Date: November 7, 2025
Tickers: NYSE: BRK.A, BRK.B
Key takeaways
- Buffett warns of AI deepfakes. Berkshire released a note titled “It’s Not Me,” alerting the public to fraudulent videos impersonating Warren Buffett and signaling a follow‑up message from Buffett on Monday, Nov. 10. [1]
- BNSF’s Arizona project hits a roadblock. Maricopa County rejected a land‑use change tied to BNSF’s proposed $3.2B Phoenix‑area logistics park and intermodal hub, though the railroad says it remains committed to the plan. [2]
- People move to watch:GEICO’s Tracey Laws will become president & CEO of the Reinsurance Association of America (RAA) on Dec. 1, succeeding Frank Nutter. [3]
- Context: After its Q3 print last weekend, Berkshire sits on a record ~$381.7B in cash and T‑bills and has paused buybacks for a fifth straight quarter, underscoring a cautious stance heading into the CEO transition to Greg Abel at year‑end. [4]
Buffett issues “It’s Not Me” warning about AI deepfakes
Berkshire Hathaway said it has identified several YouTube videos using AI‑generated images to mimic Warren Buffett and deliver advice he never gave. The company’s “It’s Not Me” release stresses that the audio is a tell—flat and robotic, not Buffett’s voice—and cautions viewers against being misled. Notably, Berkshire added that Buffett will share a separate message on philanthropy, Berkshire, and other matters on Monday, Nov. 10, to be posted on the company’s website. [5]
Newsrooms amplified the warning today, noting it comes as Buffett approaches his planned handoff of the CEO role to Greg Abel at year‑end while remaining chairman. The company’s reminder is part investor protection, part media literacy: sophisticated forgeries are getting better, and Berkshire is putting would‑be viewers on alert. [6]
BNSF’s $3.2B Phoenix logistics hub faces county rejection
In Arizona, BNSF Railway—a Berkshire subsidiary—encountered a significant setback. The Maricopa County Board of Supervisors voted this week to deny an Intermodal Comprehensive Plan Amendment that BNSF argued would correct a mapping error and pave the way for a large rail hub and logistics park near Wittmann, northwest of Phoenix. The county’s decision means BNSF must do more work to align the project with the county’s long‑term plan. [7]
BNSF said the $3.2 billion investment could bring 76,000+ jobs, $4 billion in labor income, and roughly $258 million in annual state and local taxes, and emphasized that it remains “undeterred” and committed to continued dialogue. Community concerns around noise and infrastructure needs have fueled opposition. The company indicated it will keep pressing its case. [8]
Why it matters: Beyond the local economic stakes, the hub would expand BNSF’s intermodal footprint in a fast‑growing Sun Belt market. A delay doesn’t kill the project, but it pushes timelines and adds political and planning complexity—factors investors weigh when assessing BNSF’s growth runway inside Berkshire.
GEICO’s Tracey Laws to lead the RAA
Tracey Laws, who has led government and regulatory affairs at GEICO since 2023, was named president and CEO of the Reinsurance Association of America, effective Dec. 1. She succeeds Frank Nutter, who is retiring after 34 years. The move places a Berkshire insurance executive at the helm of one of the U.S. P/C reinsurance industry’s key trade bodies. [9]
The Insurer also highlighted the appointment today, underscoring the RAA’s leadership transition. For Berkshire watchers, it’s another signal of the conglomerate’s deep bench across insurance—still the flywheel of the broader enterprise’s earnings power. [10]
The broader setup: Record cash, deal pipeline, and the CEO transition
Berkshire’s Q3 2025 results—posted last weekend—show operating profit up ~34% to about $13.5B and a record cash and U.S. Treasury bill balance (~$381.7B). The company remained a net seller of equities for a 12th straight quarter and did not repurchase shares for a fifth consecutive quarter, signaling caution on valuations as it heads into the CEO transition. [11]
One significant use of cash already announced: the $9.7B cash acquisition of Occidental Petroleum’s chemical arm, OxyChem, expected to close in Q4 2025 pending approvals. Oxy will use about $6.5B of proceeds to pay down debt, while Berkshire would add another chemicals platform alongside Lubrizol. The deal was disclosed in early October and is moving through the regulatory process. [12]
Utilities and risk: Earlier this week, Berkshire’s utility operations flagged potential liquidity pressure tied to accelerated litigation over the 2020 Oregon wildfires, a reminder that regulated utility earnings can face legal and political overhangs. Berkshire executives have reiterated they will prioritize public safety in high fire‑risk conditions—even if that occasionally means shutting off power. [13]
Also noted today
- Berkshire Hathaway Specialty Insurance (BHSI) named Frédéric de Blieck country manager for Belgium, part of ongoing international build‑out. [14]
- Investor coverage continues to parse Berkshire’s record cash and paused buybacks as cues that Warren Buffett and Greg Abel still see few fairly priced, elephant‑sized opportunities—yet want ample dry powder to deploy when they appear. [15]
What to watch next
- Monday, Nov. 10: Berkshire says it will publish a message from Warren Buffett addressing philanthropy, Berkshire, and other topics of interest. Expect investors to parse tone and details closely ahead of the year‑end handoff to Greg Abel. [16]
- Regulatory milestones: Any FTC/DOJ or other clearance updates on the OxyChem acquisition as Q4 progresses. [17]
- BNSF in Arizona: Whether BNSF revises its plan or pursues alternative pathways after Maricopa County’s decision. [18]
Bottom line
On Nov. 7, 2025, Berkshire Hathaway’s news flow is all about trust, transition, and optionality. The deepfake warning aims to protect investors and the brand at a delicate moment, BNSF’s Phoenix detour shows how local policy can shape major capex, and a high‑profile GEICO executive stepping up to lead the RAA underscores Berkshire’s ongoing influence in insurance. With record cash and a major chemicals deal pending, Berkshire is playing long‑ball—waiting for the right price while ensuring the organization (and its stakeholders) are prepared for a post‑Buffett era. [19]
Reporting based on company filings and press releases, regulatory and county notices, and coverage from Reuters and industry trades as cited above.
References
1. www.berkshirehathaway.com, 2. www.progressiverailroading.com, 3. www.businessinsurance.com, 4. www.reuters.com, 5. www.berkshirehathaway.com, 6. www.reuters.com, 7. www.maricopa.gov, 8. www.progressiverailroading.com, 9. www.businessinsurance.com, 10. www.theinsurer.com, 11. www.reuters.com, 12. www.berkshirehathaway.com, 13. www.reuters.com, 14. www.commercialriskonline.com, 15. www.reuters.com, 16. www.berkshirehathaway.com, 17. www.berkshirehathaway.com, 18. www.maricopa.gov, 19. www.berkshirehathaway.com
