Berkshire Hathaway Doubles Amazon Stake, Returns to Airlines With Delta Position

Berkshire Hathaway's first quarter regulatory filings showed a distinct pivot under new CEO Greg Abel, who took the helm following Warren Buffett's transition of operational responsibilities. The conglomerate nearly doubled its Amazon position, making the e-commerce and cloud giant its largest single equity holding by end of Q1 2026. In parallel, Berkshire exited most airline positions (a pivot away from Buffett's long-held energy hedge thesis) while unexpectedly building a $2.6 billion stake in DeltaHow much an option's price changes per $1 move in the underlying. Air Lines.

The Amazon move is particularly significant given the company's dominance in cloud infrastructure (AWS) and its role as a key customer of data center and semiconductor capex. Berkshire's historical skepticism of big tech has softened, possibly reflecting Abel's different investment philosophy or a collective recognition that AI-driven cloud infrastructure is now a core economic moatA sustainable competitive advantage that protects long-term returns on capital.. The move also aligns with broader macro trends: David Tepper's Appaloosa fund nearly doubled its Amazon position in Q1, and Seth Klarman's Baupost Group made Amazon its largest equity holding.

The DeltaHow much an option's price changes per $1 move in the underlying. stake is more puzzling but likely reflects two considerations: (1) oil prices have spiked due to Iran tensions, and airlines benefit from energy supply constraints that spike jet fuel spreads; (2) airline recovery and capacity discipline post-pandemic have created stable cash generation, offering Berkshire downside protection in a volatile environment. However, the sale of Chevron (roughly $8 billion of shares in Q1) shows that even energy exposure is being recalibrated.

The broader implication is that mega-cap tech and infrastructure plays are now viewed by the most important institutional allocators as core holdings rather than speculative momentumThe empirical fact that winners keep winning over the medium term. bets. This narrative supports continued mega-cap outperformance but also raises concentration risk if sentiment shifts.