Warren Buffett publicly stated that today's stock market is driven by gambling rather than fundamentals, while revealing he personally directed Berkshire Hathaway's multibillion-dollar stake in Alphabet, parent company of Google, as a direct bet on AI's next era. In a CNBC interview published July 15, Buffett said "it's tough to find values when everybody is preferring gambling," adding that AI giants are "playing a game they don't want to play" to compete in the AI arms race, though he identified Alphabet as the likely long-term winner. Bloomberg confirmed Buffett took personal credit for initiating the position, a rare public admission. Buffett told CNBC he regrets not entering the position sooner, and Alphabet shares climbed following his comments. Larry Page's net worth crossed $300 billion, according to Forbes data published July 16. Buffett spent years dismissing technology investments as outside his circle of competence, and his choice to anchor Berkshire's AI exposure in Alphabet is a deliberate bet on the application layer, not hardware suppliers. Buffett's criticism of speculation arrives when prediction markets have surged to record volumes and meme coins generate billions in daily turnover. He told CNBC markets today resemble a casino more than a capital allocation mechanism, though he did not name crypto directly.