Alphabet, Delta, and Construction: Where Buffett's Successor Invested

In the second quarter, Berkshire Hathaway sharply increased its investments in tech giant Alphabet, Delta Air Lines, and the housing sector. This information was revealed in a Form 13F filing submitted to the U.S. Securities and Exchange Commission.

All institutional investment managers are required to file this report quarterly. It provides a snapshot of which stocks and other securities were held in an investor’s portfolio on the last day of the quarter. Here’s what Berkshire disclosed:

In the second quarter, Berkshire increased its stake in Alphabet by 83%—to approximately 106 million shares worth $37.9 billion. The main increase came from a $10 billion private transaction announced in early June—at that time, Alphabet was raising funds to build infrastructure for artificial intelligence. Google’s parent company is now among the top three holdings in Berkshire’s portfolio, behind Apple ($66 billion) and American Express ($51 billion). The investment firm first invested in Alphabet in the third quarter of 2025—at a time when Warren Buffett was still serving as Berkshire’s CEO. He claimed that he, and not his managers, had initiated this investment. In January, Greg Abel succeeded Buffett as CEO of Berkshire.

Berkshire's stake in Delta Air Lines rose 44% during the quarter—to 57.3 million shares, which were worth approximately $5.4 billion as of the end of June. Berkshire, which sold its aviation holdings during the pandemic, added Delta back to its portfolio earlier this year.

In addition, Berkshire has increased its exposure to the housing sector. In the second quarter, it established a small position in the homebuilder D.R. Horton, purchasing $581,000 worth of shares. Berkshire had previously held shares in D.R. Horton shares in the past, but sold them in the third quarter of 2025. Last quarter, Berkshire also increased its position in homebuilder Lennar to approximately $1.2 billion.

Berkshire purchased additional shares in The New York Times and Macy’s.

Berkshire has completely exited its stake in Constellation Brands, one of the world’s largest producers of beer, wine, and spirits. The company continued to reduce its stake in Bank of America and now owns 6.8% of the U.S. bank’s shares. Berkshire also reduced its holdings in Capital One and Ally Financial, the healthcare company DaVita, the Kroger supermarket chain, and Nucor Corporation, the largest steelmaker in the U.S.

Under Buffett, Berkshire has not been particularly active in the deal arena in recent years, Bloomberg notes. The “Oracle of Omaha” has often complained that companies are overvalued and that there are no attractive opportunities in the market. Abel, on the other hand, spent about $4.5 billion buying back Berkshire shares in the second quarter, while simultaneously increasing the equity portfolio by nearly $20 billion in net terms. Prior to that, Berkshire had been a net seller of shares for 14 consecutive quarters. The conglomerate’s cash reserves at the end of June fell to $365 billion from a record $397 billion three months earlier.

In addition to its investments in the public market, Berkshire also completed the acquisition of the homebuilder Taylor Morrison Homes for $6.8 billion in the second quarter. This is a typical Berkshire deal involving the acquisition of an undervalued company, according to Bloomberg.

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