Kuwait said Saturday that it has cut oil production and refining output because tankers cannot transit the Persian Gulf due to threats from Iran. Kuwait is the fifth-largest oil producer in OPEC. It produced about 2.6 million barrels per day in January. The state-owned Kuwait Petroleum Corporation said it "remains fully prepared to restore production levels once conditions allow." Oil prices surged about 35% this week as the Iran war triggered a major disruption of global energy supplies. Tankers have stopped transiting the critical Strait of Hormuz because ship owners fear their vessels will be attacked by Iran. Gulf Arab oil producers like Kuwait export their barrels through the Strait. About 20% of global oil consumption is exported through the Strait. Iraq has already cut 1.5 million barrels per day as it runs out of storage space, Iraqi officials told Reuters on Tuesday. "The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption," Natasha Kaneva, head of global commodities research at JPMorgan, told clients in a Friday note. The Gulf Arab countries will exhaust storage capacity and shut down oil production if the U.S.-Iran war lasts more than three weeks, Kaneva said in a note last Sunday. This would spike global benchmark Brent oil prices above $100 per barrel, she said. JPMorgan estimates that production cuts could exceed 4 million barrels per day by the end of next week if the Strait of Hormuz remains closed. On Friday, crude oil logged its biggest weekly gain in futures trading history. Brent futures surged 8.52%, or $7.28, to settle at $92.69 per barrel. West Texas Intermediate futures spiked 12.21%, or $9.89, to close at $90.90 per barrel. Brent soared 28%, the largest weekly increase since April 2020. Qatar shut down liquefied natural gas production on Monday due to attacks by Iran. About 20% of the world's LNG exports come from Qatar. LNG is a form of natural gas that is chilled into a liquid so it can be loaded onto tankers and exported around the world. Natural gas is used for electricity production and home heating. Sign up for free newsletters and get more CNBC delivered to your inbox

Every time Talia publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. For Brian Auer, the operations manager at Historic Ships in Baltimore, the video of a US Navy submarine sinking an Iranian warship this week looked strikingly familiar. As naval warfare reemerges as a key strategy in Operation Epic Fury against Iran, museum ships that saw combat in World War II are finding new relevance, showing not just how naval war was fought, but how it might look today. Suddenly, the floating museums feel a lot less like history. "Those of us who work on museum ships don't like war," Ryan Szimanski, the curator at Battleship New Jersey in Camden, New Jersey, told Business Insider. "In many cases, we work here to try and teach people about how awful wars were. Every time Talia publishes a story, you'll get an alert straight to your inbox! Stay connected to Talia and get more of their work as it publishes. By clicking "Sign up", you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. These decommissioned battleships, submarines, destroyers, aircraft carriers, and other vessels offer visitors the chance to climb aboard and explore the interiors themselves. Guided tours, often led by Navy veterans with firsthand experience serving on similar vessels, take visitors through combat areas, such as torpedo rooms, gun turrets, and command centers. Battleship New Jersey, for example, offers a rare look into Tomahawk cruise missiles as the first surface warship to carry them in 1982. The long-range missiles have also been used to sink Iranian ships during Operation Epic Fury. While some technologies and configurations found in World War II submarines may be outdated, many aspects of how they operate remain the same. "It's important to remember that the Navy, the military, all of us, operate in a world governed by laws of physics, and so there are some things that are just never going to change in how submarines work," Auer said. Modern submarines still appear "remarkably similar" to their museum counterparts, Szimanski said. The layout of submarines hasn't changed all that much since World War II. They largely still have the same spaces to eat, sleep, and fire torpedoes. Auer says that when he leads tours of the USS Torsk for active-duty sailors, he often gets the response, "Huh, we're still doing it this way." Diesel-powered submarines like the USS Becuna, which sank 3,888 tons of shipping in World War II before arriving at the Independence Seaport Museum, had to spend most of their time on the surface with only about 12 hours' worth of oxygen at a time. Today's nuclear-powered submarines operate with an unlimited fuel supply and can stay submerged for upward of six months. Overall, World War II-era submarines are less antiquated than one might assume. "These boats, to us, are so outdated that they're museums, but for the rest of the world, they're relatively advanced," Auer said. McKeever, for one, anticipates getting more questions about torpedoes as the summer tourist season ramps up. "Our museum vessels represent that constant need for change and growth as a country." After all, as Szimanski noted, it was just days ago that no active US Navy ships had ever sunk an enemy warship — the only Navy ships that had fought a naval battle were all museum ships. Despite some rust and peeling paint, it seems they still have a lot to teach us.

As Americans get lonelier and lonelier, a growing number of people are getting some emotional support from artificial intelligence chatbots — and some mental health experts are concerned. "Anecdotally, providers are talking about it, and we know from the research that people are using AI tools for that kind of support more and more." Some chatbot users accidentally fall into mental health-related conversations — by complaining about a stressful day to a digital entity that's guaranteed to listen, for example. Others may seek mental health advice from an AI chatbot that isn't a licensed professional, but is less expensive than a therapist, Fortunato says. On TikTok, the search term "Therapy AI Bot" has at least 11.5 million posts, ranging from users sharing their best prompts for turning chatbots into therapists to health experts warning about the potential dangers involved. Technology companies are spending billions of dollars developing AI tools and attempting to further integrate them into people's daily lives. But historically, AI chatbots don't always understand when a user is experiencing a serious health crisis, and may not always respond to them accordingly. The New York Times found "nearly 50 cases of people having mental health crises during conversations with ChatGPT," including three deaths, in a Nov. 23 report. Heavy daily use of ChatGPT is correlated with increased loneliness, found an OpenAI-MIT Media Lab study also published in April 2025. The American Psychological Association strongly advises against using AI as a substitute for therapy and mental health support. Some mental health professionals say you can still engage with chatbots risk-free about certain related topics. AI chatbots can be useful for learning about mental health, says psychotherapist and lifestyle coach Esin Pinarli. "I don't see it as [a substitute for] therapy. I see it as a tool, and I think that a tool can be helpful," says Pinarli, the founder of Boca Raton, Florida-based private practice Eternal Wellness Counseling. Her clients sometimes talk to ChatGPT about specific situations in their personal lives, and then run its responses past her before acting on them, she says. In her personal AI testing, Pinarli has seen chatbots sometimes use language that supports a user's "unhealthy behaviors," she says. Reputable sources could include peer-reviewed scientific studies, articles from health news organizations or resources from medical organizations like Harvard Health Publishing or the Mayo Clinic. "AI could really increase people's access to health information," Fortunato says. "[But] AI isn't necessarily going to always give you correct information." Pinarli and Fortunato agree that people shouldn't use AI chatbots for getting a diagnosis or support in a mental health crisis, especially suicidal ideation. During an active mental health crisis, you can always call or text the Suicide and Crisis Lifeline (988), which is confidential and available 24 hours a day, seven days a week, free of cost. "We've seen some really high-profile harms, particularly for youth or vulnerable groups who might be in crisis, where AI didn't handle the situation correctly," Fortunato says. It didn't challenge a pattern of thinking that was problematic." They also both say that you shouldn't share your medical records or any personal identifying information with a chatbot, because those conversations aren't confidential or legally protected. And you generally shouldn't rely on AI to solve problems in your real-life human relationships, says Pinarli. Chatbots are "not going to challenge you emotionally, and they don't require reciprocity." Want to improve your communication, confidence and success at work? CNBC Select is editorially independent and may earn a commission from affiliate partners on links.

