Berkshire Hathaway CEO Greg Abel Calls AI Data Center Demand a Significant Opportunity for Berkshire Energy. Here's What That Means for the Stock.
Berkshire Hathaway has more exposure to AI than investors may realize.
Overview
Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) CEO Greb Abel may be taking a new approach to technology for the famed holding company. Former Berkshire Hathaway CEO Warren Buffett has said in the past that tech isn't his wheelhouse, but even he has recognized that there are opportunities in tech as it gains a foothold in the U.S. economy. Today, those opportunities abound in artificial intelligence (AI) companies.
Berkshire Hathaway is a lot more than the equity portfolio that fans follow. It owns around 200 companies of all types, including insurance (GEICO), footwear (Brooks), and energy (Berkshire Hathaway Energy). Here's how data centers could be a serious source of growth for the holding company.
Details
Greg Abel joined Berkshire Hathaway as an energy executive when it acquired a majority stake in MidAmerican Energy in 1999. Buffett was very excited about him and was ready to invest in Berkshire Hathaway's energy business once he was on board. Abel was tapped to become CEO of BHE before being promoted to vice chairman of the non-insurance operations in 2018, so energy is his game.
Source
Originally published at www.fool.com.