Billionaire Warren Buffett just poured more than half a billion dollars into three assets.

After dumping huge positions in Apple and Bank of America and hoarding $325 billion in cash, new SEC filings show the Berkshire Hathaway chairman and CEO has bought $405 million of Occidental Petroleum (OXY).

Occidental Petroleum is a global energy company involved in oil and gas exploration and production, with further ventures in chemicals and low-carbon initiatives.

OXY is down 21% since the start of the 2024, dropping from $60.05 to $47.13 at time of publishing.

Meanwhile, Buffett has also purchased $113 million in Sirius XM Holdings (SIRI) and $45 million in VeriSign (VRSN).

Sirius XM offers satellite and streaming radio services across North America, with its stock down 57% since the start of 2024, from $54.90 to $23.08.

VeriSign is a global provider of domain name registry services and internet security solutions, with shares down 1.35% year-to-date, from $201.56 to $198.84.

Buffett completed purchases of the three companies last week and was required to report the buys immediately because Berkshire now owns more than 10% of each company.

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AI News: Apple is reportedly in discussions to invest in OpenAI as part of a new fundraising round that would value the AI company at over $100 billion. This move comes as Sam Altman’s firm, OpenAI, pledges to work with the U.S. AI Safety Institute, sparking discussions about potential dominance in the U.S. AI landscape.

AI News: Apple Considers Investment in Sam Altman’s Firm

According to a report by The Wall Street Journal, Apple is in talks to invest in OpenAI, the developer behind ChatGPT. The proposed investment would be part of a larger fundraising effort that could value the ChatGOT developer at over $100 billion. The specific amount Apple might invest remains undisclosed, but this move marks a significant step in Apple’s strategy to integrate AI more deeply into its products and services.

Apple’s potential investment in Sam Altman’s firm is part of a broader strategy to integrate advanced AI technologies into its ecosystem. With the upcoming release of iOS 18, iPadOS 18, and macOS Sequoia, Apple users will gain access to ChatGPT’s capabilities without needing to create an account, enhancing the user experience while maintaining privacy.

This integration, as a result, is expected to make Apple devices more competitive by offering powerful AI tools directly within its software platforms.

OpenAI’s Collaboration with the U.S. AI Safety Institute

In parallel with its potential partnership with Apple, the firm has announced its collaboration with the U.S. AI Safety Institute. This federal body, part of the Commerce Department’s National Institute of Standards and Technology (NIST), aims to assess and mitigate risks associated with AI technologies.

As a result, OpenAI’s agreement to provide early access to its next major generative AI model for safety testing is seen as an effort to address growing concerns about AI safety and regulation.

This AI news comes after criticism of the firms’ perceived shift away from safety-focused research. Earlier this year, the firm disbanded a team dedicated to developing controls to prevent superintelligent AI systems from going rogue.

The move, consequently, led to the resignation of key safety researchers, raising questions about the company’s commitment to responsible AI development. By working with the U.S. AI Safety Institute, the artificial intelligence firm appears to be reaffirming its dedication to AI safety, even as it continues to push the boundaries of AI technology.

we are happy to have reached an agreement with the US AI Safety Institute for pre-release testing of our future models.

for many reasons, we think it’s important that this happens at the national level. US needs to continue to lead!

— Sam Altman (@sama) August 29, 2024

Consequently, the combined developments of Apple’s investment talks and OpenAI’s partnership with the U.S. AI Safety Institute have fueled speculation about the firms potential dominance in the U.S. Artificial intelligence landscape.

With Apple’s backing, Sam Altman’s firm could gain substantial financial and technological resources, further solidifying its position as a leading player in Artificial intelligence. Additionally, the firm’s involvement with the U.S. government’s AI safety initiatives may give it a significant influence over the future direction of AI regulation and development in the United States.

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.