Buffett Backs Big Tech: Google Stake Soars

Warren Buffett, now chairman of Berkshire Hathaway, continues to wield significant influence over the company's substantial investment portfolio following his transition from CEO to Greg Abel late last year. As of the second quarter, Berkshire Hathaway dramatically increased its investment in Alphabet, the parent company of Google, by 83%. This raised their holdings to approximately 106 million shares, valued at around $38 billion as of June 30, making Alphabet Berkshire's third-largest U.S. stock holding.

This substantial investment in Alphabet was initiated by Buffett himself, dispelling prior speculation that it was a decision made by new CEO Greg Abel. This strategic move occurred as Berkshire Hathaway reversed a prolonged period of selling stocks. After fourteen consecutive quarters of selling more stocks than were bought, the company purchased $23.5 billion worth of stocks in the second quarter while only selling $3.7 billion. This shift helped Berkshire begin deploying its considerable cash reserves, which had reached a record $397.4 billion by the end of March.