Warren Buffett
Berkshire Hathaway
Q2 2026 ended a 14-quarter net-selling streak with ~$19.8B of net buying; Alphabet got another ~$17B, vaulting to the #3 holding (~$36.6B, 9.4% of the book) — the full-stack AI bet is compounding under Abel.
Investment thesis
Buffett (and Abel’s team taking the reins) still buys compounding businesses inside the circle of competence — but Q1 cut the book from 40 to 26 names with 15 full exits, sharply concentrating the portfolio.
The 225% Alphabet increase is Berkshire’s clearest AI statement: search cash flow + Gemini + in-house TPUs — full-stack AI still valued below pure-play AI names.
The Q2 turn: 14 quarters of net selling ended with ~$19.8B of net buying plus ~$4.5B of buybacks; new D.R. Horton, added Delta/Lennar/NYT, exited Constellation Brands — buying cash-flowing businesses, not narratives.
Sources: SEC EDGAR — 13F 申报原文(逐笔持仓) · CNBC — Berkshire adds $17 billion to Alphabet stake (2026-08-15) · Forbes — Berkshire Hathaway turns buyer as Buffett backs Alphabet (2026-08-15) · Seeking Alpha — Tracking Berkshire portfolio Q2 2026 · Seeking Alpha — Tracking Berkshire portfolio Q1 2026 · MarketMinute — Berkshire slashes Apple-era caution, bets on Alphabet AI · Forbes — Berkshire portfolio shifts as Abel reshapes the playbook
Related themes
Cloud & AI Infrastructure
3 namesThe layer that turns compute into rentable services: hyperscalers and emerging GPU clouds. Capex is enormous, but it locks in long-term AI workload demand.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
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