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sam

Republicans in the United States seek to investigate Sam Altman's personal investments and conflicts of interest with OpenAI

James Comer, the chairman of the U.S. House Oversight Committee and a Republican lawmaker, has written to OpenAI CEO Sam Altman, requesting information regarding potential conflicts of interest related to personal investments and OpenAI. The investigation focuses on Altman's extensive personal investment network. Since Altman does not hold equity in OpenAI, his estimated net worth of approximately $3.5 billion primarily comes from his personal investment portfolio, which includes companies like Helion, Stripe, and Reddit.According to a previous report by The Wall Street Journal, Altman had pushed for OpenAI to invest $500 million in the fusion company Helion, while Altman himself has invested at least $375 million in the company. Comer stated that this has raised concerns about whether Altman is using OpenAI to enhance the valuation of his personally held companies. Additionally, attorneys general from states such as Florida, Montana, Nebraska, Iowa, West Virginia, and Louisiana have also written to SEC Chairman Paul Atkins, requesting an investigation into whether Altman has engaged in "self-dealing" and serious conflicts of interest.Meanwhile, Altman is set to testify in court on Tuesday and Wednesday in the case where Musk is suing OpenAI. Musk accuses Altman and OpenAI co-founders of violating the original "non-profit" commitment by shifting OpenAI to a profit-making operation. Although the conflict of interest investigation and Musk's lawsuit are independent events, Altman's personal investment issues have been raised multiple times during the trial. OpenAI board chairman Bret Taylor defended Altman in court, stating that he has been "open and transparent" regarding personal investment matters.

Berkshire's cash reserves surged to a record $397 billion, while U.S. stock valuations reached historically high levels during the same period

In the first quarter of Greg Abel's tenure as CEO, Berkshire Hathaway's cash reserves surged to a record high of $397 billion. At the end of last year, the company's cash reserves had slightly decreased, but they increased significantly in the first quarter due to a net sale of $8.1 billion in stocks during the period.Additionally, Berkshire Hathaway A (BRK.A.N) reported Q1 2026 revenue of $93.675 billion, compared to $89.725 billion in the same period last year, with market expectations of $89.274 billion; net profit was $10.106 billion, compared to $4.603 billion in the same period last year, with market expectations of $11.762 billion. The fair value of fixed-income securities held by Berkshire Hathaway at the end of Q1 2026 reached $17.669 billion, compared to $17.816 billion in the same period last year.Buffett has always viewed cash as "a necessary but undesirable asset," often likening it to oxygen, which is crucial for businesses but not a good investment in itself. Buffett repeatedly emphasizes that Berkshire will never prefer holding cash equivalents over quality businesses; cash is merely a war chest waiting for "super good opportunities." When market valuations are too high and there are no attractive investment targets, he prefers to hoard cash rather than force a purchase; but once a great opportunity arises, he will deploy this ammunition without hesitation. In Buffett's view, cash can provide safe returns in a high-interest-rate environment, but in the long run, it is far less valuable than investing in excellent companies.While Berkshire's cash holdings reach a new high, despite the S&P 500 and Nasdaq indices recently hitting historical highs, there are still multiple risk hazards behind the market, and valuations are in a historically high range. Data shows that as of April, the rolling price-to-earnings ratio of the S&P 500 is about 24 times (historical average is about 16 times), and the Shiller price-to-earnings ratio (cyclically adjusted) has risen to over 37 times, at a historically high level, second only to the internet bubble period. This combination of "valuation + high expectations" means that the market has very limited room for error. Furthermore, the current rise in U.S. stocks is built on optimistic assumptions such as "AI-driven profits, falling inflation, declining interest rates, and controllable risks," and any deviation in these variables could trigger amplified shocks in the market.
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