Key Takeaways
- Pershing Square initiated a significant Microsoft position following a valuation dip, while simultaneously divesting its entire Alphabet holdings
- Berkshire Hathaway substantially increased its Alphabet investment, expanding from 18 million shares to 58 million shares worth approximately $16.6 billion
- In a surprising move, Berkshire re-entered the airline sector with a Delta Air Lines investment valued between $2.65 billion and $3 billion
- Both Appaloosa and Pershing Square increased their Amazon exposure, despite Berkshire reducing its stake
- Uber attracted fresh capital from Appaloosa and Pershing Square, with Appaloosa’s holding reaching approximately $455 million
The latest 13F regulatory filings have unveiled significant portfolio adjustments by prominent institutional investors during the first quarter of 2026. These disclosures, reflecting positions held as of March 31, 2026, offer insight into where elite money managers placed their bets, though with an inherent time lag.
The collective trading activity highlights sustained enthusiasm for artificial intelligence infrastructure, cloud services, digital commerce, and platform-based business models.
Pershing Square Initiates Microsoft Position While Berkshire Amplifies Alphabet Investment
During Q1 2026, Bill Ackman’s Pershing Square Capital Management established a fresh stake in Microsoft. The timing followed a market correction that brought the tech giant’s valuation down to levels Ackman found compelling, Reuters reported.
Concurrently, Pershing Square completely liquidated its Alphabet holdings. This represents a clear strategic pivot between two dominant players in the AI and cloud computing landscape.
Microsoft offers investors exposure to Azure cloud services, its strategic alliance with OpenAI, GitHub’s developer ecosystem, and the Microsoft 365 Copilot suite—all critical components of the ongoing AI transformation that investors are closely monitoring throughout 2026.
Meanwhile, Berkshire Hathaway took the contrarian approach. Warren Buffett’s conglomerate dramatically expanded its Alphabet position, increasing share count from approximately 18 million to 58 million. According to Barron’s, this stake carries an estimated value of $16.6 billion.
This aggressive accumulation signals strong conviction in Google Search dominance, YouTube’s advertising power, and Alphabet’s expanding cloud and AI capabilities. The divergent strategies between Ackman and Buffett underscore the debate among sophisticated investors regarding which technology leader will ultimately prevail in the AI race.
Berkshire Makes Surprising Airline Comeback Through Delta Investment
Perhaps the most surprising disclosure this quarter involved Berkshire Hathaway‘s unexpected return to airline investments. The firm established a substantial Delta Air Lines position valued at approximately $2.65 billion according to Reuters, with Barron’s estimating the figure near $3 billion.
This represents a remarkable strategic reversal. Berkshire had completely exited airline exposure following the COVID-19 pandemic’s devastating impact on the sector. Re-entering through Delta signals a contrarian stance, particularly amid persistent challenges including elevated fuel expenses and macroeconomic headwinds affecting consumer travel demand.
Delta maintains its position as America’s revenue-leading carrier and has strategically emphasized premium cabin offerings and customer loyalty initiatives to protect profitability.
Multiple Prominent Funds Increase Amazon and Uber Positions
Amazon received investment from multiple heavyweight managers. David Tepper’s Appaloosa Management purchased 2.1 million additional Amazon shares, elevating it to the fund’s top holding at approximately $900 million. Simultaneously, Pershing Square expanded its Amazon position by 19%.
Interestingly, Berkshire moved in the opposite direction, reducing its Amazon stake during the identical timeframe. Nevertheless, the aggressive buying by Tepper and Ackman ensures Amazon remains among the quarter’s most scrutinized holdings.
Uber emerged as the fifth standout stock. Appaloosa acquired roughly 4.5 million additional shares, pushing its total Uber investment to approximately $455 million. Pershing Square maintained Uber as a substantial portfolio component as well.
Uber’s appeal to institutional investors stems from its diversified business model encompassing ride-sharing, food delivery through Uber Eats, growing advertising revenues, and demonstrable margin improvement.
Collectively, these five equities—Microsoft, Alphabet, Delta, Amazon, and Uber—reveal where elite institutional capital flowed at the outset of 2026.
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