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Berkshire Hathaway increased its stake in Alphabet by 83% during the second quarter, making the Google parent its third largest US listed equity holding by market value.
The conglomerate owned about 106 million Alphabet shares worth $37.9 billion at the end of June, according to a regulatory filing released Friday. Only Berkshire’s holdings in Apple and American Express were larger.
Much of the increase came from a $10 billion private stock purchase announced in June as Alphabet raised capital to support its artificial intelligence infrastructure expansion.
Warren Buffett, who now serves as Berkshire chairman, previously said he initiated the investment in Alphabet with the support of CEO Greg Abel.
Berkshire also increased its Delta Air Lines position by 44% during the quarter to 57.3 million shares worth about $5.4 billion.
The company expanded its exposure to homebuilders as well, increasing its Class A stake in Lennar by nearly 30% to 13.1 million shares worth roughly $1.19 billion. Berkshire also disclosed a small new position in D.R. Horton.
The purchases marked a shift in Berkshire’s recent investment activity. The company became a net buyer of equities during the second quarter with nearly $20 billion in net purchases after selling more stocks than it bought for 14 consecutive quarters.
Berkshire’s cash holdings fell to $365.5 billion at the end of June from a record $397.4 billion three months earlier as the company deployed more capital into investments and share repurchases.
The quarter also included the completion of Berkshire’s acquisition of homebuilder Taylor Morrison.
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