(This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.) Berkshire Hathaway's new CEO, Greg Abel, generated some significant headlines during a roughly half-hour live interview on CNBC's "Squawk Box." Shortly after an SEC filing from the company early Thursday morning disclosed Berkshire "commenced repurchasing shares of our common stock" the day before, Abel told Becky Quick he plans to use his entire after-tax salary to personally buy Berkshire shares every year "as long as I'm the CEO." A second SEC filing that morning shows he started his annual purchases on Wednesday by paying $15.3 million for 21 Class A shares at an average price of $728,970 per share. He also revealed Berkshire has no plans to sell some or all of its $7.9 billion Kraft Heinz stake now that the food company's new CEO halted a plan to split the company in two. Warren Buffett publicly criticized the proposed move when it was announced last September. And just a month ago, Abel indicated there could be a reduction or elimination of Berkshire's KHC position with an SEC registration for "the potential resale" of almost its entire position. Here are the details and some other highlights. Berkshire's announcement that it resumed share buybacks this week for the first time since May of 2024 appears to be all we're going to get on the subject for the foreseeable future. The SEC filing says the disclosure was made "in the interest of transparency with our leadership transition," and warns "Berkshire does not undertake any obligation to update or revise any disclosures regarding our repurchases, including any suspension or termination of the repurchases," expect in its regular quarterly financial reports. The filing did not include any further details on how many shares had, or will be, repurchased, simply repeating the company's "long-standing" policy that permits buybacks "at any time we believe the repurchase price is below our intrinsic value, conservatively determined." In his "Squawk" interview, Abel had nothing to add, despite prodding from co-anchors Becky and Joe Kernen, except to say he "absolutely talked" to Buffett about the move and it was made after the 48-hour "cooling off" period following the release of Berkshire's 10-K annual report on Saturday. "This is a one-time event to let our shareholders know." Abel revealed for the first time in the interview that he's making a long-term commitment to personally buy Berkshire stock annually with his after-tax salary because "absolute alignment with our shareholders, our partners, our owners, is critical." "As CEO, I absolutely, obviously, believe in Berkshire, with the transition from Warren, and I inherited a company that has an incredible foundation. I believe in its future, the opportunities that exist there." Abel said both the Berkshire board and Buffett were "obviously very supportive" of his plan, with Buffett saying no one else in corporate America does this and it is "so Berkshire." "The whole idea is our shareholders are owners [who] use their after-tax dollars to buy Berkshire. So, Warren acknowledged immediately the alignment with our values." With the addition of the newly purchased stock, Abel owns 249 Class A shares with a market value of $185.8 million as of Friday's closing. According to the filing, he also owns Class B shares valued at almost $1.2 million. Abel praised the decision last month by Kraft Heinz's new CEO Steve Cahillane to pause plans for split the company in two, a division that would have essentially reversed the merger Warren Buffett helped orchestrate in 2015. While Abel acknowledged there's "no question" Berkshire's investment in the food company has been "disappointing," he had concerns about breaking them apart "when they're facing a lot of challenges and haven't resolved a lot of their issues yet." "So, for Steve to come in and say we're pausing it, there's opportunities within Kraft Heinz to fix things and get the business back on track and then he'll evaluate things — we thought that was absolutely the right approach." Abel said the SEC registration was filed "really to be in a place that if we ever did sell, we'd be able to. But it's not that we're going to take any immediate action currently." While Buffett is no longer CEO, he is still playing a significant role at Berkshire. Abel reports that as chairman, Buffett still comes into the Omaha headquarters every day. When he became CEO, Abel decided to continue to live in Des Moines, Iowa, but "if I'm in Omaha, we're always connecting. Can Abel get a major deal done in three days as Buffett did? "We will act very decisively and quickly." Could there be a dividend after years of Buffett rejecting the idea? "We don't see it in the near future because we're clearly meeting" Buffett's long-standing policy that "we will retain a dollar if we see the opportunity to create more than a dollar for our shareholders." (It appears Abel shares Buffett's belief that there will always be opportunities to use a dollar to make more than a dollar.) Is there any chance Berkshire could pursue a crypto or blockchain opportunity? "I don't think you'll see crypto" associated with Berkshire. "I just don't see it." Berkshire shares fell almost 5% on Monday after the company reported Saturday morning that operating earnings dropped more than 29% during the fourth quarter, although Barron's estimates that after adjusting for a noncash goodwill impairment loss of $1.6 billion and other one-time factors, the drop is closer to 20%. Some investors were also disappointed Greg Abel's shareholder letter did not include any specific plans to reduce Berkshire's cash position, with some hoping in vain for a dividend. CNBC.com's Yun Li quotes Keefe, Bruyette & Woods analyst Meyer Shields as saying he views "both the resumed share repurchases and Greg's commitment to annual buying as positives, but they don't change the earnings challenges at units like GEICO or Berkshire Hathaway Reinsurance." Gabelli Funds portfolio manager Macrae Sykes thinks "it's great to see more economic alignment with shareholders after the announcement from Greg about future stock purchases." Cathy Seifert at CFRA Research calls the resumption of buybacks "positive," but "at this juncture my view is that Berkshire's Class B shares are fairly valued, particularly given the tepid financial results." The entire 31-minute interview with Greg Abel is available in video form for CNBC Pro subscribers. BECKY QUICK: Good morning, everybody, and welcome back. We have some breaking news right now coming from Berkshire Hathaway. The company has just filed a Form 4 and an 8K. And joining us to talk about those topics and his first letter to shareholders after taking the reins from Warren Buffett is Berkshire Hathaway's CEO Greg Abel. It is great to see you this morning. GREG ABEL: It's great to be here. QUICK: We really appreciate your coming on set. We have so much to talk about. How many shares are you buying back? Why are we hearing about this? ABEL: Yes, so we've had a longstanding policy that when the intrinsic value, as we see it, and computed on a conservative basis, when it exceeds our market price, Berkshire has always acquired shares. And we felt it was important to communicate to our shareholders, our