What's behind Warren Buffett's HP buy and why it's giving some analysts bad IBM flashbacks

Warren Buffett at Berkshire Hathaway's annual meeting in Los Angeles, California. May 1, 2021.
Gerard Miller | CNBC

Warren Buffett is continuing to put to work Berkshire Hathaway's massive cash pile, this time with a $4.2 billion investment in the PC and printer maker HP to become his second biggest tech holding next to Apple.

But why is the "Oracle of Omaha" buying an old tech company in a non-growth business that does not have a product or services business even comparable to Apple?

More In Follow the Pros

CNBC ProTech investor Paul Meeks says avoid this FAANG stock, picks the ones he can 'stomach'
CNBC ProBest trades on CNBC Thursday: Nvidia earnings take center stage, pros discuss what to buy in this winning week
CNBC ProShopify, a Chinese internet ETF, and more: CNBC's 'Halftime Report' traders answer your questions