Berkshire's stake in HP supports Best Buy's positive outlook, CEO states.

• On Thursday, Corie Barry, the CEO of Best Buy, shared with CNBC's Jim Cramer that Berkshire Hathaway's $4.2 billion investment in HP supports Best Buy's belief that consumer demand for technology upgrades will remain strong, sustaining the industry.
• In an interview on "Mad Money," Barry stated that Warren Buffet's investment demonstrates our general point, which is that people will increasingly rely on technology and desire to upgrade it.

Corie Barry, the CEO of , stated on Thursday that ’s $4.2 billion investment in supports the belief that consumer demand for technology upgrades will continue, according to CNBC’s Jim Cramer.

In an interview on "Mad Money," Barry stated that Warren Buffet's investment demonstrates our general point, which is that people will increasingly rely on technology and desire to upgrade it.

Customers are increasingly interested in new technology as upgrade cycles in areas such as computing and home theater become shorter.

According to securities filings, HP was acquired by Berkshire for almost 121 million shares, which amounts to approximately 11% ownership.

HP shares surged 14.75% on Thursday following the news.

Barry stated that the permanence of hybrid work requires consumers to have technology systems that seamlessly transition between their work and home offices.

To function properly, my work computer must be brought home and connected to my home network and printer. Additionally, I will need to bring my home iPad to work to access content during meetings. These devices must continuously work together, and upgrades will be necessary.

"Probably, the least understood factor in our industry is the idea of constant innovation," she remarked.

Best Buy stock was up 1.11% on Thursday.

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