Warren Buffett’s Berkshire Hathaway
revealed a new position in Alphabet
, making the Google parent the conglomerate’s 10th largest equity holding at the end of September, according to a regulatory filing.
Berkshire disclosed a $4.3 billion stake in Alphabet at the end of the third quarter, a surprising move given Buffett’s traditional value investing philosophy and reluctance toward high-growth, tech names. While Berkshire has owned Apple
for years, Buffett has called it more of a consumer products company than a pure tech play.
The purchase was also likely made by Berkshire investment managers Todd Combs or Ted Weschler, who have been more active in technology names. One of them initiated an investment in Amazon
back in 2019, and Berkshire still owns $2.2 billion worth of the e-commerce shares.
Alphabet has been the market’s standout winner this year with shares rallying 46%. Strong demand for artificial intelligence has driven solid momentum in Alphabet’s cloud business.
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