What happened
Alphabet is Berkshire's growth pick — nearly 106 million shares bought across its two tickers, lifting its portfolio share from 0% to just under 10% in under a year.
Why it matters
The position is the largest built during Abel's tenure, and Berkshire paid under 20 times earnings to build it, suggesting it was sized as a long-term holding rather than a trade.
What to watch
Alphabet's capital expenditures of between $195 billion and $205 billion this year are the open question — the holding hinges on whether that spending keeps producing results. Watch the portfolio share as it approaches 10%.
WHO IT HITSRetail investors who use Berkshire's 13F holdings as a proxy for value-style AI exposure now have roughly a third of that portfolio riding on two AI-linked names, so their Berkshire stake doubles as an AI bet.
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Berkshire Hathaway's AI exposure is not a direct bet on a chipmaker or a model developer. It is assembled indirectly, through two businesses whose AI involvement runs through cloud computing and consumer devices, plus an energy business whose demand is tied to the electricity that AI data centers use. That framing matters because the body itself notes an investor cannot buy Berkshire Hathaway Energy directly.
The Alphabet position is the one that moved. Buying began under Warren Buffett in the third quarter of 2025, but most of it happened after Greg Abel took over, with Buffett's encouragement. In under a year the share went from 0% to just under 10%, making it the growth name among the two and the largest purchase of the Abel era.
The stakes hinge on two things the body lays out. Alphabet's capital expenditures of between $195 billion and $205 billion this year are large enough to look like a concern, but revenue growth rose from 14% to 24%, Google Cloud growth rose from 32% to 82%, and it generated $53 billion in free cash flow over the last year while holding nearly $366 billion in cash to deploy. Apple, at 38 times earnings, is framed as more of a hold than a buy, and its deal to build AI foundation models on Google Gemini's platform may make it a less appealing AI play in its own right.
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