- The golden spike 2.0: Union Pacific bets $85B to finish what it started in 1869
May 10, 2026
[Old West]
tness74/iStock via Getty Images
Today is a historic date in the history of the railroad industry. On the morning of May 10, 1869, a crowd gathered at a desolate stretch of Utah Territory called Promontory Summit. Two locomotives faced each other on a single track, separated by one final rail. Workers from the Central Pacific and Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) railroads witnessed a ceremonial golden spike connect the two tracks to create a transcontinental railroad. The occasion was marked by church bells ringing in San Francisco and cannons being fired in New York City.
[UNP]
Union Pacific
The transcontinental railroad shortened weeks of dangerous wagon travel into days of much easier passage and helped to open the American West to settlement and commerce. Over the generations that followed, the American freight rail system evolved into a patchwork of regional carriers divided largely between East and West. For the last 100 years, shipments crossing the country still required handoffs between competing railroads, adding time, cost, and complication.
Exactly 157 years since the golden spike connected the continent, the same Union Pacific brand exists after a series of mergers and bankruptcies that included a corporate lineage of Union Pacific Rail Road (1862–1880), the Union Pacific Railway (1880–1897), the Union Pacific Railroad Mark I (1897–1998), and the Union Pacific Railroad Mark II (1969–present).
Today, Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]) and Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]) want to create America's first true transcontinental railroad being run by a single company. By combining Union Pacific's expansive western network with Norfolk Southern's deep reach into eastern manufacturing and population centers, the two companies would stitch together over 50K route miles across 43 states. If regulators approve the deal, the single-line freight service will run coast to coast, with no handoffs, a development that would disrupt the rails and trucking industries.
TRUCKING STOCKS: Knight-Swift Transportation (KNX [https://seekingalpha.com/symbol/KNX]), USA Truck (USAK), Marten Transport (MRTN [https://seekingalpha.com/symbol/MRTN]), ArcBest (ARCB [https://seekingalpha.com/symbol/ARCB]), Old Dominion Freight Line (ODFL [https://seekingalpha.com/symbol/ODFL]), Werner Enterprises (WERN [https://seekingalpha.com/symbol/WERN]), TFI International (TFII [https://seekingalpha.com/symbol/TFII]), Landstar System (LSTR [https://seekingalpha.com/symbol/LSTR]), Schneider National (SNDR [https://seekingalpha.com/symbol/SNDR]), J.B. Hunt Transport Services (JBHT [https://seekingalpha.com/symbol/JBHT]), and Heartland Express (HTLD [https://seekingalpha.com/symbol/HTLD]).
RAILS STOCKS: Union Pacific (UNP [https://seekingalpha.com/symbol/UNP]), Norfolk Southern (NSC [https://seekingalpha.com/symbol/NSC]), CSX (CSX [https://seekingalpha.com/symbol/CSX]), Canadian National Railway (CNI [https://seekingalpha.com/symbol/CNI]), and Canadian Pacific Kansas City (CP [https://seekingalpha.com/symbol/CP]). BNSF Railway is owned by Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) (BRK.B [https://seekingalpha.com/symbol/BRK.B]).
MORE ON UNION PACIFIC AND NORFOLK SOUTHERN
* Union Pacific: This High-Quality Railroad Stock Is A Long-Term Play [https://seekingalpha.com/article/4895639-union-pacific-high-quality-railroad-stock-long-term-play]
* Norfolk Southern Corporation (NSC) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4893982-norfolk-southern-corporation-nsc-q1-2026-earnings-call-transcript]
* Norfolk Southern: Watch It, But Union Pacific Is The Better Trade In The Deal Now (Earnings Review) [https://seekingalpha.com/article/4894011-norfolk-southern-watch-it-but-union-pacific-is-better-trade-in-deal-now-earnings-review]
* Union Pacific, Norfolk Southern say a transcontinental rail deal would cut trucks on the road [https://seekingalpha.com/news/4582737-union-pacific-norfolk-southern-say-transcontinental-rail-deal-would-cut-trucks-on-the-road]
* Rails rivals, unions unite to block the Norfolk Southern-Union Pacific merger [https://seekingalpha.com/news/4581940-rails-rivals-unions-unite-to-block-the-norfolk-southern-union-pacific-merger]
- Earnings Scoreboard: 82% of firms post Y/Y earnings growth, 88% of S&P 500 reporting firms top EPS estimates
May 9, 2026
[Close up image of wooden cubes with alphabet Q1 on office desk.]
mohd izzuan
S&P 500 earnings accelerated this week with over 125 index members reporting. Key companies such as Disney (DIS [https://seekingalpha.com/symbol/DIS]), Cheniere Energy (LNG [https://seekingalpha.com/symbol/LNG]), Advanced Micro Devices (AMD [https://seekingalpha.com/symbol/AMD]), and Berkshire Hathaway (BRK.B [https://seekingalpha.com/symbol/BRK.B]), and others provided a window into corporate margins and sector health amid changing economic conditions.
EARNINGS ROUNDUP:
BOTTOM LINE: Out of the 125 companies reporting, 110 exceeded EPS expectations, 13 fell short, and 2 met estimates. Notably, 103 firms posted year-over-year earnings growth.
