Berkshire’s large stake in HP is “trying on” Best Buy’s optimistic view, according to the CEO.

Berkshire Hathaway investment in HP Inc. worth about $4.2 billion confirm Best Buy’s view that consumer demand for their technology upgrades will continue, CEO Cory Barry told CNBC’s Jim Cramer Thursday.

“I can’t tell you what [Berkshire CEO] Warren Buffett’s thinking, but I think his investment illustrates our common point, which is that people will use technology more than ever and they will want to upgrade technology more than ever,” Barry said. in an interview with Mad. Money.”

“We are already seeing our customers shorten refresh cycles in areas such as computing and home theater. So people are interested in this new technology,” she added.

Berkshire acquired nearly 121 million HP shares, or about 11% of the shares, according to the securities filing.

HP shares rose 14.75% on Thursday after the news.

Barry also said that the persistence of hybrid work means consumers want complex technology systems that can be easily transferred between their work and home office.

“You need these things to work together. I need to be able to bring my work computer home and have it work on my home network and my home printer. I can see the content during the meeting. All these things are constantly working together, and you will continue to want to update them.

“So this idea of ​​constant innovation in our industry is actually probably one of the least understood factors,” she added.

Best Buy shares rose 1.11% on Thursday.

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