Buffett remains confident in IBM's business prospects
OMAHA, Neb. (AP) — Investor Warren Buffett says he remains confident in IBM's future, and his Berkshire Hathaway added to its stake in the technology firm earlier this year.
Buffett appeared on CNBC Monday morning after answering shareholder questions at Berkshire Hathaway's annual meeting over the weekend.
Buffett says he believes that IBM will be making more money ten years from now than it does today, and IBM is repurchasing its stock aggressively so Berkshire's share of the company's profits will grow over time.
Berkshire owns about 9 percent of IBM's stock now.
Buffett says he thinks IBM will fare well in cloud computing and corporate services because of the level of security it offers with its products.
IBM displayed the capabilities of its Watson program at Berkshire's meeting on Saturday.