TOP LINE: Performance remained robust on the revenue front, with 100 companies topping estimates while 25 missed. On a year-over-year basis, 109 of the companies reported revenue expansion.
[Seeking Alpha]
Seeking Alpha (Seeking Alpha)
LET’S TAKE A LOOK AT SOME OF THE COMPANIES THAT REPORTED EARNINGS THIS WEEK:
Advanced Micro Devices (AMD [https://seekingalpha.com/symbol/AMD]) led the technology charge with a robust revenue beat [https://seekingalpha.com/news/4586189-amd-non-gaap-eps-of-1_37-beats-by-0_08-revenue-of-10_25b-beats-by-330m] of $10.3 billion and an adjusted EPS of $1.37, supported by a 57% surge in Data Center sales and a Q2 revenue outlook of $11.2 billion.
Pfizer (PFE [https://seekingalpha.com/symbol/PFE]) reported $14.45 billion in revenue [https://seekingalpha.com/news/4585466-pfizer-beats-q1-street-views] and an adjusted EPS of $0.75, reaffirming its full-year guidance.
Gilead Sciences (GILD [https://seekingalpha.com/symbol/GILD]) surpassed expectations [https://seekingalpha.com/news/4589262-gilead-slips-despite-q1-beats-now-expects-2026-loss-per-share] with $7.0 billion in revenue and raised a full-year product sales target of up to $30.4 billion.
Disney (DIS [https://seekingalpha.com/symbol/DIS]) maintained its momentum by reporting $25.17 billion in revenue [https://seekingalpha.com/news/4586749-disney-non-gaap-eps-of-1_57-beats-by-0_07-revenue-of-25_17b-beats-by-320m] and raising its annual EPS growth target to 12%.
Palantir (PLTR [https://seekingalpha.com/symbol/PLTR]) delivered an explosive 85% year-over-year revenue jump [https://seekingalpha.com/news/4585098-palantir-non-gaap-eps-of-0_33-beats-by-0_05-revenue-of-1_63b-beats-by-90m] to $1.63 billion alongside a raised 2026 outlook.
McDonald's (MCD [https://seekingalpha.com/symbol/MCD]) topped forecasts [https://seekingalpha.com/news/4588259-mcdonalds-non-gaap-eps-of-2_83-beats-by-0_09-revenue-of-6_52b-beats-by-50m] with $6.52 billion in revenue and $2.83 EPS, driven by strategic pricing.
Uber (UBER [https://seekingalpha.com/symbol/UBER]) reported largely in-line results [https://seekingalpha.com/news/4586754-uber-non-gaap-eps-of-072-beats-by-003-revenue-of-132b-misses-by-60m] with $13.20 billion in revenue and an EPS of $0.72. The energy sector faced more volatility.
Occidental Petroleum (OXY [https://seekingalpha.com/symbol/OXY]) delivered a strong earnings beat [https://seekingalpha.com/news/4586199-occidental-petroleum-non-gaap-eps-of-1_06-beats-by-0_47-revenue-of-5_23b-misses-by-440m] of $1.06 EPS but missed on revenue at $5.11 billion.
Cheniere Energy (LNG [https://seekingalpha.com/symbol/LNG]) reports a top-line beat [https://seekingalpha.com/news/4588358-cheniere-energyeps-of-3_50-revenue-of-5_87b-beats-by-20m] of $5.87 billion while raising its 2026 EBITDA guidance despite non-cash derivative losses.
Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) saw its operating earnings climb [https://seekingalpha.com/news/4584443-berkshire-hathaway-reports-q1-2026-results] 17.7% to $11.3 billion.
Realty Income (O [https://seekingalpha.com/symbol/O]) reinforced its stability by raising its 2026 AFFO per share guidance [https://seekingalpha.com/news/4587498-realty-income-q1-earnings-revenue-top-consensus-but-full-year-guidance-disappoints] following a $1.55 billion revenue performance.
Super Micro Computer (SMCI [https://seekingalpha.com/symbol/SMCI]) reported a challenging start to the year with $10.2B in revenue [https://seekingalpha.com/news/4586153-super-micro-computer-non-gaap-eps-of-0_84-beats-by-0_22-revenue-of-10_2b-misses-by-2_25b], missing expectations, but significantly raised its full-year 2026 revenue guidance in the range of $38.9 billion to $40.4 billion vs. $41.47B consensus, citing record demand for AI compute infrastructure.
EARNINGS NEXT WEEK
As the Q1 earnings season is moving into mid-May, the coming week features a high-stakes slate of reports spanning the technology, e-commerce, materials, and real estate sectors.
Investors will be closely monitoring results from Barrick Gold (B [https://seekingalpha.com/symbol/B]), Plug Power (PLUG [https://seekingalpha.com/symbol/PLUG]), and Simon Property Group (SPG [https://seekingalpha.com/symbol/SPG]) to start the week, followed by a heavy focus on international growth via Sea Limited (SE [https://seekingalpha.com/symbol/SE]), JD.com (JD [https://seekingalpha.com/symbol/JD]), Alibaba (BABA [https://seekingalpha.com/symbol/BABA]), and Tencent (TCEHY [https://seekingalpha.com/symbol/TCEHY]).
