Berkshire Hathaway, led by Warren Buffett, reported strong first-quarter earnings and a record $189 billion in cash and Treasuries. The conglomerate's operating profit increased 39%, driven by a rise in insurance underwriting earnings. At the annual shareholder conference, Buffett highlighted the importance of the insurance business and expressed confidence in Apple remaining Berkshire's largest common stock holding. The conference also paid tribute to Charlie Munger, Buffett's longtime partner, who passed away last year.
The impact of autonomous vehicles on insurance revenues and the potential risks and benefits of artificial intelligence were also discussed. The leadership transition was mentioned, with Greg Abel identified as Buffett's potential successor. Buffett jokingly remarked on the age of presidential candidates when discussing employment contracts. Despite recognizing the potential of AI, he admitted his lack of understanding and expressed caution regarding its impact.
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