巴菲特卸任伯克希尔董事长，其子Howard接任

SOFTWARE STOCKS BENEFITING FROM THE DEBATE OVER AI'S EXISTENTIAL THREAT TO HUMANITY. COLD COMFORT, PERHAPS. I AM DAVID GURA. BLOOMBERG'S OPEN INTEREST STARTS NOW. RIGHT NOW DAVID: COMING UP, TECH LEADING THE WAY AS U.S. FUTURES STEADY AFTER A TURBULENT WEEK. ANOTHER CHANGING OF THE GUARD AT BERKSHIRE HATHAWAY AS WARREN STEPS DOWN. THE 96-YEAR-OLD ORACLE OF OMAHA HANDS OVER THE REINS TO HIS SON HOWARD. CHINA TARIFFS ON HOLD AHEAD OF THE HIGH-STAKES SUMMIT WITH PRESIDENT TRUMP AND PRESIDENT XI.

STOCKS TO WATCH THIS FRIDAY, 30 MINUTES UNTIL THE START OF TRADING, NVIDIA, ALPHABET, META, STOCKS REBOUND FROM THE AI SCARE THAT SPOOKED MARKETS. SOFTWARE AMONG THE STANDOUTS AS CALLS TO SLOW AI DEVELOPMENT EASE DISRUPTION FEARS AND BOOST DEMAND FOR CYBER SECURITY. WE HEARD FROM JENSEN HUANG YESTERDAY IN SCOTLAND MEETING WITH THE KING, SAID COMPANIES SHOULD TAKE THEIR TIME -- GO AS FAST AS POSSIBLE BUT MOVE WITH CAUTION GOING FORWARD.

WHEN IT COMES TO SOFTWARE, FAIR TO SAY THE FIVES HAVE SHIFTED ONCE AGAIN. I'M OLD ENOUGH TO REMEMBER THE SAASPOCALYPSE OF A FEW MONTHS BACK. ED: A GREAT STORY AND THE BLOOMBERG TERMINAL ABOUT THEM BEING MORE CONFIDENT ON THE STREET WITH SOFTWARE. WE'VE SEEN SINCE JUNE/JULY THE REVERSAL OF THE TRADE WHERE FOR A LONG TIME LONG TRIPS SHORT SOFTWARE. -- LONG TRIPS, SHORT SOFTWARE -- LONG CHIPS, SHORT SOFTWARE. THE IDEA THAT AI WOULD DISPLACE FUNCTIONS TO SOFTWARE SERVED HASN'T COME TRUE.

THE CATALYST OF THIS WEEK, WHERE THE NARRATIVE, DEBATE, NEW CYCLE HAS BEEN, SLOW DOWN AND IN SOME MISREPORTING, PAUSE DEVELOPMENT OF AI PEER THAT HAS HELPED THAT SENTIMENT TOWARDS THE SOFTWARE SECTOR. DAVID: ALEX KARP WAS ON OUR ARRIVAL CNBC YESTERDAY WAVING HIS ARMS WILDLY, AS HE OFTEN DOES, AND MAKING PREDICTIONS ABOUT THE PATH FORWARD. HE SAYS DEVELOPERS OF AI NEED TO BE HELD LIABLE FOR THEIR OWN WORK. WHAT ARE YOU DOING ABOUT IT, HE SAID TO THE HEADS OF THESE COMPANIES.

HOW RESIDENT IS THE MESSAGE FROM MR. KARP? ED: THERE ARE LOTS OF TEARS OF OPINIONS OF WHAT THE RIGHT THING TO DO IS. IF YOU PUT THEM INTO TWO CAMPS THERE IS NO COORDINATED PACING OF THE FRONT HERE AND THERE ARE THOSE WHO ARE AGAINST A COORDINATED PACING OF THE FRONTIER. THE FRONT YOUR LABS GETTING TOGETHER, LET'S DO IT. ALEX KARP IS THE ANTI-COORDINATED CAMP. HIS ARGUMENT IS SIMPLE AND CLEAN. THE FIRST LINE OF DEFENSE IS THAT YOU ARE LIABLE FOR YOUR OWN ACTIONS.

YOU WILL COME OF THE FRONT TIER LABS, ARE THE ONES WHO SEE THE DEVELOPMENT, WHAT THE MODELS ARE CAPABLE OF, SORT IT OUT YOURSELVES CONSISTENT WITH THE DAVID SAXONBY'S OF THE WORLD AND THE JENSEN HUANG SCHOOL OF THOUGHT. DON'T RELEASE THE MODEL FITS NOT READY TO BE RELEASED IS THE CONCLUSION A LOT OF PEOPLE HAVE COME TO. DAVID: HE SAID SOMETHING THAT WILL RESONATE IN WASHINGTON AND SILICON VALLEY. WHO WILL REGULATE THIS?

