2026 Berkshire Hathaway Annual Meeting Live Stream: Buffett Steps Aside, Abel Takes Center Stage for the First Time

The third matter discussed was the partnership, which underscores various aspects—how we hope this relationship will evolve remains unclear. So we’ll let it develop organically. This partner shares our culture and values. There’s no doubt it will be outstanding for many years to come. As for pursuing outright acquisitions in insurance or other fields, that will unfold over time—and clearly falls within the purview of discussions between Ajit and the Tokio Marine executive team. Should such opportunities arise, we’d be delighted. 01:50 Question 10: Impact of Tariffs on the Portfolio? Question: Does Berkshire Hathaway consider seeking tariff relief or compensation programs for its wholly owned operating businesses facing increased import costs? How significant is this impact across the entire portfolio? Abel: The impact of tariffs on our overall portfolio resembles our earlier discussion about the Middle East situation. We experienced this once during the first administration and learned from it—so we’re better prepared now. We’ll simply roll up our sleeves and manage it ourselves. We’ll find ways to continue serving customers—recovering these tariffs either through direct contracts with customers or via the products we manufacture. Our team has handled this exceptionally well. Many details remain to be clarified, and we aren’t actively pursuing such measures. BNSF CEO: Regarding compensation—no. But let me add a few words on tariff impacts. In early 2025, we observed some customers accelerating shipments ahead of tariff implementation, leading to a temporary uptick in freight volume. Then, volumes stabilized in the second half of 2025; by 2026, our customers had adapted and adjusted to the tariffs. That said, uncertainty persists. From a planning perspective, this has proven extremely difficult for our customers—causing some capital to remain on hold regarding investments in manufacturing facilities. It is precisely this tariff-related uncertainty—not the tariffs themselves—that we observe as the real impact on our customers. NetJets CEO: I’ll cite Berkshire Hathaway Automotive as an example: new vehicle sales this year are slightly down versus last year, partly due to tariff effects. The issue is that tariffs change daily—merely understanding this ‘bouncing ball’ is itself a full-time job. 01:35 Question 9: How Is Berkshire’s Decentralized Model Managed? How Does BNSF Maintain Competitiveness? Question: Berkshire’s system relies on decentralization—each manager serves as CEO of their own subsidiary. Which operating units require more oversight? How are underperforming managers addressed? BNSF’s profitability lags behind competitors—how will it maintain competitiveness against rivals and emerging technologies? Abel: I emphasized our decentralized model, risk discipline, and capital allocation. We have an exceptional group of leaders and businesses—those closest to their customers—who, when thinking like owners, deliver outstanding results across the entire conglomerate. But decentralization does not mean abdicating accountability. This autonomy implies embracing, with enthusiasm, the immense responsibility—and pride—that comes with doing things right.

Down 35% in 53 Trading Days: Is Momenta’s Physical AI Story Still Valuable?

Momenta—hailed as the ‘first physical AI stock’—listed on the Hong Kong Stock Exchange but subsequently suffered a sharp share price correction. Since its listing on July 8, its share price had plunged over 35% by September 18—a span of just 53 trading days—resulting in a substantial market-cap contraction. From its financial report, Momenta’s first post-listing interim report contains notable highlights: robust revenue growth, a marked improvement in gross margin, and a significantly narrowed adjusted net loss—bringing the company just one step away from break-even. Yet these strong operational metrics failed to win over secondary-market investors. Since releasing its interim results on August 31, Momenta’s share price fell another 25% by September 18. This divergence between financial performance and market valuation stems fundamentally from investor concerns over the certainty of Momenta’s path to profitability and the timing of its second growth engine’s commercialization. In H1 2026, Momenta’s revenue surged 75.93% year-on-year, bringing operations nearly to break-even; gross margin climbed further to 73.22%. However, sharply narrowing losses does not guarantee imminent profitability—especially given the inflexible nature of R&D spending. Consequently, the secondary market remains cautious about the timeline for Momenta’s sustained profitability. Currently, Momenta has established a dual-track strategic framework—‘mass-production business + scalable autonomous business’—with robotaxis (Robotaxi) and autonomous delivery vans (Robovan) at its core. Brokerage analysts view this autonomous business as Momenta’s second growth engine. Against the backdrop of improving fundamentals and persistently bearish capital-market sentiment, how is Momenta’s strategic rollout progressing—and can its dual-engine narrative truly be delivered? Approaching Break-Even—but Strong Financials Fail to Calm Market Expectations Momenta is a physical AI company founded in September 2016, dedicated to building a world-leading foundational platform for world models. On July 8 this year, Momenta completed its IPO on the Hong Kong Stock Exchange—and on August 31, it released its first post-IPO financial report. Its H1 2026 report shows: revenue of RMB 1.602 billion, up 76% year-on-year; attributable net loss of RMB 16.54 billion, widening 871.82% year-on-year; gross profit (excluding share-based compensation expenses) of RMB 1.21 billion, up 75%; and adjusted net loss of RMB 14 million, narrowed by 97% year-on-year—approaching break-even. Momenta’s revenue growth stems from continuous expansion in both design-win projects and mass-produced vehicle models. Data shows its cumulative design-win projects rose from 170 at end-2025 to 219 as of end-June 2026; cumulative mass-produced vehicle models increased from 68 at end-2025 to 105 as of end-June 2026. Another major highlight of this report is the leap in profitability. From 2023 to 2025, Momenta’s gross margin grew from 17.51% to 71.58%, rising further to 73.22% in H1 2026. Historically, the autonomous driving industry has been labeled a ‘money-burning’ sector—yet Momenta’s gross margin trajectory stands out favorably against peers.