Berkshire Hathaway dropped more than $4 billion on TSMC last year, but has now lightning liquidated its holdings. Earlier this month, Warren Buffett was asked at a shareholders meeting why he had reduced his holdings in TSMC, and he bluntly stated that the location of TSMC was a major consideration in adjusting his investment strategy. Buffett said he preferred to allocate capital in Japan rather than Taiwan. He said, “I wish that wasn’t the case, but that’s the reality, and I reassessed it based on what was going on at the time.

But Buffett still praised TSMC as a remarkable company, one of the best managed and most important companies in the world, “no one in the chip industry can match it.

So far this year, TSMC’s U.S.-listed shares have risen nearly 14.5%.

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Warren Buffett revealed that Microsoft founder Bill Gates had shown him the AI chatbot ChatGPT when he experienced it. He was impressed with the app’s capabilities, but also felt a tinge of fear. “When something can do all sorts of things, I get a little worried. Because I know we can’t invent it, just like we invented the atomic bomb in World War II for very legitimate reasons,” says the 92-year-old investor, “and it’s very important that we do that. But is it good for the world for the next two hundred years that the ability to do so is unleashed?”

Buffett further said he believes AI technology will change “everything in the world except the way humans think and behave,” citing a quote from Albert Einstein after the introduction of the atomic bomb: “It changed everything in the world except the human mind. “

With Warren Buffett also attending the meeting with Berkshire Hathaway vice chairman Charlie Munger, Munger held a more skeptical attitude toward AI technology, “I personally am skeptical of AI hype, I think conventional wisdom works just fine,” he said.

Not only Buffett and Munger, but many tech entrepreneurs have also expressed wariness of AI technology, including Tesla CEO Elon Musk. More recently, Jeffrey Hinton, known as one of the “godfathers of AI,” expressed similar concerns, saying AI could pose a more “urgent” threat to humanity than climate change.

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Berkshire’s cash reserves increased by $2 billion to $130.6 billion in the first quarter of 2023, up from $128 billion in the fourth quarter of 2022.

During the quarter, the company repurchased $4.4 billion worth of stock, the most since the first quarter of 2021 and up from $2.8 billion at the end of last year.

The company held its annual meeting of shareholders following the announcement of its first quarter 2023 results. At the meeting, the company’s Chairman Warren Buffett and Vice Chairman Charlie Munger shared their financial insights and life lessons.

Asked about Microsoft’s acquisition of Activision Blizzard, Warren Buffett said, “I think they’ve done an excellent job.” Currently, Microsoft’s acquisition of the Activision Blizzard deal has been bottlenecked due to opposition from the UK CMA. However, Microsoft plans to hire professional lawyers to try to overturn the CMA’s ruling.

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Buffett said, “TSMC is one of the best-managed and most important companies in the world. I don’t like its location and have re-evaluated it,… But in my opinion, no company in the chip industry can compare with it.”

Berkshire Hathaway disclosed in February that the company sold 86% of TSMC’s shares, which were purchased only a few months ago for US$4.1 billion (IT Home Note: currently about 28.331 billion yuan). Berkshire Hathaway currently owns 0.2% of TSMC. Buffett explained in April that he was selling the stake because of heightened geopolitical tensions.

“They’re great people and great competitors, but I’d much rather find them in the U.S.,” Buffett added Saturday.

TSMC shares have risen 120 percent over the past five years, outperforming the S&P 500’s 55 percent gain over the same period, as rivals such as Intel are trying to regain market share by building new factories in the U.S. and ramping up innovation.

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In a media interview today, Buffett said, “To be honest, I don’t know much about the technology in terms of AI, but Gates recommended it to me four or five months ago. He said, “I’ll show you some of the latest stuff and what you can do with it. Later, I asked ChatGPT to translate the song “My Way” into Spanish. To my surprise, it came out two seconds later, it rhymed, and it was really wonderful.

As chairman and CEO of Berkshire Hathaway, Buffett has told shareholders for decades that he doesn’t know much about technology and therefore tries to avoid investing in tech stocks. But later, Buffett bought Apple stock under the influence of his investment lieutenants. Today, the stock has become one of the biggest and most successful bets of his career.

And ChatGPT is an artificial intelligence chatbot developed by OpenAI, a San Francisco startup in which Microsoft has invested billions of dollars. In the interview, Buffett also recalled a comment made by Gates that ChatGPT is not very good at telling jokes.

For AI technology like ChatGPT, Buffett is not yet sure if it is good for humans. In terms of capability, it’s an incredible technological advancement and truly extraordinary,” he said. But I’m not sure it’s beneficial yet.”

The technology is known to have raised concerns about potential abuse. Students have used ChatGPT to generate full papers, for example, and hackers have begun testing it to write malicious code. Late last month, Musk and thousands of other techies issued an open letter calling for a moratorium on training artificial intelligence systems more powerful than GPT-4.

Gates, however, argued that a moratorium on development wouldn’t really solve the problem. Instead, figuring out how to make optimal use of developments in the field of AI is the hard truth.

Gates and Warren Buffett have been friends for more than three decades. The two co-founded the Giving Pledge, which encourages the world’s richest people to give at least half of their wealth to charity.

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As we all know, “God of stocks” Warren Buffett since September 29, 2008, spending 230 million U.S. dollars (about 1.8 billion Hong Kong dollars) to subscribe to 225 million shares of BYD H shares at a price of 8 Hong Kong dollars per share, this position so thirteen years never moved.

To this day, Warren Buffett investment in BYD’s return has exceeded 30 times. And BYD’s current share price has reached 277 Hong Kong dollars, meaning that Warren Buffett’s profit has been more than 34 times, the position is currently worth 61.4 billion Hong Kong dollars.

In addition, as early as July 12, the market rumors of Warren Buffett suspected of reducing holdings of BYD news. On that day, BYD shares suffered a heavy drop, BYD A shares fell 4.72%, while BYD Hong Kong shares plunged 11.93%.

HKEx CCASS data show that Citibank held BYD shares increased by 225 million shares to 389 million shares on July 11, after Citibank held 163 million shares of BYD on July 9.

Data show that Warren Buffett’s Berkshire Hathaway holding size of 225 million shares, the market speculation that Citibank added 225 million shares of BYD shares from Berkshire Hathaway.

But in response, BYD’s Securities Affairs Department said: “The data we are seeing now is that Warren Buffett’s shareholding is currently unchanged. It has a very large shareholding, and if it involves a change in shares, it will certainly be disclosed.”

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