TLDR
- Berkshire raised its Alphabet stake by 83% to 106 million shares worth $37.9 billion
- Alphabet is now Berkshire’s third-largest holding, behind Apple and American Express
- Berkshire bought a net $20 billion in stocks, its largest quarterly outlay since 2022
- Delta Air Lines stake rose 44% to $5.4 billion; Lennar holdings up nearly 30%
- Cash pile dropped from $397 billion to $365 billion as Berkshire deployed more capital
Berkshire Hathaway made its biggest stock-buying move in years during the second quarter of 2026, led by a sharp increase in its Alphabet position. The company now holds about 106 million Alphabet shares worth $37.9 billion, after boosting the stake by 83% in just three months.
The jump came partly from a $10 billion private placement deal struck in early June, where Alphabet sold stock at a discount to fund its AI infrastructure. Berkshire also bought an additional 19.6 million shares on the open market during the quarter.
Alphabet is now Berkshire’s third-largest U.S.-listed equity holding by market value. Only Apple, at around $66 billion, and American Express, at around $51 billion, rank higher.
Warren Buffett, now serving as chairman after handing the CEO role to Greg Abel at the start of 2026, said he was behind the decision to invest in Alphabet. Abel supported the move.
Alphabet stock has risen around 170% over the past three years, driven by investor confidence in its position in the AI race.
Airlines and Housing Get a Boost Too
Berkshire did not stop at Alphabet. The company raised its Delta Air Lines stake by 44% during the quarter, bringing its holding to 57.3 million shares worth about $5.4 billion as of June 30.
This marks a continued re-entry into the airline sector for Berkshire, which famously sold all its airline holdings in the early days of the pandemic.
On the housing side, Berkshire increased its Lennar Class A shares by nearly 30% to 13.1 million shares, worth around $1.19 billion. It also opened a small new position in D.R. Horton, holding 3,600 shares at quarter end.
A Shift in Strategy Under Abel
The quarter marked the first time in 14 straight quarters that Berkshire was a net buyer of stocks. It spent $23.5 billion buying shares while selling just $3.7 billion, a clear shift from the caution that defined Buffett’s final years running the firm.
Berkshire also bought back $4.5 billion of its own stock, the highest quarterly buyback figure since 2021.
The company’s cash pile fell from a record $397.4 billion to $365.5 billion. Berkshire also completed its acquisition of Taylor Morrison, an Arizona-based homebuilder, during the quarter.
On the selling side, Berkshire roughly halved its stakes in Capital One and Nucor, trimmed Bank of America and Kroger, and fully exited Constellation Brands.
The portfolio update confirmed what many investors had been waiting to see: a more active Berkshire under Abel’s leadership, putting its vast cash reserves to work after years of sitting on the sidelines.
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