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00:02Berkshire Hathaway shares closed nearly 1% lower Monday after earlier gains tied to a positive
00:08reception for CEO Greg Abel at the annual meeting and an earnings increase, according to CNBC.
00:15UBS said Greg Abel showed a strong understanding of Berkshire's businesses and plans
00:20to improve operations in his first annual meeting as CEO. The company reported that first quarter
00:26operating earnings rose 18% year over year, driven by insurance underwriting, which increased
00:3228.5% to about $1.7 billion. Berkshire also reported a cash balance nearing $400 billion.
00:40Investors responded to Abel's comments on artificial intelligence, where he said the
00:44company will not pursue AI for the sake of AI. Abel also discussed cybersecurity risks and outlined
00:52efforts to improve railway and insurance operations. He said Berkshire does not plan to break up or
00:58divest subsidiaries, while Warren Buffett said the current investing environment is not ideal.
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