Berkshire Hathaway has started buying stocks again after being a net seller for 14 straight quarters. Warren Buffett is behind one of its biggest moves — a major investment in Google parent Alphabet.
Berkshire bought nearly $19.8 billion worth of publicly traded stocks in the second quarter, according to its latest 13F filing submitted after the market closed on August 14. The company bought $23.5 billion in stocks and sold about $3.7 billion.
The filing also showed that Berkshire’s Alphabet investment has grown to $36.6 billion, making it the company’s third-largest publicly traded stock holding. Buffett himself confirmed that he was behind the Alphabet purchase. Speaking to CNBC on July 15, he said, “I initiated it.”
Buffett finally makes the Google bet
Buffett’s interest in Alphabet is worth noting because he previously admitted he missed the chance to invest in Google years ago. At Berkshire Hathaway’s 2017 annual meeting, Buffett said he had seen how well Google’s advertising business worked and understood the strong margins it generated.
“I had seen the product work, and I knew the kind of margins [they had],” Buffett said at the time.
He also explained that GEICO, Berkshire’s insurance company, was paying Google around $10 or $11 per click for advertising.
“That’s a good business,” Buffett said, adding that he knew the people involved and had many ways to learn more about the company, but “I blew it.” Berkshire began building its Alphabet position in the third quarter of 2025. It bought $10 billion worth of Alphabet shares at a discount directly from the company, split equally between Class A and Class C shares.
It then bought around 20 million additional shares across the two classes in the second quarter. Alphabet now sits behind only Apple and American Express in Berkshire’s list of publicly traded stock holdings.
Berkshire buys more while trimming several big names
Alphabet was not the only company Berkshire added to. During the quarter, Berkshire increased its holdings in Delta Air Lines, Lennar, The New York Times and Macy’s.
Its $5.4 billion investment in Delta, built during the first half of 2026, makes Berkshire the airline’s second-largest shareholder, with an 8.7% stake.
Berkshire also bought a new, though very small, position in homebuilder DR Horton. The stake was worth less than $600,000 at the end of the quarter.
At the same time, Berkshire continued to sell some of its holdings. It reduced its positions in Bank of America, DaVita, Kroger, Ally Financial, Capital One Financial and Nucor.
Berkshire has now cut its Bank of America stake for eight consecutive quarters. Even after those sales, the bank remains one of its five biggest holdings, making up about 9.2% of the portfolio.
Apple remains Berkshire’s biggest bet
Despite the new Alphabet investment, Apple continues to be Berkshire’s largest stock holding. Berkshire did not change its Apple position during the second quarter. Apple makes up about 22% of the publicly traded portfolio.
The company had reduced its Apple holdings during the last three quarters of 2025. Before those sales began in 2024, Apple had accounted for more than half of Berkshire’s publicly traded portfolio.
Berkshire’s publicly traded portfolio was worth about $299.3 billion at the end of the second quarter and contained 29 companies, the same number as the previous quarter.
The five biggest holdings were Apple, American Express, Alphabet, Coca-Cola and Bank of America.
Together, those five companies made up 76.5% of the entire portfolio. The top 10 holdings accounted for about 91% of the assets.
Buffett still has a say after stepping down as CEO
The latest investment activity also shows that Buffett’s influence at Berkshire has not disappeared after he handed over the CEO role to Greg Abel at the beginning of 2026.
Buffett has remained involved in investment decisions and said earlier this year that he was still looking for opportunities.
He also made clear that he and Abel continue to work closely together. “I am not doing anything that he doesn’t approve of. He’s not doing anything I don’t approve of. We talk all the time, but he is the decider,” Buffett told CNBC on July 15.
The Alphabet purchase, however, was clearly Buffett’s call.
Berkshire’s global investments remain outside the 13F
The latest filing only covers Berkshire’s publicly traded US stock holdings. It does not include its international investments. (The 13F is a quarterly filing that shows the US-listed stocks held by large institutional investors.)
Among those are its stakes in five major Japanese trading companies, including Itochu, Marubeni, Mitsubishi Corp., Mitsui & Co. and Sumitomo Corp. Berkshire first announced its investment in the five companies in August 2020, when it bought roughly 5% stakes.
Those holdings have since grown to between 9.7% and 10.8%, with a combined value of more than $35 billion at the end of 2025.
Berkshire shares trail the S&P 500 in 2026
Berkshire Hathaway shares have remained almost unchanged this year, while the S&P 500 has returned 14.5% through August 14. However, the company’s large cash reserve gives it enough room to keep investing. Its portfolio also has lower valuation and debt levels, along with stronger returns on equity than the S&P 500. After 14 straight quarters of selling stocks, Berkshire has now returned to buying, with its Alphabet investment marking a major shift.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.