Berkshire Hathaway adds to its stake in Google in Q1, sells off Amazon, and for the first time after the pandemic begins, makes its first purchase of airline stocks

Berkshire Hathaway releases its first 13F holdings report after “Stock God” Buffett steps down as CEO, revealing the investment roadmap for the “Post-Buffett Era.”

The 13F filing disclosed on Friday, the 15th, shows that in the first quarter of 2026, Berkshire made significant adjustments to its portfolio: on one hand, investing approximately $2.65 billion to build a position in Delta Air Lines, marking Berkshire’s first re-entry into airline stocks since liquidating its holdings during the COVID-19 pandemic in 2020; on the other hand, further increasing its stake in Alphabet, Google’s parent company, while trimming positions in Amazon, Visa, Mastercard, and several other consumer and fintech stocks.

Overall, Berkshire significantly intensified its portfolio adjustments in Q1. According to media reports, Berkshire bought about $16 billion worth of stocks and sold roughly $24 billion during the quarter, with holdings decreasing from 42 to 29 positions, indicating that the new management is pursuing a more concentrated and distinct rebalancing of the portfolio.

Q1 Spent $2.6 Billion to Build a Position in Delta Air Lines

Among the most notable moves disclosed this week was Berkshire’s re-entry into airline stocks.

The 13F filing shows that Berkshire established a new position of about 39.8 million shares in Delta Air Lines (DAL) in the first quarter, with a market value close to $2.65 billion, accounting for about 1% of Berkshire’s holdings. In terms of market value, Delta became Berkshire’s 14th largest holding just after the initial purchase.

This move is particularly significant. During the 2020 pandemic shock to the global airline industry, Buffett quickly liquidated his holdings in the four major U.S. airlines, including Delta, United, Southwest, and American Airlines, and publicly stated that the business models of the airline industry had fundamentally changed.

Now, after six years, Berkshire’s re-investment in the airline industry is seen by the market as a signal that management has become more optimistic about U.S. consumer, business travel, and corporate profit prospects.

In addition to Delta, Berkshire also newly built a position in Macy’s and modestly increased its holdings in Alphabet Class C shares.

Alphabet Class A Shares Holdings Surge Over 200%, Rising to Seventh Largest Holding

In the tech sector, Berkshire continues to strengthen its bet on Google.

The filing shows that in the first quarter, Berkshire increased its holdings of Alphabet (GOOGL) Class A shares by over 36.4 million shares, a roughly 204% increase from the end of Q4, with the position’s market value rising to $15.6 billion, moving from tenth to seventh place among Berkshire’s main holdings.

Market analysts interpret this as a sign that Berkshire’s recognition of Google’s core asset value in the AI era is increasing. Over the past few years, Berkshire has maintained a cautious stance toward large tech companies, with Apple being its only significant tech holding. However, as generative AI competition heats up and Google invests heavily in AI infrastructure, its valuation and cash flow advantages have begun to attract Berkshire again.

Notably, Alphabet has been one of the few large tech companies that Berkshire has continued to add to over several recent quarters.

In contrast, although Apple remains Berkshire’s largest holding, Berkshire has sold Apple for three consecutive quarters since Q2 2025, only stopping in the first quarter of this year. As of the end of March, Apple accounted for about 22.6% of Berkshire’s U.S. stock portfolio, still an absolute core asset.

Complete Exit from Amazon, Visa, Mastercard, UnitedHealth, and a 35% Reduction in Chevron—Clear Portfolio “Slimming”

While increasing positions in Google and airline stocks, Berkshire has also divested from several non-core assets.

The 13F shows that Berkshire has completely exited its Amazon position and liquidated holdings in Visa, Mastercard, UnitedHealth, Domino’s Pizza, Pool Corp, and Aon, among others.

Of particular interest is the exit from Amazon, which marks Berkshire’s first time in nearly seven years that it no longer holds Amazon shares. In Q4 last year, Amazon was Berkshire’s largest reduction, with its holdings decreasing by over 77.2% quarter-over-quarter to about 2.3 million shares.

Berkshire first bought Amazon in Q2 2019. Buffett stated at the time that, although he has traditionally been cautious about tech stocks, it would have been “stupid” not to buy this online retail giant earlier.

Although Amazon was seen as one of Berkshire’s few internet e-commerce investments in recent years, its position was never large. Now, with a complete exit, the market interprets this as Berkshire further focusing its “tech allocation,” concentrating on giants like Apple and Google that have stronger platform moats and cash flow advantages.

In the financial sector, Berkshire continues to cut some bank and payment assets:

Bank of America (BAC) holdings decreased by about 3.67 million shares, a roughly 0.7% reduction from Q4;

Chevron (CVX) holdings decreased by about 45.78 million shares, down approximately 35.2%;

Constellation Brands (STZ), a beverage stock, was reduced by nearly 12.37 million shares, a sharp drop of about 95.1%.

However, long-term core holdings like Coca-Cola and American Express remain relatively stable.

Top 10 Holdings at the End of Q1: Apple Still Dominates

As of the end of March 2026, Berkshire’s top ten holdings remain highly concentrated in Apple, financial, and consumer giants, all “old faces” from Q4, with only some ranking shifts—Alphabet’s ranking rose three places, the largest increase.

According to the 13F, Berkshire’s top ten holdings in Q1 are:

Apple (AAPL)

American Express (AXP)

Coca-Cola (KO), moving up from fourth to third place

Bank of America (BAC), dropping from third to fourth

Chevron (CVX)

Occidental Petroleum (OXY), rising from seventh to sixth

Alphabet (GOOGL), rising from tenth to seventh

Chubb (CB)

Moody’s (MCO), dropping from sixth to ninth

Kraft Heinz (KHC), dropping from ninth to tenth

Among these, Apple, American Express, and Bank of America together still account for over half of the entire stock portfolio.

However, compared to Buffett’s era, the new management is demonstrating a higher frequency of portfolio adjustments and a more active “rotation” style.

Market focus is also shifting: as Buffett gradually steps back, the question is whether Berkshire, led by new CEO Greg Abel, will move from a “long-term highly concentrated” holding pattern toward a more flexible, industry-trend-oriented investment style.