Warren Buffett manages $274.2 billion. Here's what he's betting on: - Apple at 22.6% - American Express at 20.5% - Bank of America at 10.4% - Coca-Cola at 10.2% - Chevron at 7.2%. Consumer brands. Financial services. Energy. The businesses that have dominated the last 50 years. Now look at what's missing. No Nvidia. No Microsoft. No Amazon. No Meta. No data center plays. No energy infrastructure tied to AI. Alphabet is in there at 2% which is the smallest named position on the chart. $274 billion with essentially zero exposure to the AI infrastructure buildout. That's not an oversight. That's a conscious choice from the most successful investor in history. Buffett has always said he only invests in businesses he can understand and predict 10 years out. He's been saying for years that he doesn't know how AI plays out competitively. So he's sitting it out. $334 billion in cash on top of this portfolio. Waiting. The contrast with Ackman couldn't be sharper. Ackman's $13.71B is loaded with Microsoft, Amazon, Meta which are concentrated bets on the businesses he thinks own the AI era. More on Ackman's portfolio below.