partners, our owners, that with the transition of leadership and that this is the first time we're purchasing shares, it was important to let them know we've recommenced. The last time that you had bought back shares was May of 2024. Berkshire shareholders have long realized that it might be Charlie, maybe Warren, talking to each other, kind of figuring what they thought was a fair value for the price of things. Did you talk to anybody about it, or you looked at it and you thought this is a good time to be buying back? ABEL: No, I absolutely talked to Warren. So, how we — how I approached it was obviously looking at the value, having a view of intrinsic value, consulted with Warren relative to the value and the timing of is it ready to — are we ready to recommence? And the thought there was after the consultation, we filed our 10-K, we —there's a 70 — a 48-hour cooling off period Monday and Tuesday, and we commenced purchasing on Wednesday morning. QUICK: Have you been looking at this for a long time? ABEL: We look at it continuously. KERNEN: What are the three top things that would make you think— is it something to the price of sales? Is it — what jumps out as a signal that the intrinsic value is not recognized by the share price? ABEL: Well, what we always look at is what are the economic prospects of each of our companies in Berkshire. And we look at that over the long term. KERNEN: Is it a gut feeling more than — are there numbers where you'd say, OK, this hit, you know, 80 percent of this part of Berkshire or something that —nothing that specific? ABEL: It's really just looking at the economic opportunities that exist within Berkshire and are we comfortable that the value proposition is very strong, and we're doing it on behalf of obviously our shareholders and owners. We have to view this as value, that we're creating value for our shareholders long term. As long as our intrinsic value exceeds the market value, again, conservatively determined, we'll continue to repurchase. But we did feel this time it was important because of the change in leadership that we should. QUICK: So, we're not going to hear something like this from you again. We won't know when you're in the market buying back? ABEL: This is a one-time event to let our shareholders know. KERNEN: And you won't say it's a $20 billion buyback and we're halfway through? KERNEN: Is that a reasonable number? ABEL: It's completely dependent upon the intrinsic value and how that equation remains in place. QUICK: So, Berkshire shares up until a minute ago were down maybe one percent over the last year. You guys have $373 billion in cash as of the last filing. QUICK: I guess you're looking around, and it tells you that this is something that makes way more sense to you than buying other things —other stocks — making other purchases? We have our existing businesses, deploying capital back into those, both for their current operations and incremental opportunities. As you highlighted, Becky, there's also, do we acquire stock? And as we've highlighted, we always look at that as very similarly to buying 100 percent or two percent. And then the third bucket where we deploy our capital is share repurchases. Each of those with the amount of capital they have are — can be done independently. So, when we're purchasing our shares, it's not taking away from any of the other decisions. QUICK: OK, we're going to come back to this line of questioning and some of these issues here. But before we do, I want to talk about another form that you put out today, too. This is the disclosure of that — $15.3 million dollars. What's the significance behind that purchase? And the significance is if you look at my 2026 compensation that I'll receive this year, what — what we've done is — and what I've done is taken the after-tax dollars of approximately $15.3 million dollars and reinvested it — or purchased Berkshire shares with the after-tax dollars. QUICK: All of the extra — after-tax. QUICK: So, you're basically taking all of your take-home pay and putting it into shares of Berkshire. ABEL: And the why is really important. I already have some shares, but the goal was to continue to demonstrate alignment with them. Two, as CEO, I absolutely obviously believe in Berkshire with — with the transition from Warren. And I inherited a company that has an incredible foundation. I believe in its — you know, future, the opportunities that exist there. So, I was very excited to use my after-tax proceeds and my compensation, as you highlighted, all of it, and effectively do it as we came out of the blackout period. Now, there is another part to this that's really important, because I really view this more as a plan or an approach. I'm committed to doing this every year going forward. And after the 48-hour cooling off period, I'll purchase $15.3 million next year, whatever it is, after-tax dollars. You're going to move the headquarters, Miami. What are you going to spend your money on anyway? Might as well buy some Berkshire. You're going to go out and watch some cows or something. ABEL: There's nothing better than Berkshire. And it's what I do every day. ABEL: I wake up, you know, thinking about Berkshire. When I go to sleep, think about Berkshire. KERNEN: Greg, if you decide to splurge on your compensation, it's like you're looking around — it's like, ah, I'm going to buy Berkshire stock. QUICK: What I think is interesting about this, Greg, is that you are effectively taking home less pay than Warren Buffett was when he was taking home $100,000. It had to be the lowest pay in all of corporate America. Did he come up with this plan? ABEL: No, this was completely myself. And the thought being that — it did evolve. And then shortly thereafter, I thought, well, no, I'm going to do this every year. And it's best just to tell the world. QUICK: I can't imagine anybody, any other corporate leader doing this. I can't imagine myself doing it. KERNEN: I — I'm not worried about how you're going to do on this either, so — ABEL: Well, I believe in Berkshire. Like, to me, of course, it's a logical thing to do when you're leading the company. And there's other leaders and CEOs that do the one-offs every once in a while. But to take all your after-tax dollars and to do it on a recurring basis. KERNEN: I did something similar with Versant stock. QUICK: You did not take your entire — KERNEN: I got a couple hundred shares. QUICK: Greg, what did Warren say about this? What did the board say about it? ABEL: Both were obviously very supportive. Warren very much had your reaction, that no one else in corporate America does this. Because one thing we — we do not do at Berkshire, across any of our businesses or with our executives, we don't have equity stock programs. ABEL: We don't have option programs. QUICK: You've never been given a share of Berkshire, ever. ABEL: So, the whole idea is, our shareholders, our owners, use their after-tax dollars to buy Berkshire. So, Warren acknowledged immediately the alignment with our values. And I highlighted this to our Berkshire board in our February board meeting, and they were just absolutely supportive of it, obviously. QUICK: Greg, Andrew's got a question, as well ANDREW ROSS SORKIN: Hey, Greg, it's great to see you. But I