On iPhone, Warren Buffett says, "I don’t understand the phone at all"

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The Oracle of Omaha Warren Buffett has a huge investment riding on Apple whose biggest product is the iPhone.

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However, Buffett has something shocking to say about its best selling product, the iPhone.

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The iconic investor said, "I don’t understand the phone at all.”

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Buffett then added, "But I do understand consumer behavior."

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To put things in perspective, Buffett said Apple is a wonderful business because of how devoted consumers are to their iPhones.

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 Buffett has been quite a vocal supporter of Tim Cook, CEO of Apple.

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Apple is Berkshire Hathaway's biggest stock holding, despite Buffett not buying into the company till relatively recently.

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Berkshire Hathaway, in its quarterly report said that it made $35.5 billion, or $24,377 per Class A share, in the first quarter.

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That's more than 6 times last year's $5.58 billion, or $3,784 per A share.

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On AI, Buffett said artificial intelligence may change the world.

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However, he averred that AI won't take away opportunities for investors.