Berkshire Hathaway dramatically increased its Alphabet stake during the second quarter, lifting Google’s parent company to its third-largest stock holding and ending a 14-quarter streak of net equity selling. A regulatory filing showed Berkshire held nearly 106 million Alphabet shares worth about $37.8 billion, an 83% increase from roughly 57.8 million shares three months earlier. Alphabet now sits behind only Apple, valued at roughly $66 billion to $70 billion, and American Express at about $51.3 billion to $51.9 billion in Berkshire’s U.S.-listed stock portfolio.
The expansion included Berkshire’s previously announced $10 billion private stock deal with Alphabet in June, tied to the company’s push to expand artificial intelligence infrastructure, with the remaining shares purchased on the open market. Berkshire’s position grew even more sharply over six months: at the end of December 2025, it owned about 17.8 million Alphabet shares worth approximately $5.6 billion. Warren Buffett has said he initiated Berkshire’s Alphabet investment, and although Greg Abel now serves as CEO and oversees capital allocation, the two still discuss capital allocation together.
Stanley Druckenmiller’s Duquesne Family Office independently opened a brand-new Alphabet position in Q2, according to its 13F filing. The filing also showed new stakes in Advanced Micro Devices and Fox, a more than 1,000% increase in Amazon, and a nearly tripled United Airlines position, while fully exiting Broadcom, Intel, and Micron Technology. Both investors also bought Delta Air Lines and D.R. Horton in the same quarter. Alphabet’s strong Q2 results reinforced the bets: earnings per share of $9.11 beat the $2.87 consensus estimate, revenue rose 24.2% year over year to $119.8 billion, and net margin reached 54.77%. GOOG/GOOGL traded at $343.54 with a consensus Buy rating and an average price target of $415.55. Berkshire bought about $23.5 billion of stocks in Q2 while selling roughly $3.7 billion, ending its long net-selling streak.
