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Warren Buffett has once again grabbed headlines after making a surprise announcement at the Berkshire Hathaway annual shareholder meeting in Omaha on Saturday May 3rd. According to CBS News and the Associated Press Buffett revealed he will step down as CEO of Berkshire Hathaway at the end of this year and will recommend Greg Abel as his successor. This marks the end of a remarkable 60-year tenure where Buffett transformed Berkshire into a global conglomerate and one of the most widely watched investment vehicles in history. For those in attendance it was a shock—Buffett had repeatedly said he intended to stay on as long as he was healthy and enjoying his work. Even Greg Abel who was sitting next to Buffett on stage during the marathon five-hour Q and A session had no advance notice. Only Buffett’s two children Howard and Susie were clued in before the surprise declaration. Later, Abel presided over the formal business meeting for Berkshire drawing praise for his composure and steady hand.

On the business front headlines noted that Berkshire closed the quarter with a record $347.7 billion in cash, showing Buffett’s trademark caution amid ongoing market uncertainty. He joked during the meeting that Apple CEO Tim Cook, who was in the audience, “has made Berkshire a lot more money than I’ve ever made Berkshire Hathaway,” a nod to Apple’s massive contribution to the company’s profits in recent years. Still, Berkshire has been trimming its Apple stake, reflecting Buffett’s characteristic discipline.

Buffett also made headlines with his candid views on global trade, warning that tariffs should not be weaponized and expressing concern over the economic tensions sparked by former President Trump’s trade policies. According to Investopedia Buffett told shareholders he is always looking for value but does not expect to dramatically reduce Berkshire’s cash hoard anytime soon.

On technology, Buffett’s comments about artificial intelligence rippled through the business press. While he is famously skeptical of investing in trendy tech, he acknowledged that several traditional Berkshire holdings are leveraging AI in innovative ways. For instance, Domino’s Pizza—a relatively recent portfolio addition—has developed AI-driven tools to predict customer orders and optimize operations, which fits squarely within Buffett’s investment philosophy of finding companies with durable moats and operational excellence. This point was highlighted by AIbase and picked up on financial Twitter, where the intersection of Buffett’s steady hand and AI investment has become a topic of considerable buzz.

Social media and investment communities have been awash with speculation about the future of Berkshire under Abel, with Morningstar and CNBC commentators suggesting that Abel’s steady, rational approach will maintain the spirit of Buffett’s stewardship, even if his meetings lack Buffett’s trademark wit. In the final analysis Buffett’s retirement announcement is not just another corporate transition—it is the closing of an era in American business, with the world watching closely to see how Berkshire writes its next chapter.

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