just — just to contextualize it, because we talked about selling shares, am I wrong, back in 2022, that you sold Berkshire Hathaway Energy and collected effectively $870 million? By the way, which I also applaud, but I just — contextually, what's going on here in terms of your total — total compensation and what's going into this? So — so, Andrew, back in the summer of 2022, there was the decision to sell my Berkshire Hathaway Energy stock that had really accumulated going back to 1992, I think, is the duration of those holdings. And again, with a very similar concept, I took a portion of those proceeds on an after-tax dollar basis and purchased Berkshire stock. QUICK: Greg, let's talk through some other issues. That $373 billion that you had on cash as of the last filing, do you see other opportunities? Are you looking for a big elephant — elephant hunting — as Warren always said he was doing? So, I touched on it a little bit earlier, but the $373 million and — We really view that as an opportunity. And so we do continue to look across the different investment options that exist out there. But there is no need to — obviously, we want to deploy the capital into areas that we see long-term value creation for our shareholders. QUICK: I guess my question is, do you see value out there in the market right now? Are things expensive as you weigh them? Or do you see pockets of opportunity? But the repurchase of our own shares is a great example. Is that — Warner and I were just talking about discussing this yesterday. You know, we wish we could purchase more shares of our shares, but the intrinsic value has to be there. So, if you go back over all the years that we've been purchasing shares, if we could acquire more, that's a great use of our capital. But it has to meet that intrinsic value test. QUICK: But that's what I'm kind of getting at. You are now the person who's going to be responsible for deploying all of this capital. QUICK: I guess Ted Weschler is there. He's managing his money and the money that Todd Combs was managing before, too. QUICK: But what is your view of the market at this point? It's something we asked of Warren all the time. Do you think things are expensive? You'd love to buy back more, but it's not cheap enough. I mean, obviously we've commented on our shares. And we have some activity there, but it's not significant. Are you — I guess are you reading through 10-Ks and 10-Qs constantly and thinking, I'm looking for ways to deploy this? Or are you looking at things a little differently than maybe Warren did because you're such an operator. ABEL: So, I do the same thing. I'm going through Ks, Qs, I'm looking at their — what are they saying about their businesses. I'm looking at the industries that we — we traditionally look at, and incrementally, to make sure, one, have a thorough understanding of the industries, what businesses stand out there. It doesn't mean it's an immediate — that there's an immediate value proposition there to acquire it, but that doesn't mean — or a portion of the business — but it doesn't mean it won't be there a month from now or three months. So, I view a lot of it [as] preparation, waiting for when we see that opportunity that the value exists within a specific opportunity. How often do you talk to Warren Buffett? ABEL: Yeah, Warren and I pretty much — he's in the office every day. KERNEN: Greg, would you do these large positions in, like, S&P bets that Warren has done at times in the past? You've made some macro — Warren used to make macro calls, or at least hedging calls, on the overall industries, not just individual stocks. ABEL: I mean, if we see the right opportunity, yes. KERNEN: He hasn't done it as much lately — But I don't think he ever lost any money on any of those things, did he? ABEL: No, not that I'm aware of. But I mean, as we all know, these financial markets have become more fine-tuned and those opportunities — excuse me — may or may not exist going forward, where you can see an opportunity and we would pursue or deploy capital. KERNEN: How about you remember back in the financial crisis when major companies would say, "Warren, can you?" And he'd say, yeah, I'd be glad to step in. Twelve percent preferred stock convertible into — yeah, eight, ten — Goldman's — blue-chip companies that — it was like a no-brainer. KERNEN: Yeah, let me think about it. ABEL: No, we don't need to pause on those. And — and, you know, we still — it's not a distressed time, but we still receive those calls even today. Warren receives them, myself, maybe not in a distressed situation. QUICK: Can you act the same way Warren did, which would be to do a deal for tens of billions of dollars and basically get it done in three days, without necessarily telling the board until after the deal had been cut? ABEL: Well, within that period of time, we — we have a very good process in place between Warren and I and our board as to how we'll act as we have in the past and we'll act very decisively and quickly. QUICK: So, you can do a big deal without — Well, I would always — we have certain parameters where I would make sure, for example, our lead director is aware of what we're doing. QUICK: OK. What about the idea of a dividend? Would you potentially give a dividend back to shareholders if you don't see other opportunities in the market? QUICK: Instead of dividends, you're basically saying? But we do constantly look at the repurchase. Is that something you see in the near future? But we've always stated if we don't meet that test, that's the time. QUICK: So, basically what you're saying is no change? KERNEN: Could you ever see a time? Is there any chance that some type of blockchain, new technology, crypto-related, maybe not — maybe not bitcoin itself, maybe not — you know, ether or anything like that, but — but a company that builds out a blockchain that suddenly all the tokens are moving on this? ABEL: I don't think you'll see crypto — ABEL: Well, ever is a long time, but I just don't see it. What I do see is that when it comes to technology, again, from even — from an operational perspective where we're seeing how we use it, the impact it's having, it does allow us to develop strong views and a better knowledge base around certain companies that are technology companies or how we're using the technology. So, technology will always be on the table and looking at — KERNEN: What could include some type of blockchain — ? ABEL: I don't know, because I haven't seen anything that would make sense that there's a value proposition where you see the asset and how it produces value. KERNEN: Some people think it's going to disintermediate the entire banking industry. You don't want to just watch while — ABEL: We'll be happy with our hard assets and the companies we own at that time. Remember how many times Warren's been in and out of that? ABEL: I know this is one of your favorite topics. We're very happy that we own NetJets — (laughter) — and the service it provides to its great customers. First of all, back in January, Berkshire filed an SEC registration for the potential resale of up to 99.99 percent of the Kraft Heinz holdings that you own. More recently, you did say that you supported Kraft Heinz's CEO, the decision to pause on that plan