Finally, reports from Cisco Systems (CSCO [https://seekingalpha.com/symbol/CSCO]) and Applied Materials (AMAT [https://seekingalpha.com/symbol/AMAT]) will provide critical insights into global enterprise spending and the durability of the AI-driven technology cycle.
MORE ON MARKETS:
* Realty Income Q1 Earnings: Topline Growth Met Flat FFO Per Share (Rating Downgrade) [https://seekingalpha.com/article/4901114-realty-income-q1-topline-growth-met-flat-ffo-per-share-downgrade-hold]
* Gilead Sciences, Inc. (GILD) Q1 2026 Earnings Call Transcript [https://seekingalpha.com/article/4900864-gilead-sciences-inc-gild-q1-2026-earnings-call-transcript]
* Greg Abel's Berkshire Hathaway: Efficiency Over Philosophy [https://seekingalpha.com/article/4901071-greg-abels-berkshire-hathaway-q1-efficiency-over-philosophy]
* Lyft emerges as one of the cheapest ride hailing stocks as per SA valuation grades [https://seekingalpha.com/news/4589756-lyft-emerges-as-one-of-the-cheapest-ride-hailing-stocks-as-per-sa-valuation-grades]
* Lime files for IPO as Uber-backed scooter startup expands growth [https://seekingalpha.com/news/4589727-lime-files-for-ipo-as-uber-backed-scooter-startup-expands-growth]
- Apollo CEO Rowan warns of market correction, slams ‘egregious’ practices at rival insurers
May 6, 2026
Apollo Global Management CEO Marc Rowan on Wednesday warned investors that he was preparing his giant asset management firm for a potential market downturn and sharply criticized what he called the "egregious" practices of some rival insurers.
The current solid economic backdrop — which helped Apollo report a banner quarter, in which the firm reached $1 trillion in assets under management and record fee-related earnings — is masking a growing risk of what he called "out of the box" shocks.
"Everything we see in front of us is actually quite strong," Rowan said. But there is "a much greater chance, in our opinion, of out-of-sideline results."
Rowan, who co-founded Apollo in 1990 and oversaw its transformation into an alternative asset and insurance giant, said he is now more concerned about outside factors derailing the economy than at any time in his four decades on Wall Street.
His comments, which come as the U.S. stock market is trading near record highs, add to concerns voiced by financial executives including JPMorgan Chase CEO Jamie Dimon.
Rowan put the odds of an exogenous shock at somewhere between 30% and 35%, far higher than the usual level of risk, he said.
A convergence of forces could destabilize markets, according to Rowan, including a "total geopolitical reset," policies that could prove inflationary by restricting labor and trade, and the sweeping artificial intelligence cycle reshaping jobs and economic growth.
"Almost everything we're doing, whether intentional or not, has the potential to be inflationary," Rowan said, an apparent reference to President Donald Trump's tariff and U.S. immigration policies.
"Restricting the supply of goods, restricting the supply of labor and the free movement of goods and labor — maybe for good and valid reasons that need to be done — are all inflationary in the short term, even if we are not seeing signs of it," he said.
On AI, Rowan predicted socioeconomic upheaval: "Almost every job will be enhanced or replaced. We're going to see a complete flip — blue-collar ascendancy and white-collar stress."
The balance sheets of companies and consumers remain strong, while governments' finances are strained, he added.
Contagion fears
While Apollo is experiencing robust results today, Rowan said, he is preparing for choppier times ahead.
The firm has moved up the credit quality of its fixed income investments, cut exposure to riskier sectors like software, and stockpiled about $40 billion of cash in its insurance business.
"It means we're investing with an eye toward protecting our capital and making sure that we are here to ride through cycles if there are corrections, which we quite frankly expect," Rowan said.
But Rowan — who transformed Apollo by expanding into insurance in 2009 through Athene, a seller of annuities and retirement products — reserved his sharpest remarks for other insurers. The insurance business provides Apollo with a large, stable pool of capital to invest, akin to the insurance "float" model popularized by Berkshire Hathaway, and is now central to its strategy.
"Not everyone in our industry is doing what they should do. Not everyone runs their business the way we have run our business," Rowan said. "We do worry about contagion."
Contagion would mean that stress spreads through the industry, raising the risk that regulators or central banks have to intervene to protect insurance and retirement customers.
Rowan did not name specific firms that he thought were acting badly.
But he suggested some insurers are relying on what he called "egregious" practices — including offshore Cayman structures, complex collateralized loans and aggressive credit assumptions — that could make some balance sheets look stronger than they are.
"What we can do is be transparent, be committed to higher ratings, build our capital ways and run the business for the long term," Rowan said.
