The famous investor Warren Buffett praised the strong loyalty that technology company Apple has won with its phones iPhone.
In an interview with CNBCThe mogul spoke about Tim Cook and how his management of the business has allowed him to continue to grow in the industry.
Buffett praises Apple
Buffett praised how well Cook has led Apple’s Apple during his tenure as CEO. “Tim Cook is one of the classiest CEOs and he understands the business,” Buffett said. “Tim Cook has managed that company in an extraordinary way.”
The investor also explained why he believes that Apple has such strong brand loyalty.
“If you are a user of Apple and someone offers you $10,000, but the only condition is that they take away your iPhone and you’ll never be able to buy another one, you’re not going to take it. If they tell you that, if you buy another Ford car, they’ll give you $10,000 for not doing it, you’ll take the $10,000 and buy a Chevy,” he exemplifies.
“It’s an incredibly valuable utility. That doesn’t mean that kids can’t misuse it, and Tim Cook worries about that. Anything can be misused. But I think Tim Cook cares about that,” he added.
Warren Buffettthrough Berkshire Hathaway, owns a large number of shares in the company. Apple, and he explained that it is so because “it’s a wonderful business.” “And our ownership goes up a little bit every year because they buy back their stock. And Tim doesn’t issue it, he buys it. And we love it.”
Using ChatGPT for the first time
Buffett also had a few words about ChatGPT, the artificial intelligence of the moment.
“I think it’s something I don’t understand at all, but Bill Gates came in about four or five months ago at least and said, ‘I’ll show you the latest and what you can do with that.’ In fact, I said take the song ‘My Way’ and write it in Spanish. Two seconds later, you know, it comes out and it comes out that rhymes and does all these wonderful things,” he commented.
Buffett has been open about his lack of technological savvy in the past, but has shown a willingness to try new technologies at his own pace.
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