Warren Buffett’s 1999 comments are relevant to Nvidia’s AI boom for one reason: he said Berkshire would often pass on businesses when rapid change made them difficult to forecast over the long term. Nvidia’s latest results show extraordinary growth, but neither those figures nor Buffett’s old remarks establish that Nvidia is overvalued or that AI is in a bubble.
What Buffett said about technology stocks in 1999
At Berkshire Hathaway’s May 3, 1999 annual meeting, during the internet boom, Buffett and Charlie Munger defended Berkshire’s decision not to buy then-popular technology stocks. Buffett described Berkshire’s preference for businesses it could assess over a 10-, 15- or 20-year horizon. His concern was that rapid change could make a company’s future difficult to predict—not that technology lacked value or social importance.
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Buffett put the approach this way: “And whenever we look at a business and we see lots of change coming, 9 times out of 10, we’re going to pass on that.” The CNBC archive provides the meeting’s date and context; the wording is from a transcript of the meeting.
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What Nvidia’s latest results show
Nvidia reported $96.2 billion in total revenue for its second quarter of fiscal 2027, which ended July 26, 2026. That was 106% higher than a year earlier. Data Center revenue was $89.0 billion, up 117% year over year. These are company-reported results for one quarter: evidence of the business’s recent scale and growth, not a guarantee of what comes next.
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In its August 26, 2026 earnings release, Nvidia forecast fiscal third-quarter revenue of $108.0 billion, plus or minus 2%. That is management guidance, not revenue already earned. Nvidia said the forecast did not assume Data Center compute revenue from China. CEO Jensen Huang said that “AI has reached its inflection point” and that demand was accelerating; those are his and the company’s characterizations, not independent proof that demand or growth will continue at the same pace.
The figures and guidance are in Nvidia’s second-quarter fiscal 2027 results release.
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Where the Buffett comparison fits—and where it stops
The useful comparison is about forecasting. Can investors estimate how durable Nvidia’s growth, customer demand, competitive position and margins will be over a long horizon while the technology and market are changing quickly? Buffett’s 1999 remarks describe why uncertainty of that kind could lead him to pass on an investment. They do not amount to a specific prediction about Nvidia, AI stocks or a future market crash.
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Buffett’s AI comments and Berkshire’s current approach
Buffett has also discussed AI’s potential for both good and harm. At Berkshire’s May 2024 shareholder meeting, he described the risk of convincing fake videos being used to enable fraud. That was a warning about social risks, not a judgment about Nvidia’s valuation.
Nor does Buffett’s earlier investment caution mean Berkshire rejects AI in practice. An Associated Press report on Berkshire’s May 2026 meeting said CEO Greg Abel discussed using AI to solve problems within Berkshire companies and emphasized patience and disciplined capital allocation. Using a technology in operations and deciding whether to buy a particular technology stock are different decisions.
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Sources: Associated Press report on Buffett’s 2024 AI and scam-risk remarks; Associated Press report on Berkshire’s 2026 annual meeting.
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