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- Michael Burry sells GameStop after Ryan Cohen's hefty eBay bid: 'Never confuse debt for creativity'
May 5, 2026
Michael Burry dumped his entire stake in GameStop after the company's audacious bid for eBay , saying the deal's heavy leverage shattered the investment case he had been building. "I sold my entire GME position," Burry said in a Substack post late Monday. "Any which way I sliced it, the Instant Berkshire thesis was never compatible with > 5x Debt/EBITDA, never ok with interest coverage under 4.0x ... As a result, GME is the first sale since I started this Substack." GameStop made an unsolicited, nonbinding offer to acquire eBay for $125 per share in cash and stock, valuing the online marketplace at roughly $55.5 billion. The proposal is a steep premium to recent trading levels, but also raises questions about financing. GameStop's market capitalization is a little less than $12 billion. Shares of GameStop fell about 10% Monday following the announcement, reflecting investor skepticism around the feasibility of the deal and the potential strain on the company's balance sheet. GME 5D mountain GameStop over the past 5 days Burry, made famous by the "Big Short," had thought that dealmaking could transform GameStop into a version of Berkshire Hathaway , but decided that the company's capital structure following the proposed acquisition was incompatible with his "Instant Berkshire" thesis. That idea was never consistent with the level of indebtedness required to pursue a takeover of eBay, he said. "Instant Berkshire did not contemplate anywhere near 5x+ leverage," Burry wrote. "Never confuse debt for creativity." Burry said the more likely outcome at the proposed valuation would push leverage to roughly 7.7 times debt to earnings before interest, taxes, depreciation and amortization — a level bordering on distressed, he said. He pointed to companies such as Wayfair and Carvana as examples of businesses that struggled under similar debt burdens. "Wayfair lived there for years, Carvana nearly died there and still might from such a start. Bath & Body Works too. Those are the survivors. They are few," he said. The offer for eBay is split evenly between cash and stock, with GameStop securing a $20 billion financing letter from TD Bank. That still leaves a yawning gap between available funding and the implied purchase price, leading to uncertainty as to how the deal would work. GameStop CEO Ryan Cohen gave few details in a combative interview with on CNBC Monday, directing questions to the company's published materials. He said the company has the flexibility to issue equity to close a deal but stopped short of outlining a definitive financing plan.
- Stocks making the biggest moves midday: Berkshire, AMD, Circle, FedEx, UPS & more
May 4, 2026
Check out the companies making the biggest moves in midday trading. Logistics firms — Shares of logistics companies were under pressure after Amazon said it would launch Amazon Supply Chain Services , its own freight, distribution, fulfillment and parcel shipping business. GXO Logistics shed 11%, UPS fell about 10%, while FedEx and C.H. Robinson each sunk 9%. Amazon shares were up 1%. Berkshire Hathaway — Both classes of Berkshire stock gained almost 1% after CEO Greg Abel reassured investors with his solid performance at the annual shareholders meeting on Saturday. Abel and key leaders at the company discussed its recent performance and reviewed opportunities ahead. Abel also said he had no intentions to break up the conglomerate . GlobalFoundaries — Shares rose 4% after Cantor Fitzgeraold upgraded the stock to overweight as it expects long-term earnings to accelerate. Analysts see a path for the company to $4.50 to $5.50 per share by 2030, supported by margin expansion, improving utilization and exposure to higher-value markets like silicon photonics, satcom, automotive and physical AI. Cantor raised its price target to $80 from $50. Global Business Travel Group — Investment firm Long Lake said it would buy Global Business Travel Group, the corporate travel operator also known as American Express Global Business Travel, for $6.3 billion. Long Lake said it's a bet on how AI will reshape the travel sector. Global Business stock soared 57%. Celcuity — Shares of the clinical-stage biotech company jumped nearly 18% after upbeat results from its phase 3 study for use of gedatolisib with hormone-blocking treatments for advanced breast cancer. The company said the drug showed a statistically significant and clinically meaningful improvement in progression-free survival for patients enrolled in the trial. Norwegian Cruise Line — The cruise operator dropped 8% after it sharply cut estimates for the second quarter and full year, citing skyrocketing fuel prices due to the U.S.-Iran war for the new forecast. In the first-quarter, the company earned 23 cents per share, excluding items, on $2.33 billion in revenue, compared with consensus estimates of 14 cents and $2.36 billion, respectively, according to FactSet. Year to date, shares have fallen 22%. eBay — Shares of the online marketplace jumped nearly 7% after GameStop made an unsolicited, non-binding offer Sunday to buy eBay for roughly $55.5 billion . GameStop CEO Ryan Cohen said the merger would be a way to create a strong competitor to Amazon . GameStop fell 6%. Axsome Therapeutics — Shares jumped about 10% adding to Friday's rally, when it received FDA clearance to use Auvelity to treat Alzheimer's disease agitation. On Monday, the company reported a wider-than-expected first-quarter loss of $1.26 per share. Revenue matched estimates at $191 million. Crypto stocks – Crypto platforms rose after Senators Thom Tillis, R-N.C., and Angela Alsobrooks, D-Md., reached a bipartisan agreement over the weekend on key language in a crypto market structure bill called the CLARITY Act. Coinbase rose 7%, while Circle shot up 16% and BitGo climbed 11%. Gemini Space Station , which stands to lose the most as both a stablecoin issuer and a retail platform, rose nearly 4%. Bitcoin topped $80,000 over the weekend for the first time since January, and was last trading above that milestone. Tyson Foods — The Jimmy Dean pork and Hillshire Farm chicken maker rose about 3% after posting better-than-expected fiscal second-quarter financial results. Tyson earned an adjusted 87 cents per share on $13.65 billion in revenue, compared with estimates of 78 cents and $13.63 billion, according to analysts polled by FactSet. Advanced Micro Devices — The chipmaker slipped nearly 5% after a downgrade from HSBC on Friday. The bank moved its rating to hold from buy on concern for tight semiconductor capacity in 2026, which could limit the company's upside. — CNBC's Nick Wells and Tanaya Macheel contributed reporting
- Berkshire shares trade higher as Buffett successor Abel scores good marks at meeting, earnings jump
May 4, 2026
Berkshire Hathaway shares rose in premarket trading Monday after CEO Greg Abel's solid performance over the weekend helming the annual meeting for the first time, as well as a jump in the conglomerate's earnings.