split of the company. Have you made a decision about what to do with that investment? ABEL: Well, we did announce, as I said, support for Steve pausing it. ABEL: And just for a little bit of background, as you know, when they first said they were going to split, we didn't — we expressed concerns with it. QUICK: You were vocal about it. ABEL: Because they did — when they brought Kraft and Heinz together, the whole idea was that there'd be a lot of synergies, a lot of opportunities. And then they announced — and it's as I highlight in the letter, it's been a disappointing investment. At the same time to break them apart when they're facing a lot of challenges and haven't resolved a lot of their issues yet, we had concerns with that, including now adding dis-synergies to it. So, for [Kraft Heinz CEO] Steve [Cahillane] to come in and say we're pausing it, there's opportunities within Kraft Heinz to fix things and get the business back on track and then he'll evaluate things, we thought that was absolutely the right approach. And we filed our registration — straight — statement really to be in a place that if we ever did sell, we'd be able to. But it's not that we're going to take any immediate action currently. Another issue this week, S&P said that it may own — it may cut PacifiCorp Utility, which is a Berkshire-owned utility, to junk because of the wildfires and the lawsuits that have been resolved about it. This is another issue you touched on in your letter to shareholders. I think in the letter to shareholders, you basically said you accept responsibility for wildfires, but you're going to fight unjustified claims in court. And you think that this is one of those situations. So, anytime we're responsible for something, we're willing to take absolute responsibility for it and resolve such matters. But there is a delicate balance, and it goes well beyond wildfires in the utility industry. The wildfires are very specific to the West, and we've seen some challenges in Texas and the Midwest that, you know, it's not an issue just to the West, but you can see it creeping. But what we see is a bigger issue in the regular — in the utility industry, and that is, does the regulatory compacts continue to exist? And by the regulatory compact, I mean we deploy capital into these businesses. We were — we receive a return that's reflective of us taking a certain amount of risk. And the minute they start expanding that risk to be pretty much anything, including things you're not responsible for, we're saying that's — that wasn't the investment thesis. Those plaintiffs blame PacifiCorp for not turning off the electricity. And there were lessons learned because if you look — and that's what we're saying — when there are ones where we clearly cause a fire [by] not turning off the electricity, we're taking responsibility for those. But — but there is one area and one fire we're pushing back and it represents more than 60 percent of claims. We're sorry, absolutely, that these people's lives have been impacted. But that's not the utility's responsibility to take on those costs and obligations. So, that's where we're drawing the line. And it goes back to that regulatory compact. QUICK: This was your first letter that you wrote. But I will say on the length, that's the first response I get from everybody when they text me as they're reading it. ABEL: Jeez, this is really long and halfway through. And I use this quote back to them. and it won't be a perfect quote. But I — Lincoln — President Lincoln — said, yes, this letter is very long, but I didn't have time to make it shorter. ABEL: I use that to everyone because everybody would be texting me, I'm halfway through — but so far, it's going well. QUICK: I mean, you're stepping into some pretty big shoes. Warren's been writing that letter for 60 years and it's something that had a huge following. Was it tough letter to write? So, those are — there's — those — the shoes to fill are tough on all fronts. But Warren's an exceptional communicator and how he does it. As far as the work and the task I had to do, that was the toughest to sit down and make sure that that was done, at least from my perspective, well. And unfortunately, when I — when we were discussing it, he said, and the second letter doesn't get any easier. That's not what I wanted to hear. ABEL: I had to reflect on a lot of things. And then when you're done, it's just leading into this. QUICK: Operating income was down in the fourth quarter, more than 29 percent. That was largely because of weakness in the insurance business. And underwriting profits were down, I think close to 50 percent. So, in the fourth quarter, which then translated for the 12-month results, is that, yeah, our insurance results were down. You can see a lot of capital coming into the industry. We're going to — we, or our team — Ajit and his team — will continue to apply the discipline that the price and the risk have to be right for us to write a policy. So, as we back out of that with capital coming in, you'll see those results be what they are relative to how much capital we deploy into it. So, that had a significant impact. And then the other piece of that is we did, across our non-insurance businesses, take a $1.555 billion dollar impairment. And that was across four of our businesses, and realistically, smaller businesses in challenged industries. If it had been any of our major businesses, I would have touched on it. But it really related to four of our smaller businesses, again, and in industries that we see as challenged. QUICK: Greg Abel, the new CEO at Berkshire Hathaway, sitting down with us for the first time today. And we look forward to seeing you at the annual meeting. Is it — do you have a team that you like in — March Madness is coming and — ABEL: I'll be — I'll be — I'll be cheering for — let's just say, Joe, as you touched on earlier, all the Midwest teams. ABEL: We've got — you know, my wife's from Iowa State. I have allegiances with Nebraska because I mentioned earlier my one grandfather was born in Unadilla, Nebraska. I've got a spectrum of teams. And my family reminds me of that — pick a team. KERNEN: I would say it was looking good. And that's they were number four. Yeah, they lost the last two games, I think. ABEL: Yeah, they've had a rough couple of games. But it's been a pleasure to be on. ABEL: And it's great to be here. KERNEN: Yeah, great to have you back. Some links may require a subscription: Berkshire Cash as of December 31: $373.3 billion (Down 2.2% from Sept. 30) Excluding Rail Cash and Subtracting T-Bills Payable: $369.0 billion (Up 4.1% from September 30) Berkshire resumed stock repurchases on March 4, 2025, but did not release any details. Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices. Holdings are as of September 30, 2025, as reported in Berkshire Hathaway's 13F filing on November 14, 2025, except for: The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker. Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com. (Sorry, but we don't forward questions or comments to Buffett himself.) Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website. -- Alex Crippen, Editor, Warren Buffett Watch We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services.

