AI & Jobs Greg Abel's First Berkshire Annual Meeting Was a Quietly Devastating Vote Against the Labor-Substitution Trade — A 'Narrow AI' Doctrine, a Buffett Deepfake, and $397.4B in Cash
On the same May weekend Anthropic was about to close $50B at a $900B valuation on coding-agent revenue, Greg Abel held his first Berkshire annual meeting and laid out a 'narrow AI' doctrine — opening with a Buffett deepfake, deferring to insurance VP Ajit Jain that complex AI underwriting is 'years away,' and sitting on a record $397.4 billion in cash. The two prices crystallized the same weekend disagree about the labor-substitution multiple.