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The Oracle of Omaha’s company now holds $381.7 billion in cash, a record that signals Buffett may be waiting for bargains ahead.
Key Takeaways

• Warren Buffett's Berkshire Hathaway reported that its profit rose in the third quarter, while its cash pile ballooned to a new record of more than $381.7 billion.
• The company did not announce share buybacks.

Berkshire Hathaway (BRK.A; BRK.B)'s cash stockpile hit yet another high, according to the conglomerate's third quarter earnings released Saturday.

Berkshire reported third-quarter operating earnings of $13.5 billion, up from $10.1 billion a year ago and $11.2 billion in the prior quarter. The gains were largely attributable to a surge in insurance income.

Its cash and equivalent holdings grew to $381.7 billion, hitting a record.

Why This Matters To Investors

Berkshire Hathaway is one of the largest companies by market cap, with one of the most expensive stock prices. Investors are closely watching the company as its highly regarded CEO, Warren Buffett, prepares to retire by the end of the year.

Berkshire's Cash Stash Swells to Record

The conglomerate's cash pile was up again after falling slightly to $344.1 billion in the second quarter. The vast majority of Berkshire’s cash stockpile is invested in short-term Treasury bills.

Cash stockpiles are important to Berkshire shareholders because they're often thought of as “dry powder"—money that can be invested in businesses that meet Berkshire’s value-focused acquisition and investment strategy. 

The record cash pile could indicate that Buffet is waiting for a good deal. Investors don't see big gains by holding cash and Treasury bills. Instead, the company is generating low-risk yields while likely waiting for better bargains in the stock market.

No Buybacks

Once again, the company abstained from buying back any shares.

This extends one of the longest periods without a buyback since Buffett was given expanded buyback authority in 2018. Companies typically buy back stock when they think it's undervalued. Buybacks boost investor returns by increasing the proportion of earnings that each share is worth. 

Investors Keenly Watching CEO transition

Investors have been keeping a particular eye on the company since the "Oracle of Omaha" said he would step down as Berkshire's CEO at the end of the year.

Berkshire's class B shares have risen 6.1% so far this year, trailing behind the benchmark S&P 500 index's 16.3%. That's a reversal of last year, when the conglomerate's shares slightly outpaced the broader market.

The company's stock growth is likely being affected by a loss in what analysts are calling the "Buffett premium."

Analysts say that traders' faith in Buffett's investing abilities gave the company higher valuations for many years. Now that he's handing the reins over to Vice Chair Greg Abel, the company may not benefit from that goodwill.

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Beth Hammack, president and chief executive officer of the Federal Reserve Bank of Cleveland, was one Fed official who said she did not support the decision to cut rates.
Key Takeaways

• Three Fed officials said Friday they disagreed with the Fed's decision to cut the central bank's key interest rate by a quarter-point this week.
  
• The Fed cut interest rates to preserve the job market, and the diverging views reflect the difficulty of its dilemma as it pursues a dual mandate to maintain high employment and low inflation.
  

The Federal Reserve is letting up too soon on its war against inflation, according to an increasingly vocal contingent of Fed officials.

Three Federal Reserve officials said Friday that they disagreed with the Federal Open Market Committee's decision to cut its benchmark interest rate by a quarter-point this week. One of the members, Kansas City Fed president Jeffrey Schmid voted to keep rates steady but was outnumbered.

His counterparts, Beth Hammack at the Cleveland Fed and Lorie Logan of the Dallas Fed, participated in the Federal Open Market Committee's meeting but are not voting members this year. (The 12-member FOMC gives voting status to four of 11 regional Fed presidents on a rotating basis.)

The dissenting remarks illustrated the dilemma the central bank faces. The Fed is tasked with a dual mandate to keep inflation stable and employment high. Pressures on both sides of the mandate are pulling the central bank in opposite directions for its benchmark interest rate.

Inflation has exceeded the Fed's target of a 2% annual rate for more than four years, and tariffs are pushing it in the wrong direction, which the Fed would normally address by raising rates. Meanwhile, President Donald Trump's trade wars are fueling uncertainty that has discouraged job growth and raised fears of a spike of unemployment, which the Fed is counteracting by lowering rates.

What This Means For The Economy

Divisions within the Federal Open Market Committee make the Fed's interest rate movements far less predictable than they usually are.