WHO KNOWS THE TECHNOLOGY WELL ENOUGH TO DO IT? AS I LOOK BACK STARTING WITH THE MEMO FROM MR. DARIO AMODEI, THERE IS THE SENSE THAT THERE IS AN ECHELON OF PEOPLE WHO GET WHAT'S GOING ON. THEY HAVE A LEVEL OF SOPHISTICATION. THE REGULATORS DON'T HAVE IT. WE TALKED LAST SUNDAY THERE ARE MEMBERS OF THE HOUSE AND SENATE -- CHRIS COONS WAS ON WITH US. HE SAID EFFECTIVELY CONGRESS DOES UNDERSTAND IT WITH ENOUGH SOPHISTICATION.

ED: THE IDEA THAT CONGRESS DOESN'T HAVE THE COMMAND OF THE SUBJECT MATTER OR EXPERTISE IS IN NEW IDEA. ALEX KARP ACTUALLY GOES ONE STEP FURTHER TO REGULATION, WHICH IS, ONE SOLUTION IS TO NATIONALIZE THE TECHNOLOGY. NATIONALIZE THE FRONTIER LABS. YOU KNOW, THIS IS COMPLETELY IN LINE WITH HIS APPROACH TO TECHNOLOGY AND HOW PALANTIR HAS BEEN RUN, BUT AMERICA IS THE SOLUTION. WHAT IS INTERESTING AS THERE IS SOME CONTRASTING IDEAS WITHIN THAT, BECAUSE HE IS IN THE CAMP OF PEOPLE OF, WE HAVE REGULATIONS.

IF A MODEL DOES SOMETHING THAT IS CRIMINAL YOU ARE LIABLE FOR THAT. THERE IS EXISTING STATUTORY LAW. DAVID: ED LUDLOW COME THE HOST OF BLOOMBERG TECH JOINING US FROM SAN FRANCISCO. WARREN BUFFETT IS STEPPING DOWN AS CHAIRMAN OF BERKSHIRE HATHAWAY, HE COMES CHAIRMAN I'M NARRATIVE EFFECTIVE IMMEDIATELY AND REMAINS ON THE COMPANY'S BOARD OF DIRECTORS. HOWARD BUFFETT COME HIS ELDEST SON, TAKING OVER AS CHAIRMAN. WE ARE JOINED ON SET IN NEW YORK.

A BIT OF A SURPRISE ANNOUNCED IN CLASSIC BERKSHIRE FASHION. WE GET THE RELEASE AND A NOTE FROM THE MAN HIMSELF.

A BIT OF A SURPRISE BUT AT THE SAME TIME IT HAS BEEN TELEGRAPHED. HE STEPPED DOWN AS CEO A YEAR AGO. HE WAS CHAIRMAN, INVOLVED IN THE DAY TODAY BUT DIDN'T APPEAR AT THE ANNUAL MEETING IN MAY. IT HAS BEEN LONG IN THE MAKING. IT IS STILL A SURPRISE BUT THIS IS NOT SOMETHING THAT INVESTORS DID NOT KNOW. DAVID: THE LEADERSHIP TRANSITION, LOOK AT THE NOTE, HE HAS 96 YEARS OLD. TO THE POINT OF SURPRISE. HE SAYS MY EXPECTATIONS FOR GREG ABEL WERE SKYHIGH FROM THE START AND HE HAS EXCEEDED THEM.

GIVE US THE BROADER CONTEXT OF HOW THIS TRANSITION HAS BEEN GOING. HAS HE MENTIONED WARREN BUFFETT? NOT AT THE ANNUAL MEETING. GREG ABEL WAS THERE. REVIEWS ARE IN. HOW WAS IT? ALEX: INVESTORS ARE CONVINCED BY GREG ABEL. IT WAS AN EXHAUSTIVE VIEW OF BERKSHIRE. IT IS STILL A CHANGE BECAUSE THE PRESENCE OF WARREN BUFFETT ON STAGE WAS UNPARALLELED. THIS IS SOMETHING THAT WILL NOT EXIST FOR BERKSHIRE HATHAWAY ANYMORE. GREG ABEL HAS BEEN MAKING CHANGES.

