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Gates Foundation. Now, in 2026, you say that's not true. What happened? Well, what happened was that I gave a lot of money to the Gates Foundation . Maybe $47 billion in total, and guess what happened? no, and I thought it was a good decision. I think it was a decent decision. But I didn't think my children were at all willing to give away huge sums of money.
We started, Susan and I started with them. I think we gave them maybe $100,000 each. Was that 30 years ago or even longer? Somewhere like that. Yes. But they were already grown children. I mean, they already had their own children by then. But still , I don't think they were ready for this . So, is it safe to say that 20 years ago, in 2006, when you made this decision, you trusted the Gates Foundation more than you trusted your children, and now you trust your children more than you trust the Gates Foundation?
No, the balance was different. That doesn't mean I trusted them differently . Wait, but I felt like they could handle it. I definitely wouldn't pass something on to my children and then take it back. I mean, the Gates Foundation ended up making a lot more money than they expected. They spend more money than anyone else in the world I can think of.
Yes, they have a fund of over $90 billion, it seems, at this point. this number, and Bill has very significant resources outside of him that he intends to give away, and I believe in it 100%, I believe they will go there. And I, you know, I actually did the same thing as Bill, in a way. Only I, when I invest money, tell my three children that it's their money, it's their responsibility to do well, and you might find it hard to believe, but it's true.
I have never looked at their Form 990 reports that they file. I don't evaluate each action as it is taken, because you take action when you think the probability of success is only 10% or 20%. This doesn't look like an investment. Before we go any further, does Bill Gates know about this ? When we spoke to you in March, you said you had n't spoken to him since all these allegations started to surface.
He said the same thing last month, in June, when he testified to Congress that he hadn't spoken to you since January. Have you communicated with him since then and was this a surprise to him? No, this. No, it's not a surprise, and he probably came to see me, I don't know, 3 weeks ago, I'm losing track of time a little, but it's definitely not 3 months, it's 3 weeks, we talked, and we spent 3 hours together, and he intends to call me.
He's usually the one initiating the calls, and as you can see, I'm available anytime, but he's much more organized than I am, and he's already suggested another meeting. Another meeting. Yes, and we've had a lot of good times since we met. Well, when was that, what year? 1991, and he always did more than was required of him .
Always more than his share. Don't you see me planning or do you mean in friendship? Yes, it was a wonderful friendship. And we both have many common interests that we can talk about, and each of us has our own specialization to some extent. But you told him about three weeks ago, when you were dating, that you would no longer donate to the Gates Foundation.
Yes, maybe I even meant that. I can't . I'll tell you exactly what I told him, but at some point I read what Congress came up with, I read everything, and all I can say is... you know, I do n't know if I did stupid things, but I did different things, and I've done a lot of stupid things in my life, I mean, just look at our portfolio, because four out of five, at least four out of five of my decisions were nothing extraordinary, but...
But he was calm when you told him that it was normal. And we got a response from the Gates Foundation late last night. Here's what they had to say. The Gates Foundation is grateful to Warren Buffett for decades of support for our work; His donations, totaling more than $47 billion, have helped us expand our work and fulfill the foundation's mission to improve health and opportunity for people around the world.
The Fund continues its work from a position of financial stability through 2045, supported by Bill's $ 200 billion commitment . Good. Um, I also asked Buffett how he was feeling. Um, that's what it is, apparently Nvidia just got some amazing news , but Wall Street still does n't get it. Something strange is happening on Wall Street .
The world's largest AI companies are reporting incredible performance . Microsoft, Amazon, Alphabet and Meta . Even Samsung and SK Hynix. However, Nvidia and many semiconductor companies' stocks crashed. So, what's going on? Has the artificial intelligence boom reached its peak? Is the semiconductor cycle finally coming to an end ?
Or is Wall Street making the same mistake it makes during every major technological revolution? Today, we'll break down everything that just happened and why I believe this reporting season could completely change the story of AI investment. Microsoft just answered the most important question about AI.
For a month, investors have been asking one question. Can companies actually make money from all this spending on AI? Microsoft just gave us a very convincing answer. Azure's growth has accelerated. Copilot's number of paid users has grown dramatically, and management has said it expects to maintain positive free cash flow despite its huge investment in AI.
This is incredibly important. As investors began to fear that spending on AI would simply destroy profitability. Instead, Microsoft showed something different. They are monetizing artificial intelligence faster than many expected. And that changed the whole discussion. Amazon released a report, and honestly, these numbers surprised almost everyone.
AWS revenue accelerated to some of its highest growth rates in a year. Operating margins exceeded expectations, and management again increased capital spending. Approximately from 200 billion to 220 billion dollars. Higher capital spending has usually hurt stocks recently, but not this time. Why? Because Andy Jassy explained what investors wanted to hear.
Amazon doesn't build data centers in the hope that customers will eventually show up. The demand already exists, and new AI capacity is being leased almost instantly. Even more surprising is that Amazon has stated that demand for 2028 capacity is already extremely high. Think about it. Companies are already preparing infrastructure years before it becomes available.
This doesn't seem like a slowdown in s not going away. This is where many investors get confused. Everyone is constantly talking about competition, Chinese AI models, new startups, and cheaper alternatives , but all of these models still require one thing— computing power. Whether you use OpenAI, Anthropic, Meta, Deep Seek, or Amazon, somewhere servers are running , GPUs are running, memory is being consumed, storage is being filled , and network equipment is transmitting data.
Any AI model ultimately depends on physical infrastructure, and according to almost all hyperscalers, it is still not enough. Samsung and SK Hynix sent another powerful signal. Memory companies have delivered another important message. Samsung has announced a number of long-term agreements with major cloud companies.
Many of these contracts are designed for at least 5 years. They provide for a minimum price level. Some of them involve prepayment from customers, which fundamentally changes the traditional memory business.
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