Buffett warns stock market has become a casino with "never seen such strong gambling tendencies," Berkshire holds record $380 billion in cash

The 2026 Berkshire Hathaway shareholders' meeting opened with an AI deepfake video of Buffett, which new CEO Greg Abel used to warn about fraud risks; Buffett also blasted today's financial market as having "unprecedented gambling tendencies," with cash reserves hitting a record high of $380.2 billion. (Previous coverage: Who is Berkshire Hathaway's "successor" Greg Abel? What is his view on cryptocurrency?) (Background: Can't Berkshire Hathaway live without Buffett? After his retirement, market value evaporated by $130 billion; can Greg Abel continue the investment legend?) On May 2, the Berkshire Hathaway annual shareholders' meeting started with a bombshell: an AI-generated deepfake video of Buffett was played on the big screen. In the video, "Buffett" spoke confidently, urging investors to continue holding Berkshire stock. After the video ended, new CEO Greg Abel immediately took the stage to reveal the truth, announcing that the video was entirely synthesized by AI. He stated bluntly on site: "We only used public data to replicate his movements and voice," reminding shareholders that this is the epitome of AI deepfake fraud and calling on the public to be vigilant. Warren Buffett, the Oracle of Omaha who has helmed the company for 60 years, sat in the front row. Abel also stated that the company currently positions AI as a tool to improve productivity, but emphasized that they will not do AI for the sake of AI. At this stage, artificial intelligence cannot yet handle core businesses such as stock selection judgments or insurance claim approvals. During a break in the shareholders' meeting, Buffett gave a surprising interview to CNBC. He summarized the current market ecosystem in one sentence: "Today's financial market is like a church with a casino attached." He further pointed out that the prevalence of short-term options trading has long exceeded the scope of investment and speculation: "It's not investment, it's not speculation, it's pure gambling." Buffett said he has never seen people so full of gambling tendencies as they are now, and the scale of this trend is unprecedented, with sports betting spreading rapidly among the younger generation. As for when the best buying point is, Buffett said, "The most likely time to buy is when everyone else isn't picking up the phone." He reiterated the famous quote that has accompanied his investment career for over 60 years: "Be fearful when others are greedy, and be greedy when others are fearful." He admitted that in his long investment journey, the years when truly attractive opportunities appeared were actually few and far between. The numbers cannot be ignored either. Berkshire's cash reserves have hit a record high of $380.2 billion to date, and the massive idle capital itself is Buffett's silent statement that market valuations are too high. At the same time, the "Buffett Indicator" (total stock market capitalization ÷ GDP), which measures the overall valuation of the US stock market, currently stands at 232.9%, far exceeding the reasonable level of 100%, and has technically entered a serious bubble zone. Another highlight of this shareholders' meeting was the attendance of Apple CEO Tim Cook and his successor Donal Tweedy. Buffett did not skimp on praise for his old partner, calling Cook "one of the miracles in the history of American business management." From deepfake warnings to casino metaphors, from record-high cash to bubble indicators, this shareholders' meeting condensed Buffett's comprehensive observations of the current era: the threat of AI has moved from science fiction to reality, the gambling nature of the market is accelerating, and his way of dealing with it remains: hold cash and wait for real opportunities.