Class B shares of the conglomerate gained 0.5%, following the positive reception to Warren Buffett's handpicked successor at the Berkshire Hathaway gathering in Omaha, Nebraska, on Saturday. Many in the investment community acknowledged the loss of the wit and storytelling that were Buffett's signature, but were also reassured by the demonstration of Abel's firm grasp over Berkshire's sprawling enterprise, as well as his insights into the conglomerate's future direction.
"Greg Abel performed well in his first Annual Meeting as CEO, in our view, exhibiting a deep understanding of all of BRK's major businesses and plans to drive operational excellence," UBS' Brian Meredith wrote in a Sunday note.
Berkshire Hathaway's first-quarter report early on Saturday showed a solid jump in the conglomerate's operating earnings of 18% from a year earlier. Those gains were driven largely by insurance underwriting, which surged 28.5% to about $1.7 billion. It also showed the conglomerate sitting on a cash hoard nearing $400 billion.
One key theme Abel addressed in the morning and afternoon sessions on Saturday was artificial intelligence, a topic shareholders had been eager to hear more on prior to the event. The CEO specified that Berkshire won't be doing "AI for the sake of AI," a measured stance that's a departure from other corporate executives racing to integrate the technology. At one point in the morning, Abel fielded a question from a deepfake version of Buffett, which he then turned into a discussion on the cybersecurity risks around AI.
The CEO was also joined during the event by other members of his leadership team, including Ajit Jain, vice chairman of insurance operations; Adam Johnson, president of Berkshire's consumer products, service and retailing businesses; and Katie Farmer, CEO of BNSF Railway. Abel walked shareholders through efforts to improve its railway and insurance businesses, and the inclusion of Berkshire's other executives was also reassuring to investors.
Abel also added that he doesn't expect Berkshire will ever break up or divest its subsidiaries.
"We are a conglomerate but we are an efficient conglomerate," Abel said. "We don't have layers of management."
Other highlights from the event include the remarks chairman Buffett made from the audience. Early on in the meeting, Abel commemorated Buffett's long tenure at Berkshire by raising a jersey to the rafters of the CHI Health Center, where the event is held each year.
At the halfway point of the event, Buffett in a special interview with CNBC's Becky Quick said the current investing environment is not "ideal."
Read all the highlights from the meeting here.
— CNBC's Alex Harring, Yun Li and Christina Cheddar Berk contributed to this report.
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- Greg Abel earns solid scorecard from Berkshire shareholders after first annual meeting
May 3, 2026
OMAHA, Nebraska — In his debut running Berkshire Hathaway's annual meeting, Greg Abel delivered what many shareholders came to see: a steady hand, a firm grasp of the sprawling conglomerate and just enough of his own style to reassure investors the post-Warren Buffett era is on solid footing.
The reviews from longtime shareholders and professional investors were broadly positive, even as many acknowledged the notable absence of Buffett, whose wit, storytelling and investing acumen have long defined the event.
"Very solid. No misspoke words. Thorough answers," said Steve Check, founder of Check Capital Management. "Nice guy, but we sure don't have the laughs that we had with Warren and Charlie [Munger]."
"Greg and company delivered on content, examination of businesses and confidence in outlook," Macrae Sykes, a portfolio manager at Gabelli Funds.
David Kass, a finance professor at University of Maryland and a decades-long Berkshire shareholder, said he grew more confident in Berkshire after seeing firsthand Abel's performance. He pointed to the firm's "deep bench" — including executives like vice chairman of Berkshire's insurance operations Ajit Jain; Adam Johnson, president of Berkshire's consumer products, service and retailing businesses; and BNSF Railway CEO Katie Farmer — as evidence that leadership continuity runs well beyond a single figure.
"Greg demonstrated the knowledge of and passion for running all of Berkshire's businesses," Kass said. "His main focus is that of operations. By contrast, Buffett focuses more on the investment side of Berkshire."
Granular insights
That shift in emphasis was evident throughout the Q&A session, where Abel leaned into detailed discussions of Berkshire's subsidiaries, a level of specificity that resonated with shareholders seeking reassurance about execution under new leadership.
"The answers were really good as they gave granular insights," said Tilman Versch, a German shareholder and founder of investor community Good Investing. "Everybody misses Warren. His clear, consistent and funny answers are hard to replace. But with more practice, I hope Greg can find his own style."
Abel opened the session with a near hourlong presentation walking investors through the inner workings of Berkshire's major businesses. He drilled into performance and outlook across its railroad unit, energy operations, insurance arm and retail subsidiaries, offering a level of operational detail that shareholders said felt more akin to an investor day than the freewheeling, anecdote-driven format of past meetings.
Leaning into tech
Artificial intelligence emerged as a central theme at the meeting. Abel said Berkshire is already exploring AI-driven tools to improve operations at BNSF Railway, and spoke fluently about technologies like large language models, emphasizing their potential to enhance the company's existing businesses.
