivot toward Alphabet underscores the perceived long-term economic value of AI and provides a major institutional vote of confidence in Google's competitive position.
Warren Buffett is Berkshire Hathaway's chairman and former CEO. Bloomberg/Getty Images Warren Buffett bet big on Alphabet to gain exposure to the AI boom, Greg Abel says. Berkshire Hathaway's new CEO said Buffett is still weighing in on big decisions at the company. Abel said he consulted with Buffett before taking part in Alphabet's stock offering this year. Warren Buffett bet on Alphabet to tap into the AI boom, and he's still helping to call the shots at Berkshire Hathaway, Greg Abel says. The legendary investor was succeeded by Abel at the start of this year after nearly six decades as Berkshire's CEO. During a rare on-air interview with CNBC on Wednesday, Abel shed light on Buffett's surprising tech bet and his ongoing role as chairman . The Berkshire CEO explained why Buffett built a nearly $38 billion stake in Alphabet from scratch in under a year.
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