Berkshire Under Abel Boosts Alphabet, Cuts Amazon; Rebuilds Airlines With $2.6B Delta Stake

Greg Abel's first full quarter as CEO of Berkshire Hathaway revealed a portfolio rebalancing that departs from Warren Buffett's Amazon enthusiasm while doubling down on Alphabet and signaling renewed interest in airline valuations post-pandemic. The 13F filing for the quarter ending March 31, 2026, showed Berkshire increased its Alphabet stake while completely exiting its Amazon position, a move that surprised many observers given Buffett's long advocacy for the e-commerce and cloud leader. Simultaneously, Berkshire deployed $2.6 billion to build a fresh stake in DeltaHow much an option's price changes per $1 move in the underlying. Air Lines, marking the company's return to airline investing after years of stewardship. The moves appear calculated to capture recovery in travel demand and capital returns, while reducing exposure to mega-cap concentration risk that Buffett himself had flagged in recent shareholder letters.

The Alphabet move reflects confidence in the company's AI-integrated product roadmap and advertising resilience amid macro uncertainty. Berkshire's continued enthusiasm for the tech giant despite Friday's broader sector selloff suggests that Abel and his team see durable moatA sustainable competitive advantage that protects long-term returns on capital. value in search and cloud infrastructure. The Amazon exit, by contrast, raises questions about whether Berkshire views the valuation as extended relative to fundamental growth rates, or whether it sees margin pressure risks from higher capex intensity. Buffett's own purchasing of stocks like PLTR and NVDA during the first quarter, disclosed separately, showed he was selectively adding to AI-adjacent names, which adds nuance to the portfolio changes.

The DeltaHow much an option's price changes per $1 move in the underlying. stake is noteworthy as a signal of renewed confidence in cyclical recovery and capital returns in the airline sector. Berkshire's previous airline positions in Southwest, American, and others were liquidated at steep losses in 2020, and the new $2.6 billion commitment to Delta suggests the company sees structural improvement in unit economics and pricing power. The move also reflects Berkshire's comfort with higher interest rates and capital allocation discipline in a competitive market. For investors, the rebalancing underscores that even mega-cap diversified conglomerates are rotating out of mega-cap growth and into value, a trend that may accelerate if tech earnings disappoint.

Critics note that selling Amazon at current valuations may prove premature if cloud infrastructure demand accelerates beyond expectations. Berkshire's timing on airline cyclicals also carries execution risk: any recession or demand shock could reverse the thesis. Additionally, the moves are far smaller in absolute terms than Berkshire's scale, and passive index holdings still dominate the portfolio, limiting the narrative impact.