Buffett Just Bought $4.9 Billion In Google And Now Its Stock Is Soaring
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AI Bubble? What AI Bubble?
Google (GOOG, GOOGL, GOOGOOGAGA) just posted some outstanding earnings, well above what you’d expect even for a company with a monopoly over the entire internet. It looks like they’ve managed to dodge, duck, dip, dive, and dodge through the recent AI pullback to gain a massive six-point boost when everyone else is flailing.
And the hero behind the Goog’s massive rally is no other than the GOAT of investments himself: Mr. Warren Buffett.
Yes, that’s right, Buffett’s investment firm, Berkshire Hathaway (BRB) just ploughed $4.93 billion into 17.85 million shares in Alphabet. …That’s the company that owns Google, not like, you know, the dictionary.
It’s a surprising move from the Berkshire boys, considering Buffett just pulled a bunch of stock out of tech recently and seems to be pretty averse to the sector.
Here’s a quote for you, why not: “The stake purchase of a tech company may represent a different type of mentality at Berkshire, though it’s not a total departure from its value-investing model,” said Steve Sosnick, chief strategist at Interactive Brokers (who?).
It’s all a good thing for Google, which just rallied 14% this quarter, gaining 46%, in part thanks to Buffett’s move.
And tbh this may be Buffett’s last move. The 95-year-old is scheduled to step down as Berkshire’s chairperson and pass away at some point next year.
Google, Shmoogle
The question remains: what is Google’s place in the new AI landscape? They’ve put their money where their mouths are (is?) with a big investment in the new tech and data centers and the like. It’s what everyone else is doing but there’s a problem: AI undermines Google’s core product which is search.
Now you’ve got some market confusion because right along side its search there’s an AI mode and AI suggestions at the top of every search result. It’s harder than ever to use Google as was previously intended.
So what’s the deal are they cannibalising their own flagship product? Or is this the future of search?
We may not know for many years, but one thing is for certain: these latest earnings seem to say that it’s on the right track.
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