Fed members disagree about which problem is more urgent for the Fed to tackle, since it can't do both at once. Fed Chair Jerome Powell said Wednesday that there were "strongly differing views" among participants in the FOMC's two-day policy meeting this week.

"I would have preferred to have held rates steady at this meeting and not to reduce rates," Hammack said at a fireside chat event in Dallas. "We're being challenged on both sides of the mandate. We have inflation, and it is too high. It's about a percentage point above our target, and has been there for a long period of time."

Speaking at the same fireside chat, Atlanta Fed President Raphael Bostic said he was also concerned about inflation, but was persuaded to vote for a cut because he believes the fed funds rate's current level, at a range of 3.75% to 4%, is still high enough to discourage lending and restrict economic activity. The fed funds rate directly influences borrowing costs for short-term loans.

Schmid said in a statement that he would have preferred to keep rates steady.

"By my assessment, the labor market is largely in balance, the economy shows continued momentum, and inflation remains too high," he said.

Dallas Fed president Lorie Logan agreed.

"I would have preferred to hold interest rates steady at this week’s FOMC meeting," she said at an event in Dallas, according to prepared remarks. "Congress gave the FOMC a dual mandate: to pursue maximum employment and stable prices. The labor market remains balanced and cooling slowly. Inflation remains too high, taxing the budgets of businesses and families, and appears likely to exceed the FOMC’s 2% target for too much longer. This economic outlook didn’t call for cutting rates."

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Massive AI data centers now underpin trillions in market value as Nvidia’s meteoric rise reshapes the global economy.
Key Takeaways

• The U.S. economy has grown increasingly concentrated in AI, with the biggest tech companies now making up about a third of the value of the entire stock market.
  
• Companies are investing in AI at a titanic scale, building colossal data centers all over the country to the tune of $400 billion in 2025.
  
• As the U.S. economy becomes increasingly concentrated in AI, more economists have warned of catastrophic consequences if it doesn't pan out at the market crashes.
  

When Nvidia became the world's first $5 trillion company last week, the milestone underscored how much AI has come to dominate the economy. The chipmaker, along with six other big tech companies, now makes up nearly a third of the entire stock market.

Nvidia's market cap is 7% of all 3,265 publicly traded U.S. companies tracked by marketcap.com. When you add Nvidia to the other top six companies by market cap—Apple, Microsoft, Alphabet, Amazon, Broadcom, and Meta, all of which are heavily involved in AI—they make up 32% of the total value of the stock market. Nvidia's value has surged because it manufactures chips that power the AI expansion.

The statistic highlights how heavily the future of the U.S. economy is now invested in the success of AI technology. While the stock market is not exactly the same thing as the economy, the high concentration of investment in AI is evident in other figures as well.

Companies are pouring money into AI on a massive scale: Silicon Valley plans to invest $400 billion in the technology this year, according to The Wall Street Journal. In the first half of 2025, investment in computer equipment accounted for 92% of the GDP's growth, according to an analysis by Harvard economics professor and former Obama economic advisor Jason Furman.

What This Means For The Economy

The stock market's heavy concentration in AI could pay off for investors if the technology lives up to its promise, but risks wrecking the economy if it does not.

AI developers say the technology promises to spur a world-altering surge of productivity and wealth. However, as more and more eggs are added to the basket of the AI ecosystem, concerns about a potential bubble have grown louder.

With so many bets concentrated in such a narrow field, more economists are speculating about the potential damage to the broader economy if the technology fails to live up to the hype and the market collapses. Those worries have intensified as AI companies become increasingly entangled in complex, circular multibillion-dollar deals with one another.

To be sure, many experts don't see AI as a dotcom-like bubble. Federal Reserve Chair Jerome Powell dismissed the comparison this week when speaking with reporters at a press conference, saying that today's AI darlings are much more solid business propositions than their dotcom forerunners.

"This is different in the sense that these companies that are so highly valued actually have earnings and stuff like that," Powell said.

Still, if Powell and others are wrong, a market crash on the scale of the dotcom bubble collapse could be far more devastating in today's economy than it was a quarter-century ago.

