Greg Abel has quietly rewired the world’s most watched equity portfolio. Apple and Alphabet now account for nearly 30 percent of Berkshire Hathaway’s roughly $348 billion in stock holdings, a concentration that makes the conglomerate’s fortunes hinge on the artificial intelligence strategies of two companies. For investors who bought Berkshire as a diversified bet on American industry, the portfolio now reads more like a sector fund with a heavy tech overlay.
The numbers are stark. Apple remains the single largest position at about 20.6 percent of the equity book, a stake inherited from the Buffett era. Alphabet has muscled into the top five in a matter of quarters: Class A shares sit at roughly 7 percent and Class C at another 1.8 percent, a combined weight that vaults the holding past Coca-Cola to become the fourth-largest position at roughly $41 billion. Abel has simultaneously narrowed the roster, closing 16 positions and leaving just 29 names in the portfolio.
The Alphabet position is entirely Abel’s construction. Berkshire first disclosed a stake in the third quarter of 2025, then tripled it. The first quarter brought 36.4 million shares bought in the open market. In June, Abel signed off on a $10 billion private placement, $5 billion of Class A at $351.81 and $5 billion of Class C at $348.20, structured to help fund Alphabet’s $80 billion AI infrastructure build-out. Berkshire bought in at the price Alphabet set for its own capital raise, effectively acting as anchor investor rather than chasing the stock on the open market.
The shift reflects a genuine philosophical evolution. Abel appears far more comfortable than his predecessor with concentrating capital in companies at the center of the AI transformation. Yet the thesis still leans on classic Berkshire language: durable moats built on network effects, enormous free cash flow, and valuations deemed fair for wonderful businesses. Alphabet is now spoken of as a potential “forever holding” alongside Apple and American Express. Apple contributes a device ecosystem weaving AI into the world’s most valuable consumer franchise; Alphabet pairs search dominance with leading models and a cloud business.
Concentration cuts both ways. Tying nearly a third of the equity portfolio to two names means a stumble at either hits Berkshire hard. Both trade at richer multiples than the deep-value bargains that built the house’s reputation, and the AI infrastructure race is an expensive sprint toward a technology still unproven at this scale. Followers buying Apple and Alphabet because Berkshire owns them are buying growth-tinged tech, not traditional value.
The next signal will come when Berkshire discloses its next quarterly holdings. Whether Abel continues to add, holds steady, or begins to trim will tell investors if the AI tilt is a tactical overweight or a permanent rewiring of the franchise. The portfolio has never looked less like the old Berkshire. The question is whether that is a feature or a bug.