He also pointed to the surge in data center development as a major tailwind for Berkshire's utility operations, with rising power demand creating a significant growth opportunity for its energy grid assets.
"He was clearly very comfortable with technology and AI, as opposed to Warren, who typically avoided technology-oriented investments outside of Apple and, more recently, Google," said Adam Patti, chief executive of VistaShares and manager of an ETF tracking Berkshire's largest holdings. "Perhaps that lends insight into how the portfolio may evolve over time."
Buyback disappointment
Berkshire's pace of share repurchases was a point of frustration for some shareholders.
The firm repurchased $235 million of stock in the first quarter, according to the earnings report. The company had already disclosed that it purchased $226 million in stock on March 4, so this means it only slightly increased its buying as the quarter came to a close.
"The only missing piece was any real guidance on additional buybacks," Patti said. "I was hoping that they would get more aggressive about this."
"I'm disappointed in the lack of significant buybacks," Check said. "I guess they're waiting for a lower price, but they bought much more at this valuation before."
The crowd may still be adjusting to a Berkshire meeting without Buffett at center stage. But after this first outing, investors appear increasingly willing to give Abel the room and time to define the next chapter on his own terms.
"They really incorporated more of the businesses than they ever have because it used to always just be Warren answering Warren questions," said Susan Chan, a longtime shareholder who along with her friend Wanda Lee decided to skip the meeting this year. They watched it from Chan's home in New Jersey instead, and found that the new format instilled confidence in Berkshire's future direction. "And now, it's really more of a 'Our shareholders are our family. And we're going to show you exactly what we're invested in, and what we're doing.'"
"We made the conscious decision not to go this year," Chan said. "But we just said to each other, 'Let's go next year.'"
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- Greg Abel steps into Buffett’s arena, Berkshire shareholders like what they saw
May 3, 2026
[NYSE Opens Tuesday After Global Markets Saw Historic Selloffs Monday]
Michael M. Santiago
Greg Abel spent his first Berkshire Hathaway (BRK.B [https://seekingalpha.com/symbol/BRK.B]) (BRK.A [https://seekingalpha.com/symbol/BRK.A]) annual meeting as chief executive confronting the obvious question hanging over Omaha: what happens when Warren Buffett is no longer running the show?
The answer, at least from many shareholders who attended Saturday’s gathering, appeared to be calm confidence rather than panic, Bloomberg News reported. Abel’s debut as lead figure at Berkshire Hathaway’s famed annual meeting drew thousands of investors and largely positive reviews, even with the absence of Buffett as the main attraction for the first time.
FROM SIDEKICK TO CENTER STAGE
Abel, 63, opened by recalling the surprise announcement a year earlier when Buffett named him successor. He joked that his immediate thought was whether Berkshire would still need to rent Omaha’s large arena in 2026 if he were the only draw. They did.
Though attendance was lighter than in Buffett’s heyday, shareholders still packed in for what has long been called the “Woodstock for Capitalists.” The event retained its carnival feel, with investors shopping memorabilia and posing with Geico’s gecko mascot.
This year’s meeting was branded “The Legacy Continues,” a message seemingly aimed at investors wondering whether Berkshire can thrive without the Oracle of Omaha running the mic.
MORE CORPORATE BERKSHIRE, BUT STILL BERKSHIRE
Unlike Buffett’s often freewheeling style, Abel delivered a more methodical review of Berkshire’s (BRK.B [https://seekingalpha.com/symbol/BRK.B]) (BRK.A [https://seekingalpha.com/symbol/BRK.A]) businesses and investments. He also shared the stage with senior executives, giving them a larger role than in prior years.
Shareholders appeared receptive. Adam Mead, chief executive of Mead Capital Management, said Abel demonstrated command of Berkshire’s sprawling empire.
BUFFETT STILL LOOMS LARGE
Even offstage, Buffett’s presence was everywhere.
A highlight reel of his six-decade run opened the meeting. Jerseys bearing Buffett’s and Charlie Munger’s names hung above the stage. A can of Cherry Coke sat beside Abel’s notes.
Buffett also addressed shareholders briefly from the audience, speaking about leadership transitions. He cited Apple’s (AAPL [https://seekingalpha.com/symbol/AAPL]) rise under Tim Cook after Steve Jobs’ death, noting Berkshire’s $35 billion investment had grown to roughly $185 billion including dividends.
It was classic Buffett: reassure investors while casually reminding everyone he once turned pocket change into a kingdom.
CASH, AI, VALUATION DISCIPLINE
Abel inherits a company with nearly $400 billion in cash and the challenge of putting it to work. Berkshire’s Class B (BRK.B [https://seekingalpha.com/symbol/BRK.B]) shares have fallen 12.4% since he was named CEO, adding pressure to prove he can allocate capital as effectively as Buffett.
He told investors Berkshire has identified attractive businesses, but has passed because valuations are too rich.
That stance suggests Buffett’s discipline on price remains alive, even if the voice has changed.
Abel also addressed artificial intelligence, saying Berkshire stands to benefit because it owns utility assets that help power data centers. One shareholder said it was encouraging to hear Berkshire’s operating units behaving as builders of technology, not just buyers.