President Donald Trump said Saturday that the United States and Latin American countries are banding together to combat violent cartels as his administration looks to demonstrate it remains committed to sharpening U.S. foreign policy focus on the Western Hemisphere even while dealing with five-alarm crises around the globe. Trump encouraged regional leaders gathered at his Miami-area golf club to take military action against drug trafficking cartels and transnational gangs that he says pose an "unacceptable threat" to the hemisphere's national security. "The only way to defeat these enemies is by unleashing the power of our militaries," Trump said. The gathering, which the White House called the "Shield of the Americas" summit, came just two months after Trump ordered an audacious U.S. military operation to capture Venezuela's then-president, Nicolás Maduro, and whisk him and his wife to the United States to face drug conspiracy charges. Looming even larger is Trump's decision to join with Israel to launch a war on Iran one week ago, a conflict that has left hundreds dead, convulsed global markets and unsettled the broader Middle East. Trump's time with the Latin American leaders was limited: After, he was setting out for Dover Air Force Base, Delaware, to be on hand for the dignified transfer of the six U.S. troops killed in a drone strike on a command center in Kuwait, one day after the U.S. and Israel launched their military campaign against Iran. But with the summit, Trump aimed to turn attention to the Western Hemisphere, at least for a moment. He has pledged to reassert U.S. dominance in the region and push back on what he sees as years of Chinese economic encroachment in America's backyard. Trump also said the U.S. will turn its attention to Cuba after the war with Iran and suggested his administration would cut a deal with Havana, underscoring Washington's increasingly aggressive stance against the island's communist leadership. "Great change will soon be coming to Cuba," he said, adding that "they're very much at the end of the line." The leaders of Argentina, Bolivia, Chile, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Guyana, Honduras, Panama, Paraguay, and Trinidad and Tobago joined the Republican president at Trump National Doral Miami, a golf resort where he is also set to host the Group of 20 summit later this year. Host Dominican Republic, pressured by the White House, had barred Cuba, Nicaragua and Venezuela from attending the regional gathering. But after leftist leaders in Colombia and Mexico threatened to pull out in protest — and with no commitment from Trump to attend — the Dominican Republic's president, Luis Abinader, decided at the last minute to postpone the event, citing "deep differences" in the region. "The first Summit of the Americas, with 34 nations and a carefully negotiated comprehensive agenda for regional competitiveness, projected inclusion, consensus and optimism," said Feinberg, now professor emeritus at the University of California, San Diego. Since returning to the White House, Trump has made countering Chinese influence in the hemisphere a top priority. His national security strategy promotes the "Trump Corollary" to the 19th-century Monroe Doctrine, which had sought to ban European incursions in the Americas, by targeting Chinese infrastructure projects, military cooperation, and investment in the region's resource industries. The first demonstration of the more muscular approach was Trump's strong-arming of Panama to withdraw from China's Belt and Road Initiative and review long-term port contracts held by a Hong Kong-based company amid U.S. threats to retake the Panama Canal. More recently, the U.S. capture of Maduro and Trump's pledge to "run" Venezuela threatens to disrupt oil shipments to China — the biggest buyer of Venezuelan crude before the raid — and bring into Washington's orbit one of Beijing's closest allies in the region. But even leaders closely aligned with Trump have been reluctant to sever ties with China, said Evan Ellis, an expert on Chinese engagement in the region at the Center for Strategic and International Studies. For many countries, China's trade-focused diplomacy fills a critical financial void in a region facing major development challenges, from poverty reduction to infrastructure bottlenecks. In contrast, Trump has been slashing foreign assistance to the region while rewarding countries lined up behind his crackdown on immigration — a policy widely unpopular across the hemisphere. "The U.S. is offering the region tariffs, deportations and militarization whereas China is offering trade and investment," said Kevin Gallagher, director of Boston University's Global Development Policy Center, who has written extensively about China's economic diplomacy in the Americas. "Leaders in the region would do well to remain neutral and hedge, such that they can leverage increased U.S.-China rivalry to their own benefit." Before the summit, Trump named Kristi Noem, whom he just removed as his Department of Homeland Security secretary, as his special envoy for the Shield of the Americas. Noem said Trump will announce "a big agreement" at the summit centered on "how we're going to go after cartels and drug trafficking in the entire Western Hemisphere." Sign up for free newsletters and get more CNBC delivered to your inbox

Every time Brent D. Griffiths publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Venture capitalist Chamath Palihapitiya said he can't believe how much his software startup is spending on AI. "Our costs have more than tripled since November of 25," Palihapitiya said during an episode of the "All-In Podcast" posted on Friday. His concern about ballooning bills comes as the tech industry continues to digest how AI is upending well-established fields like software engineering. "The problem is that my costs are going up 3X every three months," he said. The current system, Palihapitiya said on X, is partially subsidized by large venture capital firms that remain some of the biggest backers of AI companies like OpenAI and Anthropic. Some in tech have questioned the sustainability of the current approach, comparing it to how Uber rides were first cheap and then increased in cost over time. "Thank you to the VCs who will fund this all-you-can-eat token consumption through their huge investments," he wrote. He said that Anthropic's Claude Code is a much better bargain. "We need to migrate off of Cursor," he wrote on X. Concerns about rising AI usage bills are still bubbling up. "Your CFO is like what do you mean each engineer now costs $2000 extra per month in LLM bills," Raad wrote on X. Palihapitiya said that he suspects some of 8090's AI bills might be due to Ralph loops, the nickname for a usage technique that essentially keeps feeding the same prompt back into an AI model until the problem is solved. "Everybody has gotten infatuated with what we call these Ralph Wiggum loops, just like send the thing off and it'll just go figure something out," Palihapitiya said during the podcast. And B, you just get this ginormous bill from Cursor." He said that Anthropic's recent falling out with the Pentagon illustrates why this is needed. "I think this is both a cost problem per #1 but its also a strategic flexibility issue after the events between Anthropic and DoW."

Former United States trade representative Robert Lighthizer resigned from Trump Media & Technology's board of directors, effective Friday, according to a Securities and Exchange Commission filing. President ​Donald Trump's ​first term, Lighthizer played a crucial role as trade chief in the imposition ⁠of ‌hefty tariffs on Chinese imports and ⁠the renegotiation of the North American Free Trade Agreement, or NAFTA, with Mexico and Canada. Founded by Trump and known for its ⁠Truth Social platform aimed at conservative audiences, Trump Media has struggled to scale ‌its media business amid competition from larger social networks and uneven user growth. The company has been considering ⁠spinning off Truth Social into a publicly ⁠traded company. In a strategic pivot ⁠in December, the company agreed to merge with California-based TAE Technologies in ​an all-stock deal ‌valued at over $6 billion, shifting its focus to fusion energy and forming a publicly traded company developing utility-scale power plants to meet ​rising electricity demand, including from ‌artificial intelligence data centers. Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes.

