A record 45,000 shareholders descended on Omaha's CHI Health Center for Saturday's Berkshire Hathaway annual meeting — the highest attendance in the event's six-decade history and surpassing the prior record set in 2024. The meeting, increasingly viewed as Warren Buffett's farewell tour as he approaches his 96th birthday in August, comes as Berkshire trades within 2% of its all-time high market capitalization of approximately $1.18 trillion.
Buffett, joined on stage by designated successor and current Vice Chairman Greg Abel, is widely expected to address three closely watched topics: the firm's remaining 300-million-share Apple stake (down from a peak of 915 million), Berkshire's $278 billion cash hoard — equivalent to roughly 24% of the company's market cap — and persistent reports that Berkshire is in advanced due diligence on a $40-60 billion industrial acquisition.
Apple Position Under Microscope
Berkshire's most recent 13F filing showed the conglomerate sold approximately 67 million Apple shares during the fourth quarter of 2025, reducing what was once the firm's largest equity position to its lowest level since 2018. With Apple set to report fiscal-second-quarter earnings on Friday, May 1, shareholders will be intently focused on whether Buffett continues to view Apple as the irreplaceable consumer franchise he once described as "the best business I know in the world."
Several analysts speculate Berkshire may have continued reducing its Apple position into the recent rally. "If we see another 50-million-share sale on the next 13F, the message is unambiguous: Buffett sees better risk-reward elsewhere," said Edward Jones senior analyst Jim Shanahan.
The Cash Pile Question
The conglomerate's $278 billion in cash and short-term Treasuries — earning roughly $14 billion annually in interest income — has prompted relentless shareholder questions about capital deployment. Buffett wrote in his February letter that "deploying cash is harder when prices are high" but also signaled that Berkshire has "examined more potential acquisitions in the past six months than at any point since 2008."
Reports surfaced in the Financial Times this week that Berkshire is in advanced talks to acquire one of three target companies — Union Pacific in a stock-for-stock deal that would consolidate Class I rail; specialty insurer W.R. Berkley; or industrial gas company Air Products and Chemicals. Berkshire has neither confirmed nor denied any of the rumors. Greg Abel's expanded role on Saturday's stage will be heavily scrutinized for tonal cues about the firm's post-Buffett strategy.