A dotcom-like flameout would wipe out $20 trillion of wealth for American households, Gita Gopinath, former chief economist at the International Monetary Fund, wrote in The Economist this month. And with trade wars fueling uncertainty and the U.S. government burdened by a mountain of debt, the economy may be less able to bounce back than it was at the turn of the millennium.

"A market crash today is unlikely to result in the brief and relatively benign economic downturn that followed the dotcom bust," Gopinath wrote. "We should prepare for more severe global consequences."

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Amazon shares closed at an all-time high Friday after the tech giant posted better-than-expected earnings.
Key Takeaways

• The world's largest online retailer got a boost from its booming cloud computing business on Friday, Oct. 31, 2025, while a soft sales outlook weighed on a medical device firm.
  
• Amazon shares climbed to a record high as its Amazon Web Services business helped drive better-than-expected quarterly results.
• Shares of DexCom plunged after the maker of glucose monitoring devices provided a cautious revenue forecast.

Shares of an e-commerce and cloud computing powerhouse delivered big gains on the final day of October, while a medical device maker came under pressure after an executive provided an underwhelming outlook for 2026 sales growth.

Major U.S. equities indexes finished higher Friday as markets wrapped up an eventful week that included the Federal Reserve's latest rate cut and a trade truce between the U.S. and China. The Dow ticked up 0.1%, S&P 500 advanced 0.3%, and the Nasdaq climbed 0.6%. All three posted gains for the week and month. See here for more from Investopedia on Friday's market action.

Amazon (AMZN) stock jumped nearly 10% to a closing record after the tech giant reported better-than-expected earnings for the third quarter. Growth in the company's Amazon Web Services business helped drive the strong results. CEO Andy Jassy highlighted Amazon's plans to boost its AI capacity as it benefits from growing demand for AI infrastructure.

Shares of First Solar (FSLR) powered over 14% higher to notch Friday's best performance in the S&P 500. Although the solar panel maker's third-quarter earnings per share fell short of estimates, its revenue for the period topped expectations, boosted by demand from developers of U.S. solar projects. First Solar also announced a plan to open a new manufacturing facility in the U.S. with an annual production capacity of 3.7 gigawatts.

Coinbase Global (COIN), operator of the largest U.S. cryptocurrency exchange, surpassed quarterly sales and profit forecasts. Coinbase said it saw gains in both consumer and institutional trading volume, bolstered by optimism surrounding the U.S. regulatory outlook for digital assets. CEO Brian Armstrong also highlighted the company's expansion into prediction markets and tokenized assets, under Coinbase's "everything exchange" strategy. Coinbase shares added close to 5%. 

Shares of DexCom (DXCM) tumbled nearly 15%, suffering the steepest daily decline in the S&P 500. While the maker of continuous glucose monitors for patients with diabetes topped third-quarter sales and profit estimates, DexCom's management team cautioned that 2026 revenue growth could fall short of expectations. Executives also addressed concerns about DexCom's flagship G7 sensor following reports of quality issues, noting that the company fixed a problem with the product earlier this year and pointing to efforts to improve its customer service platform.

Erie Indemnity (ERIE) shares slid 5.5% after the insurance management company reported mixed third-quarter results. While earnings per share surpassed forecasts, revenue for the period missed the mark. Erie executives said the company faced challenges related to significant underwriting losses from auto and homeowners policies in recent years driven by an uptick in severe weather.

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Amazon shares surged to a record high Friday after the e-commerce and cloud giant posted better-than-expected earnings
Key Takeaways

• Major U.S. equities indexes climbed Friday afternoon, helped by a rally in shares of Amazon after the tech giant posted better-than-expected earnings. 
• Shares of Reddit also jumped after the social media platform reported quarterly results that topped analysts' estimates.
• Newell Brands shares plunged after the Rubbermaid parent cut its full-year outlook, in part because of tariffs.

Major U.S. equities indexes climbed Friday afternoon, helped by a rally in shares of Amazon (AMZN) after the tech giant posted better-than-expected earnings. The Dow, S&P 500, and Nasdaq all advanced.

Amazon was among the best-performing stocks in the S&P 500, and led gains in the Dow and Nasdaq as its shares surged to a record high. Growth in the company's Amazon Web Services helping boost its quarterly results.

Shares of Reddit (RDDT) soared after the social media platform reported earnings that topped analysts' estimates as its users jumped, especially internationally.

