Business & Finance
Berkshire Hathaway expands Alphabet stake to $36.6 billion as CEO cites AI strength
Greg Abel highlighted Alphabet's role in artificial intelligence after Berkshire Hathaway made the tech giant its third-largest stock holding.
The short version
- Berkshire Hathaway CEO Greg Abel characterized Alphabet as a major player in artificial intelligence during an interview with CNBC.
- The conglomerate expanded its Alphabet position by $17 billion in the second quarter, bringing its total holding to about 106 million shares valued at around $36.6 billion.
- Alphabet is now the third-largest equity holding in Berkshire Hathaway's investment portfolio.
Key facts
- Berkshire Hathaway CEO Greg Abel stated that Alphabet is a significant player in artificial intelligence based on how AI is impacting businesses across Berkshire's portfolio.[CNBC]
- Berkshire purchased $17 billion in Alphabet shares during the second quarter, elevating the stock to the third-largest holding in its equity portfolio.[CNBC]
- Berkshire owns approximately 106 million Class A and Class C shares of Alphabet, with a total value of roughly $36.6 billion according to an August SEC filing.[CNBC]
- Abel noted that Berkshire first acquired a $10 billion stake in Google 15 months prior at a 6.5% discount following discussions with Warren Buffett.[CNBC]