Berkshire also disclosed that it had trimmed its huge stake in Apple, which Mr. Buffett has called one of his company’s most important holdings, by about 13 percent in the quarter. It now owns about $135.4 billion, down from $174.3 billion at the end of 2023. (Apple’s chief executive, Tim Cook, is attending the annual meeting.)

Berkshire Hathaway significantly reduced its enormous stake in Apple in the first quarter, as Warren Buffett's conglomerate let its cash hoard swell to a record $189 billion. Buffett's company also posted a record operating profit exceeding $11 billion,

Berkshire Hathaway Inc.’s cash pile hit yet another record as billionaire investor Warren Buffett confronted a dearth of big-ticket deals. Operating earnings also rose, buoyed by his collection of insurance businesses.