Berkshire Hathaway Expands Alphabet, Delta and Homebuilder Stakes as Greg Abel Deploys More Cash

Berkshire Hathaway increased its positions in Delta Air Lines and Alphabet during the second quarter of 2026, giving investors an early look at Greg Abel’s approach to the conglomerate’s large cash reserve. A regulatory filing showed Berkshire bought 17.5 million additional Delta shares, lifting the airline stake’s value to $5.37 billion at the end of June.

The portfolio changes came in Abel’s second full quarter as chief executive after succeeding Warren Buffett. Berkshire also expanded several homebuilder holdings, while continuing to reduce selected financial and industrial positions. The moves mark a more active deployment of capital after a period in which Berkshire’s cash pile and restrained stock purchases had drawn close attention.

Alphabet emerged as the most consequential addition in Berkshire Hathaway’s latest portfolio filing, becoming the conglomerate’s third-largest disclosed stock holding. Berkshire roughly tripled its Alphabet position during the quarter, with one account describing the increase as an 83% rise in the stake, reflecting the scale of the purchase and the stock’s elevated role in the portfolio.

The investment gives Alphabet a larger place alongside Berkshire’s established holdings in major American businesses. It also signals that Abel’s team is willing to commit substantial capital to a large technology company, even as Berkshire continues to trim parts of its banking exposure. The filing does not identify a single reason for the purchase, leaving the investment thesis to be inferred from the portfolio shift rather than from a public management explanation.

Berkshire’s Delta purchase broadened the quarter’s buying beyond Alphabet and homebuilders. The 17.5 million-share addition pushed the value of the airline holding to $5.37 billion, making Delta one of the most visible new or expanded commitments under Abel’s leadership.

Airlines have long occupied a complicated place in Berkshire’s portfolio. The company once held stakes across the sector before Buffett exited those investments during the pandemic. The latest Delta purchase therefore carries significance beyond its dollar value, showing Berkshire’s current managers are prepared to build a concentrated airline position after that earlier retreat. Macy’s also appeared among the investments highlighted in coverage of the filing, adding another consumer-facing company to the quarter’s purchases.

Berkshire also increased investments in homebuilders, aligning the portfolio with a sector tied to housing supply, mortgage conditions and the long-running shortage of homes in many U.S. markets. The purchases included larger positions in several builders, according to coverage of the filing and portfolio analysis.

The housing additions arrived alongside reductions in Kroger, Nucor and DaVita, as well as further cuts to financial-company holdings. Berkshire continued paring Bank of America, reducing its ownership to 6.8% of the lender’s shares. The combination shows a portfolio being reshaped through both new purchases and deliberate selling, rather than through one large bet alone.

Berkshire’s selling activity was concentrated in parts of the portfolio that had been associated with its traditional value approach. The conglomerate continued reducing Bank of America and cut other financial positions during the April-June quarter. It also sold its entire holding in an alcoholic-beverage maker, while trimming Kroger, Nucor and DaVita.

Those sales provided funding for the expanded Alphabet, Delta and homebuilder positions and reduced exposure to several mature businesses. The filing also reinforces that Berkshire’s portfolio remains selective: Abel is adding to companies with different earnings drivers while removing or shrinking stakes elsewhere. Investors will watch future filings for evidence that the quarter represents a lasting allocation pattern rather than a single period of rebalancing.

The next Berkshire portfolio filing will show whether Abel continues deploying cash into technology, travel and housing or returns to the quieter investment pace associated with the final years of Buffett’s tenure. Alphabet’s new ranking and Delta’s enlarged position will be especially important markers because both are large, visible commitments.

The filing offers transaction data, not a detailed explanation of Berkshire’s internal investment process. Even so, the mix of purchases and sales gives shareholders a clear signal: the company is using its capital more actively while preserving a concentrated portfolio of major public companies. Abel’s record will be judged over time, but his opening portfolio decisions have already put Alphabet, Delta and homebuilders at the center of that evaluation.