Demand for its data storage hardware to support artificial intelligence helped Western Digital (WDC) post better-than-expected results, sending its shares higher.

Newell Brands (NWL) shares plunged after the Rubbermaid parent lowered its full-year outlook, in part because of tariffs.

DexCom (DXCM) shares also lost ground amid concerns about its outlook and the accuracy of the company’s G7 glucose monitoring system.

Oil and gold futures climbed. The yield on the 10-year Treasury note was little changed. The U.S. dollar was up on the euro and pound, but lost ground to the yen. Prices for most major cryptocurrencies were higher. 

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Reddit shares have added about 28% of their value in 2025
Key Takeaways

• Reddit shares soared Friday after the social media company posted earnings that topped analysts' estimates.
• A jump in users helped power the better-than-expected results.

Reddit (RDDT) shares surged Friday after the social media platform posted better-than-expected earnings and an upbeat outlook.

The stock finished Friday's session close to 8% higher, pushing its year-to-date gains to about 28%.

Reddit reported third-quarter earnings per share of $0.80, well above the consensus of analysts surveyed by Visible Alpha. Its revenue soared 68% year-over-year to $585 million, also exceeding expectations as a measure of its users jumped.

Why This Is Significant

Heading into the results, there were some worries that AI-powered search features being rolled out by Google could hurt Reddit's user growth, though the social media platform's stronger-than-expected results could ease those concerns.

Reddit’s users, measured in daily active uniques, or DAUqs, jumped 19% to 116 million. They were up 31% to 64.4 million internationally, boosted by strength in France, Brazil, and India. U.S. DAUq rose 7% to 51.6 million.

Co-founder and CEO Steve Huffman told analysts on the company's earnings call that Reddit is “making real progress across the three main focus areas we shared last quarter, core product, search and internationalization,” according to a transcript provided by AlphaSense. Huffman called search one of Reddit's biggest opportunities, noting that during the period more than 75 million people used Reddit for searching the internet, and that number is growing.

This article has been updated since it was first published to reflect more recent share prices.

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Netflix shares have added roughly one-quarter of their value in 2025 so far.
Key Takeaways

• Netflix said it plans to undergo a 10-for-1 stock split that will take effect after the closing bell on Friday, Nov. 14.
• The move could make its stock price, which recently hovered above $1,120, more accessible to a wider range of investors.

Netflix said it plans to undergo a 10-for-1 stock split, in a move that could make its stock more accessible to a wider range of investors.

The split, which is set to take place after the closing bell on Friday, Nov. 14, means shareholders will receive nine new Netflix (NFLX) shares for every one they owned heading into the split. Their overall stake in the company won’t change because of it, but each share will subsequently be worth about 10% of its price before the split took effect. Trading at the split-adjusted price is scheduled to begin when the market opens on Monday, Nov. 17.

Netflix said the change is meant to “reset the market price of the Company's common stock to a range that will be more accessible to employees who participate in the Company's stock option program.” That could also make it more attractive to investors outside the company who may have shied away from the stock at its recent levels after a run-up this year.

Shares of Netflix were up over 3% around $1,123 in recent trading, bringing their year-to-date gains to about 26%, outpacing the broader S&P 500's roughly 16% over the same period.

Why This Is Significant

Netflix’s 10-for-1 stock split follows similar moves by large-cap tech companies looking to make their shares more affordable to employees and retail investors. Stock splits can help boost liquidity and make trading easier for buyers and sellers.

Though Netflix shares took a hit earlier this month after the company's third-quarter earnings missed analysts' estimates due to a one-time tax expense in Brazil, it's been a strong year for the streaming giant's stock, which has benefited from a well-received slate of content and expectations of continued growth, along with the perception that it's relatively insulated from shifting tariff policies.

The decision to undergo a split, typically considered a positive signal by investors, could also point to confidence in further gains ahead for Netflix. By contrast, reverse stock splits—which consolidate shares to raise the price of each individual share—are often taken as a sign of concern about a marked decline in the price of a stock.

News of the day for Oct. 31, 2025

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Amazon stock is soaring in early trading Friday after its strong earnings report.

