Berkshire CEO Abel says AI to help power growth

Greg Abel, CEO of Berkshire Hathaway, believes the company stands to gain significantly from the expansion of AI data centers. Berkshire Hathaway recently increased its investment in Alphabet, Google's parent company, by $10 billion to help the tech giant build out its AI infrastructure. Berkshire's energy division could also benefit from AI growth due to the increasing electricity demand from data centers.

In Iowa, where Berkshire Hathaway Energy is based, about 8% of the company's energy consumption last year was attributed to data centers. Despite the potential of AI, American consumers are still under stress due to high inflation and mortgage rates, making the housing market a challenging and unpredictable sector in the near future.