Warren Buffett’s 1999 comments are relevant to NVIDIA’s AI boom as a reminder that rapid technological change can make long-term business forecasts difficult. They were not a warning about NVIDIA, artificial intelligence or an impending market crash. NVIDIA’s latest reported growth is extraordinary, but those results alone do not establish whether its shares are overvalued or whether 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 popular technology stocks. Buffett described the company’s preference for businesses it could assess over a 10-, 15- or 20-year horizon. He said: “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 remark, as transcribed by Finanzapedia, expressed Buffett’s limits as an investor trying to forecast fast-changing businesses. It was not a claim that technology lacked social value. CNBC’s archive describes the meeting as a defense of Berkshire’s decision not to buy “hot” tech stocks at the height of the internet bubble.
What NVIDIA’s latest results show
NVIDIA reported its second-quarter fiscal 2027 results on August 26, 2026. The quarter ended July 26, 2026. The figures below are company-reported historical results, except for the Q3 figure, which is management guidance.
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| Measure | Figure | What it represents |
|---|---|---|
| Total revenue | $96.2 billion | Q2 FY2027 revenue, up 106% year over year, reported by NVIDIA |
| Data Center revenue | $89.0 billion | Q2 FY2027 revenue, up 117% year over year, reported by NVIDIA |
| Total revenue guidance | $108.0 billion, plus or minus 2% | NVIDIA’s forecast for Q3 FY2027; it did not assume Data Center compute revenue from China |
NVIDIA CEO Jensen Huang characterized the moment this way in the company’s August 26 release: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” adding that “demand is accelerating.” Those are management’s views, not independent verification of the durability of demand or future returns.
Where the Buffett comparison helps—and where it stops
The useful question is whether investors can estimate how durable NVIDIA’s growth, customer demand, competitive position and margins will be over a long period while the technology and market are changing quickly. Buffett’s 1999 remarks illustrate why an investor might hesitate when that forecast feels unusually difficult. NVIDIA’s latest results demonstrate the scale and speed of its recent growth; they do not answer how long it will last.
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- The historical comments are not a current recommendation. Buffett and Munger were explaining their investment approach in 1999, not making a judgment about NVIDIA today.
- Revenue growth is not a valuation measure. These reported figures establish recent revenue and year-over-year growth, not future earnings, market share, share valuation or investor returns.
- Guidance is not a result. NVIDIA’s Q3 FY2027 revenue figure is a forecast, and its stated China compute-revenue assumption is part of that forecast.
- A dot-com comparison requires more than a headline resemblance. A serious comparison would examine revenue and earnings growth, cash generation and margins, customer concentration and demand durability, competitive position, capital spending and supply constraints, and share valuation relative to financial results. The figures here do not establish a matched comparison across those measures.
Accordingly, Buffett’s comment can sharpen a question about forecastability, but it cannot by itself prove that AI is a bubble or NVIDIA is overvalued.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Buffett’s later AI comments and Berkshire’s current use
At Berkshire’s May 2024 shareholder meeting, Buffett discussed AI’s potential for both good and harm, including the risk that a convincing fake video of him could be used for fraud, according to the Associated Press. That was a discussion of social risks, not NVIDIA’s valuation.
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Nor does Buffett’s old caution about investing in fast-changing technology mean Berkshire rejects using AI. The Associated Press reported in May 2026 that Berkshire CEO Greg Abel discussed using AI to solve problems in Berkshire companies and emphasized patience and disciplined capital allocation. Operational use of a technology and confidence in forecasting a particular company’s long-term investment prospects are different questions.
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- 3.125-slot design with massive fin array optimized for airflow from three Axial-tech fans
- Phase-change GPU thermal pad helps ensure optimal thermal performance and longevity, outlasting traditional thermal paste for graphics cards under heavy loads
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