A calculation from Berkshire Hathaway’s cash-flow filings shows it bought $19.8 billion more in stocks than it sold in the second quarter, when Alphabet entered its five largest equity holdings.
The shift followed a first quarter in which Berkshire was a net seller. From April through June, it purchased $23.467 billion of equities and sold $3.693 billion, calculated from the first-quarter and first-half totals in its filings. For the full six months, purchases of $39.405 billion exceeded sales of $27.780 billion by $11.625 billion.
Berkshire’s insurance and other businesses held $359.2 billion in cash, cash equivalents and U.S. Treasury bills at June 30, net of payables for unsettled purchases. That amount was more than nine times Berkshire’s stock purchases during the first half.
Alphabet was among the biggest changes in Berkshire’s reported U.S. holdings. Across two share classes, the position reached 105,979,600 shares at June 30, up from 57,835,013 at March 31 and 17,846,142 at the end of 2025. Alphabet had not ranked among Berkshire’s five largest equity holdings at the end of March.
Alphabet said it issued shares to a Berkshire affiliate in a $10 billion private placement completed June 4. The transaction comprised 14 million Class A shares and 14 million Class C shares. Alphabet said the proceeds would support general corporate purposes, including artificial intelligence infrastructure and computing capacity.
Berkshire also held more Delta Air Lines shares at the end of June. Its filing listed 57,320,000 shares valued at $5.369 billion, compared with 39,809,456 shares valued at $2.647 billion three months earlier. Those figures are market values on the reporting dates, not what Berkshire paid for the shares.
In a July 15 interview with CNBC, Warren Buffett, then Berkshire’s chairman and now chairman emeritus, said he initiated the Alphabet investment. Buffett said CEO Greg Abel, who took over Jan. 1, has the final say. He also said it was difficult to find value when investors favor gambling.
Berkshire’s next scheduled full disclosure of its U.S. stock holdings, covering the quarter ended Sept. 30, is due Nov. 16.