Every time Charissa publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. This as-told-to essay is based on a conversation with Gautami Nadkarni, 33, who lives in New Jersey. The following has been edited for length and clarity. In 2024, six years into my time at Google, I started questioning myself. My job was to design scalable cloud solutions that would help Google's enterprise customers manage their data and operations. By early 2025, I made moves to pivot my career into AI. In November 2025, I transitioned at Google from a customer engineer who focused on infrastructure and data analytics at different times to one specializing in AI. Instead of shielding myself from disruptions that AI was causing in my industry, my "inner voice" told me to move towards them, and it paid off. Instead of overthinking, I jumped into AI upskilling in late 2024. To learn more about AI, I completed a GenAI certification, watched YouTube videos, and used AI to teach me about itself. I dumped resources, like PDFs, into NotebookLM, which can produce audio overviews and visual aids, and answer your questions about the information you feed it. I also used AI to create an automated newsletter that would email me every morning at 9 a.m., showing me the top five or 10 news articles about general developments in the AI world. If a customer had an AI-specific issue, I would take on the challenge myself before going to one of Google's AI experts and asking them for feedback on how I addressed the problem. I aimed to meet one new person in the AI space every two weeks, both in and outside of Google, and I used my Fridays to book time on my calendar with others. I asked one person with a Ph.D in AI if I needed one to work in this field, who assured me it wasn't necessary. This kind of encouragement while networking helped me feel less intimidated about entering AI. I started networking with my peers, and then I spoke with marketing teams at Google, who'd said they were looking for technically proficient Google employees to represent the company at speaking events. I presented a new Google AI product I had prior experience using in my role, and also about Google's agentic AI vision. Since then, I've done several speaking engagements at AI-focused events, which have helped me work toward being an industry leader in this space. In August 2025, I saw a role open internally at Google for a customer engineer in AI and machine learning within the Google Cloud org. The interview process tested my AI skills, and my interviewers said they'd seen me putting myself out there in the AI space. My role is still customer-facing, but unlike before, when I was more like a first point of contact, I'm now a specialist who is called upon when an AI expert is needed to solve customer issues. I see my career pivot as future-defining, not just future-proofing, actively positioning myself where the disruption is occurring, and where it's creating the most economic value. It was important for me to be at the forefront and to be in charge of my own career, rather than play it safe. Do you have a story to share about AI disrupting and transforming your career?

Every time Sinéad publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. That means more of them are being launched and need to be stopped. The United Arab Emirates, for example, said that as of Wednesday, it had intercepted far more drones than missiles: 876, compared to 183 ballistic and cruise missiles. There are more targets to intercept, and US allies have said that objects hit in flight have killed civilians and damaged homes. "Large-scale drone war is a civilian risk because there are more projectiles in the fight than if it were just missiles, thus inherently creating more debris," Molly Campbell, a drone and counterdrone warfare expert at the Center for a New American Security, told Business Insider. It's not that drone debris inherently causes more damage than missile debris, but there can be so much more of it. Ukraine says Russia attacks with about 6,000 Geran drones modeled after Iran's Shaheds each month. The problem is that "what goes up must come down," Mark Cancian, a senior advisor at the Center for Strategic and International Studies, told BI. A missile that hits its target will typically cause more damage than a drone due to its higher speed and larger warhead. It's simply dangerous when "large numbers of drones are being intercepted over populated areas," as James Patton Rogers, a drone expert at the Cornell Brooks Tech Policy Institute, put it to BI. It could merely deflect the threat or achieve a partial hit that divides the missile into fragments that leaves its warhead active. The problem of debris from intercepting an attack isn't new, and it's long been a factor in missile defense. In Europe, for example, Douglas Barrie, an air warfare expert at the International Institute for Strategic Studies, told BI that there has always been the knowledge of "if you try to intercept things at extended range, then you might be shooting something down effectively over somebody else's airspace," and cause damage to an ally. The problem with drones, Barrie said, is that "there are so many of them that if you intercept them at comparatively short range and it's a kind of urban or a quasi-built-up environment, then some of them are going to fall in populated areas. Militaries can and do try to intercept attacks while causing minimal damage. Modern air defense systems track threats like drones and missiles to give air defense crews a sense of what they threaten and whether they should be countered. Rogers said that civilians can often become better protected over time in a long conflict or war, as "a kind of bunkerisation begins to take place as societies adapt to the risk." In Ukraine, for example, people receive alerts about bombardment and move to hardened shelters. But that's also a negative outcome: "In that sense, drones don't just kill people, they take the life out of a city." Iran's Shahed one-way attack drones cost an estimated $20,000 to $50,000 each, for example. Ukriane's military relies on them, and Ukrainian President Volodymyr Zelenskyy said in January that Russia had fired more than 57,000 of its Shahed-style drones since the full-scale invasion began in 2022. Countries will need to stop these attacks, making the debris risk unavoidable, Campbell said. "Debris from kinetic interceptions compounds this risk — but it remains far preferable to allowing an armed drone or missile to hit its target."

