Warren Buffett’s Berkshire Hathaway reached a $1 trillion market capitalization, becoming the first non-technology company in the U.S. to achieve this milestone.

Shares of the conglomerate, which owns businesses like BNSF Railway, Geico, and Dairy Queen, have surged over 28% in 2024, outperforming the S&P 500.

The achievement highlights Berkshire’s financial strength, despite its focus on old-economy businesses, and comes just before Buffett’s 94th birthday.

Analysts attribute the success to Berkshire’s strong balance sheet and diversified holdings, with some predicting further growth in its market value, CNBC has reported.

Buffett’s recent moves, including selling a significant portion of Berkshire’s Apple stock and increasing its cash reserves, have prompted speculation about his views on the economy.

Written by B.C. Begley