Stock futures are on the rise, with tech stocks leading the way after strong earnings reports from tech titans Apple and Amazon. Amazon is set to open at a record high after reporting cloud growth accelerated last quarter; Apple topped quarterly estimates and forecast record holiday-quarter revenue; Reddit shares are jumping on its earnings beat and solid forecast; and Netflix stock is rising higher after the streaming giant announced its first stock split in a decade. Here's what you need to know.

1. Stock Futures Point to Rebound From Thursday Slump

Stocks futures are higher this morning as tech stocks rally following strong quarterly reports from Apple (AAPL) and Amazon (AMZN). The major indexes fell on Thursday as investors digested a disappointing earnings report from social media giant Meta (META) and the announcement of a U.S.-China trade truce. It was the second down day for the Dow and the S&P 500, which both fell on Wednesday after Federal Reserve Chair Jerome Powell warned a December rate cut was “not a foregone conclusion.” Futures tied to the Dow Jones Industrial Average are up 0.2%, while S&P 500 futures advance 0.8% and tech-heavy Nasdaq 100 contracts climb 1.3%. The yield on the 10-year Treasury note hovers at 4.11%, up slightly from 4.1% at yesterday’s close and also its highest level in three weeks. Bitcoin is trading around $109,500, up from yesterday’s low of about $106,400. Gold futures are little changed at $4,015 an ounce, while the West Texas Intermediate crude futures are down 0.4% to $60.30 a barrel.

2. Amazon Stock Soars on Strong Cloud-Driven Earnings

Amazon (AMZN) shares are up more than 12% in premarket trading on Friday after the company posted strong third-quarter results driven by resilience in its core e-commerce business and growth in its cloud business. Revenue at Amazon Web Services, its cloud computing unit, jumped 20% year-over-year to $33 billion, accelerating from 17.5% in the prior quarter. The company also raised its full-year capital expenditures forecast to about $125 billion from $118 billion, in a sign it continues to invest aggressively in building out its capacity to host artificial intelligence workloads. The results put Amazon stock, the laggard of the Magnificent Seven so far this year, on track to open at its first record high since early February. 

3. Apple Forecasts Record Holiday Quarter Sales, Shares Rise

Apple (AAPL) is also on track to open at a fresh record after the iPhone maker beat estimates and forecast a strong holiday season in its fiscal fourth-quarter earnings report Thursday afternoon. Apple reported earnings of $1.85 a share on revenue that grew 8% to $102.47 billion. Apple’s high-margin services revenue rose to a record $28.75 billion. CEO Tim Cook said he expects a strong holiday season to drive a record quarter for both Apple and its flagship iPhone, with overall revenue growth expected to accelerate to between 10% and 12%. Shares of Apple are up more than 2% in early trading. 

4. Reddit Shares Jump on Earnings, Upbeat Outlook

Shares of social media platform Reddit (RDDT) are up more than 11% in premarket trading after it blew past Wall Street’s expectations with its third-quarter report and issued strong guidance. Revenue grew 68% to $585 million, driven by ad revenue that surged 74%. Net income more than quintupled to $163 million, or 80 cents per share, also well ahead of analyst estimates. Its revenue and earnings forecasts for the current quarter also exceeded expectations, helping ease some concerns that AI-powered search features being rolled out by Google, a major source of Reddit’s traffic, would hurt user growth. 

5. Netflix Announces 10-for-1 Stock Split

Netflix (NFLX) on Thursday announced a 10-for-1 stock split, its first in a decade. Netflix shareholders as of Nov. 10 will receive nine additional stock units for every share they own. They’ll receive those shares on Nov. 14, and the stock will begin trading on a split-adjusted basis on Nov. 17. The streaming giant’s shares closed at $1,089 on Thursday, making it the ninth-most expensive stock in the S&P 500, and one of only 10 companies in the index with a stock price over $1,000. Netflix last split its stock in July 2015. Shares are up about 2% before the opening bell. 

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Unprofitable companies have lifted the indexes that track smaller companies' shares this year.
Key Takeaways

• Unprofitable companies in the Russelll 2000 have outpaced profitable constituents in the index.
• Some investors think small-caps can keep rising, citing more affordable valuations and expectations of improved earnings growth.

The froth in U.S. stock markets can be seen in small companies too.

