Berkshire's New CEO Dumps Domino's, Triples Alphabet Stake to $29B

What happened

Greg Abel, Warren Buffett's successor as Berkshire Hathaway CEO, has reshaped the company's $332 billion（約53兆円） portfolio in his first quarter. He exited 16 positions including Domino's Pizza, while more than tripling Berkshire's stake in Alphabet's Class A shares and opening a new position in Class C shares. On June 1, Alphabet announced an $80 billion（約13兆円） equity offering, with Berkshire purchasing $10 billion（約1.6兆円） ($5 billion（約8000億円） of each share class) at a reduced price. Berkshire's total Alphabet stake now exceeds $29 billion（約4.6兆円）, making it a top-five holding.

Why it matters

Alphabet, which accounts for approximately 90% of worldwide internet search traffic and operates YouTube (the second-most-visited website globally), operates as a virtual monopoly with significant ad pricing power. The company is also a pioneer in AI applications, with generative AI integration into Google Cloud reaccelerating sales growth in that high-margin segment. Abel's aggressive bet signals confidence in Alphabet's competitive position and AI prospects, even as he exits companies like Domino's that face headwinds—Domino's international same-store sales declined 0.4% in the first quarter, breaking a 32-year streak of growth.

What to watch

Domino's exit is notable because Buffett had acquired its shares for six consecutive quarters before Abel took over, building a 3.35-million-share position with no prior signal of a planned exit. Additionally, Domino's valuation may have played a role—while its current forward price-to-earnings ratio is 14, it traded closer to 25 times forward-year earnings throughout most of 2025.