Warren Buffett
Berkshire Hathaway
Q1 2026 brought the “great pivot”: Berkshire exited Amazon entirely and boosted Alphabet by 225%, while leaving Apple untouched — shifting its AI exposure from e-commerce/cloud toward search + full-stack AI.
Investment thesis
Buffett (and Abel’s team taking the reins) still buys compounding businesses inside the circle of competence — but Q1 cut the book from 40 to 26 names with 15 full exits, sharply concentrating the portfolio.
The 225% Alphabet increase is Berkshire’s clearest AI statement: search cash flow + Gemini + in-house TPUs — full-stack AI still valued below pure-play AI names.
After three straight quarters of trimming, Apple was left unchanged (still 22%, the #1 holding) while Amazon was fully exited — the discipline is valuation and certainty, not narrative.
Sources: Seeking Alpha — Tracking Berkshire portfolio Q1 2026 · MarketMinute — Berkshire slashes Apple-era caution, bets on Alphabet AI · Forbes — Berkshire portfolio shifts as Abel reshapes the playbook
Related themes
Cloud & AI Infrastructure
3 namesThe layer that turns compute into rentable services: hyperscalers and emerging GPU clouds. Capex is enormous, but it locks in long-term AI workload demand.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
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