Berkshire Annual Meeting Recap: Buffett Says Investing Environment Not Ideal, Sees ‘Gambling’ in Markets

In his first annual meeting as CEO, Berkshire Hathaway's Greg Abel discussed a wide array of topics from artificial intelligence to his efforts to grow the conglomerate.

Abel said the Omaha-based firm was thinking criticially about how to use AI to add value, saying that Berkshire wasn't "going to do AI for the sake of AI." Abel also walked through efforts to improve its railway and insurance businesses at the event, which has long been called "Woodstock for Capitalists."

Abel was joined on stage by members of his leadership team, but chairman Warren Buffett made remarks from the audience. Abel celebrated his predecessor by hanging a jersey from the rafters of the CHI Health Center, where the event is held each year. A deepfake version of Buffett also asked a question, prompting a discussion on the cybersecurity risks tied to AI.

In a special sideline interview, Buffett told CNBC's Becky Quick that he did not see the ideal investing environment. Ahead of the meeting, Berkshire's latest financial report showed a record cash pile nearing $400 billion.

Some highlights from the annual shareholder meeting:

• Buffett: 'We've never had people in a more gambling mood than now'
• Ajit Jain on insuring ships through Hormuz: 'Depends on the price'
• 'We're not going to do AI for the sake of AI,' Abel says
• Opening video pays tribute to Buffett
• Berkshire's operating earnings jump as cash hoard hits record near $400 billion