YOU DID DO SOME MULTIBILLION DOLLAR BACK TO BACK DEALS OVER THE FIRST PART OF THE YEAR, WHICH IS SOMETHING THAT HAD NOT HAPPENED OVER THE PAST YEARS UNDER BUFFETT. HE KIND OF SHIED AWAY FROM MARKET VALUATION THAT HE DEEMED TOO HIGH. THERE ARE A FEW CHANGES, BUT, AGAIN, MORE OF THE SAME. THAT'S THE POINT OF THAT SMOOTH TRANSITION, TO ENSURE CONTINUITY. DAVID: INTRODUCE US TO HOWARD, HIS SON. HE HAS HAD A LOT OF ON-THE-JOB TRAINING.

ALEX: HAS BEEN ON THE BOARD SINCE 1993 AND HAS BEEN ON THE BOARDS OF SEVERAL OTHER COMPANIES. HE RUNS HIS OWN CHARITY, ONE OF THE CHARITIES THAT HAVE TO DEPLOY THE $140 BILLION OF NET WORTH HE HAS NOW. THIS IS GOING TO BE HIS MAIN JOB NOW. HE WILL BE IN TANDEM WITH GREG ABEL. HE WILL BE OVER THE VALUES OF THE COMPANY, WHICH WARREN BUFFETT SAID THIS MORNING IN HIS LETTER, MORE THAN ANYTHING ON HIS BALANCE SHEET. WE WILL SEE HOW IT PLAYS OUT.

DAVID: THANK YOU VERY MUCH. JOINING ME ON SET IN NEW YORK ON THE NEWS ABOUT BERKSHIRE. THE GROUNDWORK BEING LAID FOR THE NEXT SUMMIT IN WASHINGTON, D.C. BETWEEN PRESIDENT TRUMP AND PRESIDENT XI. BLOOMBERG REPORTING THE U.S. IS LIKELY TO HOLD OFF ON ANNOUNCING NEW TARIFFS ON CHINA UNTIL AFTER THAT MEETING TAKES PLACE. THE WHITE HOUSE IS INTENDED TO RELEASE A TRADE REPORT THAT WOULD RECOMMEND A SEVEN POINT 5% TARIFF ON CHINESE GOODS.

THEY WILL HOLD OFF ON THAT. WE WILL BRING IN WASHINGTON CORRESPONDENT TYLER KENDALL. WE HAVE THIS INVESTIGATION THAT CENTERED ON ABUSE EFFECTIVELY AROUND THE WORLD. ONE ON OVERCAPACITY. THAT'S WHAT WE ARE WAITING ON. WHAT ACCOUNTS FOR THEM HOLDING ONTO THIS AND WHAT DOES IT MEAN FOR THE TENOR OF THE CONVERSATIONS THAT WILL TAKE PLACE NEXT THURSDAY IN WASHINGTON? TYLER: AT THIS POINT WE HAVEN'T GOTTEN AN EXACT BREACH -- EXACT REASON ON THE POSTPONEMENT OF THE TEA TEARS BUT IT COULD BE THE WHITE HOUSE TRYING TO MAINTAIN LEVERAGE WHEN IT COMES TO THE TALKS NEXT WEEK.

YOU MENTIONED WE PREVIOUSLY REPORTED THESE TARIFFS WOULD BE TIED TO ALLEGATIONS OF CHINESE OVERCAPACITY ASKED THE COUNTRY RAN A 1.2 TRILLION DOLLAR TRADE SURPLUS LAST YEAR. YOU MENTIONED 7.5% RATE. NOT TO GET TOO WONKY, BUT IF THE U.S. WERE TO GO THROUGH WITH THESE TARIFFS IN PARTICULAR, IT WOULDN'T REALLY BE CONSIDERED THAT MUCH OF AN ESCALATION. IT WOULD BRING THE AVERAGE INFECTIVE TARIFF RATE IMPOSED ON BEIJING UNDER THE SECOND TRUMP ADMINISTRATION WITHIN 20%, WITHIN THE CAP ESTABLISHED IN THE U.S.-CHINA TRADE TRUCE.

A LOT TO SEE WHERE IT GOES FROM HERE. WE ARE WAITING FOR ANY DATES IN TERMS OF THE U.S. AND CHINA EXTENDING THAT TRADE AGREEMENT. THE U.S. TREASURY SECRETARY SCOTT BESSENT WILL MEET WITH THIS CHINESE COUNTERPART OVER THE WEEKEND. THE EXPECTATION IS THAT THE TWO SIDES ARE POISED TO EXTEND IT BUT THERE IS REPORTING FROM THE FINANCIAL TI

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