Iran said it struck a U.S. air base in the United Arab Emirates on Saturday, shortly after Iranian President Masoud Pezeshkian said his country would stop attacking neighboring countries. The UAE's Ministry of Foreign Affairs did not immediately respond to a CNBC request for comment. Its Ministry of Defence said in a post on X that it detected 121 unmanned aerial vehicles on Satruday, intercepted 119 of them, "while two fell within the territory of the UAE." Pezeshkian said earlier on Saturday that his country does not intend to attack others and apologized to neighbors in the Gulf after a week of retaliatory strikes as the U.S. and Israel maintained their military pressure on Tehran. Pezeshkian made the statement via Iran's national news agency's Telegram social media channel. "I apologize to the neighboring countries," Pezeshkian said. "We do not intend to invade other countries. Let us set aside all the disagreements, concerns, and resentments we have toward each other. Today, let us defend our own soil to bring Iran out of this crisis with dignity." "Iran, which is being beat to HELL, has apologized and surrendered to its Middle East neighbors, and promised that it will not shoot at them anymore," Trump said in a post on his Truth Social account. "Today Iran will be hit very hard!" U.S. and Israeli airstrikes on Iran continued on Saturday, one week after they launched their joint campaign to rid Tehran of its nuclear and ballistic missile capabilities while also pushing for regime change. "U.S. forces have struck over 3,000 targets in the first week of Operation Epic Fury, and we are not slowing down," U.S. Central Command said in a post on X. One of the clerics, Naser Makarem ‌Shirazi, a grand ayatollah who commands a broad following for his religious rulings, said an appointment was ​needed swiftly to "help better organize the country's affairs," state media reported. The calls suggest that at least some in the clerical establishment are uncomfortable with leaving a three-man council in charge — even temporarily ⁠under constitutional ‌rules — after the killing of Supreme ⁠Leader Ayatollah Ali Khamenei. Trump has argued the U.S. should have a role in choosing the new leader, a demand Iran has rejected. Trump on Friday demanded the unconditional surrender from Iran, raising fears of a prolonged war that could wreak havoc on the global oil and gas market. The war has already brought traffic in the Strait of Hormuz, a critical shipping route for energy supplies, to a near standstill. Israel's military said "another wave of attacks in Tehran has been completed". "Within the framework of these attacks, Air Force fighter jets launched approximately 230 munitions toward several military sites of the regime," the Israel Defense Forces said in a Farsi post on X. Countries in the region said they launched air defenses to fend off Iranian attacks. The UAE's biggest city, Dubai, issued an alert urging residents to seek immediate shelter in secure buildings and stay away from windows, doors and open areas. U.S. crude oil on Friday posted its biggest weekly gain in futures trading history, as the escalating war in the Middle East has triggered a major disruption to global fuel supplies. Brent jumped about 28% for its biggest weekly gain since April 2020. West Texas Intermediate futures surged 12.21%, or $9.89, to close at $90.90 per barrel. Global benchmark Brent rallied 8.52%, or $7.28, to settle at $92.69 per barrel. — CNBC's Emma Graham and Reuters contributed reporting Sign up for free newsletters and get more CNBC delivered to your inbox

Every time Lloyd publishes a story, you'll get an alert straight to your inbox! By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Alphabet's chief executive just got a new equity pay package that, for the first time, ties a chunk of his payout to Waymo, the company's robotaxi service. The company doesn't list specific operational milestones Pichai will have to reach. Every time Lloyd publishes a story, you'll get an alert straight to your inbox! Stay connected to Lloyd and get more of their work as it publishes. By clicking "Sign up", you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Tying Pichai's compensation to Waymo and Wing is a signal that Alphabet no longer views the two entities as moonshot experiments but rather as assets representing valuable, scalable businesses Waymo, which began as a project inside Google's moonshot factory in 2009, has driven over 200 million autonomous miles to date. This year, the company expanded its commercial service to 10 markets, serving riders in Dallas, Houston, San Antonio, and Orlando. The company, which provides last-mile drone delivery services, became an independent Alphabet subsidiary in 2018. Wing announced in January that it would expand to more than 270 Walmart stores by 2027. Pichai maintains a base salary of $2 million, unchanged since 2020, and will be awarded performance stock units (PSUs) tied to Alphabet's total shareholder returns relative to the S&P 100.

Mayer Mizrachi, the 38-year-old mayor of Panama City, wants Elon Musk to build him a pedestrian tunnel under the Panama Canal. And Musk's Boring Company recently announced it just might. Mizrachi's idea is a 0.6 mile pedestrian tunnel under the Panama Canal, which would give city residents a chance to "live" its history and take advantage of the vital maritime trade route that is critical to the global economy. In February 2025, Panama withdrew from China's Belt and Road initiative. Of the 16 finalists, half were in Tennessee or Texas, where the Boring Company is headquartered and where Mizrachi recently went to make his pitch. Mizrachi, the youngest mayor in the city's history, founded Criptext, a secure email platform, and, like Trump, has styled himself as an outsider. Like Musk, he came to office looking to cut government in the name of efficiency and insists he has succeeded. In an interview with POLITICO, which is, along with Business Insider, part of the Axel Springer Global Reporters Network, Mizrachi said the tunnel proposal began as a last-minute response to a Boring Company social media post and ballooned from there. This interview has been edited for length and clarity. Mizrachi: I merely just ran into a tweet by the Boring Company in January, and they had this tunnel vision challenge, and they were offering a free tunnel up to a mile long anywhere around the world to the best idea. I did a visit in January to the existing tunnel that's being built for a subway station in Panama City, and I said, "What if we built a pedestrian tunnel crossing the canal with parks on either side? City planners started working on a proposal, and they kind of really brought the plane in for a landing with a beautiful proposal, and we submitted that on the last minute of the last day. What did you learn in Texas about how The Boring Company would approach this project? Mizrachi: We met with Jim Fitzgerald, the VP for global, and we kind of took a 101 on how a Boring Company project works. And as I told Jim, I said, "Listen, I know this is very preliminary, and here are many other projects that they're considering, but you know, it would be quite a marvel that 100 years ago, you know, the US built the canal, and then 100 years later, that they would build a tunnel that crosses the canal in a modern marvel of engineering in the way that they do it." Whereas typically, the tunneling machines are built specifically for a given project, and then they get buried with the project. What would this tunnel mean for Panama, especially at a moment when the canal is caught up in broader geopolitical tensions? Mizrachi: First of all, Panamanians, we're really proud of the canal, its management, its history, but we seldom get to live it. But you know, Panamanians, we don't live the canal. You can maybe see a ship, but we don't really live it. And I think it goes above my pay grade. I spoke to the president [of Panama] about this. This needs to be handled by a task force designated by the president in representation with the entire country. Why do you think Panama City could beat out American cities for this project? Mizrachi: Well, there's one very unique thing about this. The Boring Company has never bored underwater, much less crossing a canal. So it's not a loop tunnel that is managed and operated by the Boring Company. So if you think of Vegas, they operate the Loop itself. So, here, it's a lot more hands off. You've drawn comparisons between your work and DOGE-style cost cutting in Washington. I am not subscribed to any political party, and I still very much employ the mindset of the tech entrepreneurial efficiency and try things before you scale things, which is uncommon in politics. So we were able to reduce the size of City Hall personnel by 50% so it used to have 6,500 people. And by all counts, City Hall is operating faster and better with more impact, tangible, visible impact, with less people. This story originally ran in POLITICO's West Wing Playbook and appears on Business Insider through the Axel Springer Global Reporters Network. The network publishes major stories from the Axel Springer network of publications, a worldwide group of news outlets that includes Business Insider.