Key Highlights
- Berkshire expanded its Alphabet position by 83%, reaching 106 million shares valued at $37.9 billion
- The tech giant now ranks as Berkshire’s third-biggest holding, trailing only Apple and American Express
- The conglomerate purchased a net $20 billion in equities, marking its most aggressive quarterly buying since 2022
- Delta Air Lines position increased 44% to reach $5.4 billion; Lennar stake climbed nearly 30%
- Cash reserves declined from $397 billion to $365 billion as capital deployment accelerated
In a dramatic shift from recent conservatism, Berkshire Hathaway executed its most aggressive equity acquisition strategy in several years throughout Q2 2026, highlighted by a substantial expansion of its Alphabet holdings. The investment conglomerate now controls approximately 106 million Alphabet shares valued at $37.9 billion, representing an 83% increase over a single quarter.
A significant portion of this expansion resulted from a $10 billion private placement transaction executed in early June, through which Alphabet offered discounted shares to finance its artificial intelligence infrastructure expansion. Beyond this private deal, Berkshire purchased an additional 19.6 million shares through open market transactions throughout the quarter.
The search giant has climbed to become Berkshire’s third-most valuable U.S.-traded equity position. Only Apple, valued at approximately $66 billion, and American Express, at roughly $51 billion, maintain larger positions in the portfolio.
Warren Buffett, currently serving as chairman following his transition of the CEO position to Greg Abel in early 2026, confirmed his endorsement of the Alphabet investment strategy. Abel fully backed the decision.
Alphabet’s stock price has surged approximately 170% during the previous three years, fueled by market optimism regarding its competitive standing in artificial intelligence development.
Aviation and Residential Sectors Receive Increased Attention
Berkshire extended its investment activity beyond technology. The firm expanded its Delta Air Lines position by 44% throughout the quarter, elevating its stake to 57.3 million shares worth approximately $5.4 billion at the end of June.
This expansion represents Berkshire’s ongoing return to airline investments, a notable reversal from its complete airline divestiture during the initial pandemic period.
Within the homebuilding industry, Berkshire grew its Lennar Class A position by nearly 30%, reaching 13.1 million shares valued at about $1.19 billion. The company also initiated a modest new stake in D.R. Horton, holding 3,600 shares by quarter’s conclusion.
Leadership Transition Brings Strategic Evolution
This quarter represented a historic turning point, marking the first instance in 14 consecutive quarters where Berkshire became a net purchaser of equities. The firm deployed $23.5 billion toward stock acquisitions while divesting only $3.7 billion, signaling a notable departure from the conservative approach that characterized Buffett’s concluding years as chief executive.
Berkshire also repurchased $4.5 billion of its own shares, representing the largest quarterly buyback program since 2021.
The company’s cash reserves decreased from a peak of $397.4 billion to $365.5 billion. Berkshire also finalized its Taylor Morrison acquisition, securing the Arizona-headquartered homebuilder, during this period.
Regarding portfolio reductions, Berkshire approximately halved its Capital One and Nucor positions, reduced its Bank of America and Kroger stakes, and completely liquidated its Constellation Brands holding.
The portfolio disclosure validated expectations among many market observers: a more proactive Berkshire under Abel’s stewardship, aggressively deploying its substantial cash holdings following years of relative inactivity.
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