NO BREAKUP, NO BUREAUCRACY
Abel used the meeting to defend Berkshire’s conglomerate model and reject any talk of dismantling the company.
He warned that “the ABCs — the arrogance, bureaucracy, complacency that can creep into a company — will kill a company.”
That may become the defining Abel doctrine: keep the empire intact, keep costs low, keep management humble.
THE VERDICT
No one expected Greg Abel to become Warren Buffett overnight. That is impossible and probably unhealthy as a corporate objective.
But Berkshire shareholders seemed satisfied with something more realistic: a disciplined operator who understands the business, respects the culture and knows better than to do a Buffett impression, Bloomberg News reported.
MORE ON BERKSHIRE HATHAWAY INC.
* Berkshire Hathaway Begins A New Era, Embracing AI Even As Buffett Keeps Swinging [https://seekingalpha.com/article/4897815-berkshire-hathaway-begins-a-new-era-embracing-ai-even-as-buffett-keeps-swinging]
* School's Out... Forever [https://seekingalpha.com/article/4897697-school-is-out-forever]
* Berkshire Hathaway At A Crossroads: No Buffett, Record Markets, Big Questions [https://seekingalpha.com/article/4896396-berkshire-hathaway-at-crossroads-no-buffett-record-markets-big-questions]
* Warren Buffett says it's important to know which deals not to take [https://seekingalpha.com/news/4584450-warren-buffett-says-its-important-to-know-which-deals-not-to-take]
* Berkshire Hathaway CEO Abel stresses technology opportunity at annual meeting [https://seekingalpha.com/news/4584446-berkshire-hathaway-ceo-abel-stresses-technology-opportunity-at-annual-meeting]
- Warren Buffett says it's important to know which deals not to take
May 2, 2026
[Allen & Company Annual Conference Draws Media And Tech Leaders To Sun Valley]
Kevin Dietsch
"The world is full of people offering things for you to do. The key is to find the ones worth doing," Berkshire Hathaway (BRK.B [https://seekingalpha.com/symbol/BRK.B]) (BRK.A [https://seekingalpha.com/symbol/BRK.A]) Chairman Warren Buffett said Saturday.
"I think it's all working," Buffett said, referring to the company's operations on the sidelines of Berkshire's annual meeting. "It isn't the ideal (environment) for deploying capital."
Buffett chose Greg Abel to succeed him as CEO because he's "very, very smart" about managing businesses, he said.
Buffett is still involved in the company's investment decisions, he said in an interview with CNBC's Becky Quick.
He acknowledged that he has not learned "new industries for some years."
"We have never had more people in a gambling mood than now," he said. "That doesn't mean the investing environment is terrible."
"There's more money around than ever," Buffett said.
"The time to buy things is when nobody else will answer their phones," he said. "When markets are collapsing, nobody answers their phones."
He said opportunities for investments will "come out of the blue." Likewise, in looking at the macro view, "it's the things you don't think about that will get you."
In commenting about Jerome Powell staying on the Federal Reserve Board as a governor, Buffett said he feels better "when he's there" than when he's not.
Regarding AI and deep fakes, "it's scary," Buffett said.
The U.S. has a “secret sauce” in its success. "Is there any other country that after a couple hundred years people still want to immigrate to?" he asked. "It has worked."
"That doesn't mean that we can't do better," he added.
"If the whole world lived by the golden rule, that would be a much better society," he said, referring to the ethic of "do unto others as you would have done to yourself."
MORE ON BERKSHIRE HATHAWAY
* Berkshire Hathaway At A Crossroads: No Buffett, Record Markets, Big Questions [https://seekingalpha.com/article/4896396-berkshire-hathaway-at-crossroads-no-buffett-record-markets-big-questions]
* Berkshire Hathaway: The Impossible Expectations Placed On Greg Abel [https://seekingalpha.com/article/4895052-berkshire-hathaway-the-impossible-expectations-placed-on-greg-abel]
* Berkshire Hathaway: Selling At A 20% Discount To Asset Value [https://seekingalpha.com/article/4894285-berkshire-hathaway-selling-at-a-20-percent-discount-to-asset-value]
* Berkshire Hathaway CEO Abel stresses technology opportunity at annual meeting [https://seekingalpha.com/news/4584446-berkshire-hathaway-ceo-abel-stresses-technology-opportunity-at-annual-meeting]
* Berkshire Hathaway's Buffett underscores his support for Abel [https://seekingalpha.com/news/4584444-berkshire-hathaways-buffett-underscores-his-support-for-abel]
- Berkshire Hathaway CEO Abel stresses technology opportunity at annual meeting
May 2, 2026
Michael M. Santiago
Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) (BRK.B [https://seekingalpha.com/symbol/BRK.B]) CEO Greg Abel reviewed results for the investment conglomerate's sprawling collection of businesses, noting that technology, including artificial intelligence, "touches the whole franchise of Berkshire."
The new CEO emphasized the importance of leveraging technology to fuel growth. At some point, management realized, "We're going to be a builder of technology, rather than just a buyer of technology," he said in his first annual meeting as CEO.
In terms of AI, "it has to be additive to our businesses. We're not going to have AI just to have AI," Abel said.
