Berkshire’s large stake in HP “exemplifies” Best Buy’s optimistic outlook, says CEO

Berkshire Hathaway’s roughly 4.2 billion investment in HP Inc. supports Best Buy’s view that consumer demand for upgrades to their technology will continue, Chief Executive Corey Barry told CNBC’s Jim Kramer on Thursday.

“I can’t tell you [Berkshire CEO] Warren Buffett’s thinking, but I think his investment gives us an example of the general point, which is that people are going to use more technology than ever before and they will want to upgrade the technology more than ever before, said Barry “Money” in an interview. “

“We are already seeing the upgrade cycle short for our customers in areas like computing and home theater. So people are interested in this new technology,” he added.

Berkshire has bought about 121 million shares or about 11% of HP’s holdings, according to the securities filing.

HP shares rose 14.75% on Thursday after the news.

Barry added that the sustainability of hybrid work means consumers want a comprehensive technology system that can easily transfer between their work and home office.

“You need these things to work together. To bring my work computer home and be able to work it on my home network and my home printer. And then I have to get my home iPad to work, so when I’m in a meeting I have content You see, all of these things work together and you want to upgrade them. “

“So, this concept of constant innovation in our industry is probably one of the least understood reasons,” he added.

Best Buy stock rose 1.11% on Thursday.

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