Warren Buffett said on Saturday he would not buy shares of technology giants Apple Inc or Google Inc but would not sell them short, and said International Business Machines Corp is a better investment for his company Berkshire Hathaway Inc .
“I would not be at all surprised to see them be worth a lot more money 10 years from now but I would not buy either one of them,” Buffett said about Apple and Google at Berkshire’s annual shareholder meeting in Omaha, Nebraska. “I sure as hell wouldn’t short them either.”
Facebook has set the share price for its upcoming initial public offering (IPO) at between $28 and $35 per share, valuing the company at between $85bn-$95bn (£52bn-£59bn).
The IPO is set to be the largest ever for an internet firm, bigger than Google’s valuation of $23bn in 2004.
IPOs are when companies list shares on the stock market for the first time.
The company initially had plans to invest $304 million in Austin, Texas, but now the county isn’t sure it wants to offer Apple incentives to come to the city.
Apple had every intention of expanding its operations in Austin, Texas, but county officials aren’t so sure it’s the right move for the city.
Facebook will pay Microsoft Corp $550 million for hundreds of patents that originated with AOL , beefing up its intellectual property arsenal.
The deal gives social network Facebook 650 patents and patent applications and license to another 275 patents and applications. It comes shortly before Facebook is expected to have the largest initial public offering in Silicon Valley history.
Patents have become a top priority for technology companies as many of them, including Google Inc and Apple Inc , become embroiled in patent-related lawsuits.
Microsoft’s profits in the three months to the end of March dropped slightly but the results still beat analysts’ expectations after a surprise rise in sales of its Windows operating system.
The world’s largest software firm made a net profit of $5.11bn (£3.2bn), compared with $5.23bn a year earlier.
Sales rose by 6% to $17.41bn.
Windows sales rose 4% against forecasts of a 4% decline, though sales at its entertainment division, which includes the Xbox console, fell 16%.
Apple and Samsung, combined, account for a staggering 95 percent of the handset industry’s profit, which isn’t great news for everyone else.
The smartphone business has come down to a two-horse race: Apple vs. Samsung Electronics.
The companies are the only two that matter, at least from a profitability perspective. Combined, Apple and Samsung accounted for a stunning 95 percent of the handset industry’s profits during the fourth quarter, according to a study Canaccord Genuity sent out by email.
By itself, Apple accounted for 80 percent of the profits in the period.