Warren Buffett: New achievement for Berkshire Hathaway, became the first non-IT company with a market cap of one lakh crore

Berkshire Hathaway, the company led by legendary investor Warren Buffett, has reached a new and significant milestone. It is the first non-technology US company to have a market value of more than $1 trillion. On Wednesday, the company's shares rose 0.8%, causing its market capitalization to exceed one trillion dollars (one lakh crore dollars) for the first time.

This year has been excellent for the company, with shares rising 30% by 2024. That outperforms the S&P 500's 18% gain thus far. The surge has increased Berkshire's market capitalization by more than $200 billion this year alone, a record for the company.

However, it contrasts sharply with the nearly $2 trillion increase in value of another market giant, Nvidia. Omaha, Nebraska-based Berkshire Hathaway now joins a select group of companies that have reached this milestone. The group of $1 trillion companies was previously dominated by technology giants such as Alphabet, Meta Platforms Inc., and Nvidia Corp.

Although Berkshire isn't a tech company, its stock's performance this year hasn't lagged far behind the so-called 'Magnificent Seven.' The Magnificent Seven are stocks whose shares are expected to rise as much as 35% in 2024. Warren Buffet, often considered one of the greatest investors of all time, spent decades building Berkshire Hathaway from its beginnings as a textile manufacturer into a sprawling business empire. He did it with longtime business partner Charlie Munger. Munger died last November at the age of 99.