The Russell 2000 index has outperformed the S&P 500 since this year's April troughs, hitting records this week thanks to bets that interest-rate cuts can keep them climbing. Those hopes have fueled optimism that small-caps—generally, those with market capitalizations between $250 million and $2 billion—will continue to climb.

But under the hood of the index, some investors see reasons for concern. Unprofitable companies in the Russell 2000 had surged about 19% this year through Oct. 21, more than double the 9% gain for profitable firms, according to Oren Shiran, portfolio manager of the Lazard US Systematic Small Cap Equity ETF (SYZ). And the S&P 600—the small-cap index that requires positive earnings—is up about 2% for the year as of Thursday's close, lower than rates offered by low-risk CDs.

Investor enthusiasm over the prospect of lower interest rates, which tend to benefit small companies, may have driven the speculative rally, Shiran said in an interview with Investopedia. (Federal Reserve Chair Jerome Powell tempered rate-cut expectations this week after the Fed trimmed its key rate for the second time in as many months, but market participants still expect more cuts are coming.)

Why This Matters to Investors

Small-cap rallies have been disappointingly short-lived in the past few years, but experts in that size group say they now have greater conviction that those companies will deliver bigger gains than their larger peers.

In spite of the speculative lift, fund managers continue to make a case for small-cap stocks, because they are expected to show stronger earnings growth following two years of relatively little movement in profits.

Also, small-cap valuations remained relatively attractive at the end of the third quarter even after its run-up from April lows. That shows in two ways—the Russell 2000's total market capitalization as a percentage of the total market index Russell 3000 is at 4.4%, substantially lower than the historical average of 7.6% since late 1984, according to Royce Investment Partners.

And small-cap valuations compared to large-caps as measured by enterprise value to earnings before interest and taxes, after stripping out companies with profit losses, are near 25-year lows, the firm said. Meanwhile, the Russell 2000's estimated 2025 earnings is expected to rise over 25%, more than double the Russell 1000's 10%.

A strong U.S. economy is generally seen as particularly helpful to smaller companies, which tend to have less international business. There's uncertainty in that "recent jobs numbers have been underwhelming, consumer confidence is still wobbly and manufacturing data has been sluggish," Francis Gannon, Royce's co-chief investment officer wrote in a quarterly note earlier this month. "However, consumers continue to spend, the economy is growing, and access to capital has widened with the reduction in rates."

The concerns about small-caps echo those leveled at stocks generally, with indexes at records, but unlike their large counterparts, they haven't had their time in the spotlight for years. If asset prices and historical returns revert to their long-term averages, per mean reversion theory, then small-cap stocks should continue running.

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Apple shares were up about 8% for 2025 through Thursday's close.
Key Takeaways

• Apple's fiscal fourth-quarter earnings topped analysts' estimates, as its services revenue climbed to a record high.
• Growth in Apple's iPhone sales also helped drive the better-than-expected results, after the company launched its iPhone 17 lineup in September.
• CEO Tim Cook said that could mean a record holiday season ahead for Apple.

Apple is on a record-setting streak.

Shares of Apple (AAPL) were up more than 3% in extended trading Thursday, topping their recent highs after the iPhone maker posted earnings that exceeded analysts' estimates and CEO Tim Cook gave an upbeat outlook for the holiday season.

Apple reported fiscal fourth-quarter earnings per share of $1.85 on revenue that rose 8% year-over-year to $102.47 billion. Both figures came in ahead of analysts' estimates compiled by Visible Alpha, as Apple's services revenue climbed to a record high of $28.75 billion.

Growth in Apple's iPhone sales also helped drive the better-than-expected results, after the company launched its iPhone 17 lineup in September. Sales of iPhones rose 6% to $49.03 billion in the fourth quarter, contributing the bulk of Apple's product revenue.

The figure also represented a September quarter revenue record for the iPhone, with CEO Tim Cook suggesting that could mean a record holiday season ahead.

"We expect December-quarter revenue to be the best ever for the company and the best ever for iPhone," Cook said on the company's earnings call Thursday, anticipating 10% to 12% revenue growth. Analysts were looking for 6%.

Apple shares were up about 8% for 2025 through Thursday's close. This week's gains have boosted Apple's market capitalization above $4 trillion, making it the word's second-most-valuable company behind only AI chipmaker Nvidia (NVDA).