Berkshire Loads Up on Alphabet with $38 Billion Bet

Berkshire Hathaway has increased its stake in Alphabet by 83% during its largest quarter of stock buying in years, according to a report. The conglomerate now owns about 106 million shares worth $38 billion at the end of June.

The firm boosted its holdings through both a private placement and open market purchases. In June, Berkshire agreed to purchase $10 billion worth of Alphabet stock at a discount in a private placement, and added another 19.6 million shares on the open market last quarter.

This move is notable given Warren Buffett's history of avoiding technology stocks throughout most of his career, with Apple being an exception. However, Buffett has said he personally made the call to invest in Alphabet last year, suggesting shared decision-making between him and CEO Greg Abel.