Earlier, the company delivered Q1 operating earnings of $11.3B [https://seekingalpha.com/news/4584445-berkshire-earnings-rise-q1-thanks-insurance#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews], climbing 18% from the year-ago period, helped by a 29% jump in its insurance underwriting profit. Its cash pile grew 6.5% Q/Q to $397.4B.
In his discussion of Q1 results, Abel attributed part of the company's improvement in insurance underwriting profit to the $860M after-tax charge related to California wildfires the company recorded in 2025 results. By contrast, 2026 results didn't reflect any catastrophic events.
The CEO stated that its Geico business is focused on restarting growth. It has to "get the price to risk right," retain customers, and grow its policies in force, he said. There's much to do there. Geico's policies in force, or PIF, rose 2% in Q1, while its closest competitor, Progressive's (PGR [https://seekingalpha.com/symbol/PGR]) PIF climbed 11%. "It's not going to be easy to just restart the growth engine," he said.
Abel also mentioned Berkshire Hathaway's (BRK.B [https://seekingalpha.com/symbol/BRK.B]) $1.8B investment in Tokio Marine (TKOMY [https://seekingalpha.com/symbol/TKOMY]) (TKOMF [https://seekingalpha.com/symbol/TKOMF]), calling it a long-term strategic partnership.
The company's railroad, BNSF, has made progress, but there's "a lot more to be done," he said, pointing to the unit's operating margin expansion to 34.4% in Q1 from 32.1% in last year's Q1.
"We see a lot of opportunity here to become better," he added. "That's going to require a step-change in how we approach our operations." Technology will be key, he said, as some competitors have gapped up its use.
"How can we move our cars quicker and meet our customer expectations?" he asks. That also requires determining the best use of its resources and employees.
Berkshire Hathaway (BRK.A [https://seekingalpha.com/symbol/BRK.A]) (BRK.B [https://seekingalpha.com/symbol/BRK.B]) Energy has made progress in its litigation position. In April, the Oregon Court of Appeals ruled in favor of its PacifiCorp utility, which allowed the company to recover about $1B of securities it had posted, Abel said. "We have reset the stage," he added.
Abel pointed out that the company's net cash and short-term securities are $380.2B, which is less than the headline number of $397.4B. The difference is in $17.2B payable for purchases of U.S. Treasury bills, he said.
The CEO said its Occidental Chemical purchase resulted in a little more than a $3B decrease in results. Still, he's “very pleased” with the transaction.
Berkshire's head of insurance operations, Ajit Jain, discussed its investment in Tokio Marine. While the Japanese company is cash-rich and doesn't need capital, "they are keen and hungry for growth outside of Japan," he said. The relationship is three-pronged: it paid $1.8B for 2% of its stock; it acquired a piece of Tokio Marine's book of business for seven years; and the two companies will work together in an agreement that will evolve.
11:33 AM ET: Berkshire's (BRK.B [https://seekingalpha.com/symbol/BRK.B]) capital allocation approach is "very much aligned with our shareholders," Abel said. "There will be dislocations in markets that will allow us to act" in a disciplined way. He stressed that such investments need to be made at "the right price," very much a continuation of Buffett's approach.
Jain said it's important to say “no” to many prospective deals.
Q&A STARTS AT 11:17 AM ET: The first question came from "Warren from Omaha," giving Abel the opportunity to expound on why shareholders should own the stock for the long term. However, the video used was made without Warren Buffett's participation, using AI.
Abel answered by pointing to the strength of its business operations, its equity securities portfolio, and its balance sheet.
The amount of cash gives the company an advantage, he said. "We do not intend to be beholden to anyone — we start with that position," Abel added.
Berkshire has the opportunity to deploy it across different groups. "We'll be prepared to act decisively and with significant capital," he said. The company has opportunities in equity investments and in deploying back into businesses.
"We are a unique conglomerate" with a unique advantage in its ability to move capital quickly in a tax-efficient way, Abel said.
Berkshire's head of insurance operations, Ajit Jain, said the company has been deliberately slow to participate in the cyber insurance sector. "I'm pretty sure the day will come when we have a fairly significant role to play in cyber," he said.
In answering the first shareholder question from the audience, Abel said, "One of our greatest strengths is patience in allocating capital."
MORE ON BERKSHIRE HATHAWAY INC.
* Berkshire Hathaway At A Crossroads: No Buffett, Record Markets, Big Questions [https://seekingalpha.com/article/4896396-berkshire-hathaway-at-crossroads-no-buffett-record-markets-big-questions]
* Berkshire Hathaway: The Impossible Expectations Placed On Greg Abel [https://seekingalpha.com/article/4895052-berkshire-hathaway-the-impossible-expectations-placed-on-greg-abel]
* Berkshire Hathaway: Selling At A 20% Discount To Asset Value [https://seekingalpha.com/article/4894285-berkshire-hathaway-selling-at-a-20-percent-discount-to-asset-value]
* Berkshire Hathaway's Buffett underscores his support for Abel [https://seekingalpha.com/news/4584444-berkshire-hathaways-buffett-underscores-his-support-for-abel]
* Berkshire earnings rebound in Q1 thanks to insurance-underwriting [https://seekingalpha.com/news/4584445-berkshire-earnings-rise-q1-thanks-insurance]
