After six years, Buffett finally bought Google! He splurged $4.3 billion, making Alphabet the tenth largest Holdings of Berkshire.

Berkshire Hathaway, in its latest 13F filing, spent $4.3 billion to buy Alphabet while further reducing its stake in Apple, highlighting that the value investment framework is being adjusted due to the AI wave. (Background: Buffett admitted he feels old, finding thinking and reading increasingly taxing… and first talks about his decision to step down as CEO of Berkshire.) (Additional background: Buffett previously invested in Brazilian crypto-friendly bank Nu Holdings, with Berkshire's holdings reaching $1.2 billion.) The 13F filing released by Berkshire Hathaway on the 14th revealed that the company bought 17.85 million shares of Alphabet for a market capitalization of about $4.3 billion, and has reduced its Apple position for the third consecutive quarter, selling another 41.8 million shares in the quarter alone. This action suggests that Buffett seems to have new thoughts on tech stocks: as cloud and AI-driven Alphabet comes to the forefront, Apple, with its slowing iPhone cycle and slow progress in AI, is being continuously dumped. (Buffett has always been cautious about startups and the tech industry due to their high price-to-earnings ratios and unpredictable operating prospects.) $4.3 billion bet: Alphabet joins core holdings. The 13F data shows that Alphabet has now entered Berkshire's top ten U.S. stock positions. Alphabet's stock price has risen 45.4% year-to-date, driven by AI demand boosting its Cloud business and a rebound in search advertising. Berkshire's substantial investment is seen by the market as an affirmation of Alphabet's moat: over 90% market share in search engines, cash flow from YouTube's video ads, and the technical depth of its self-developed TPU chips and Gemini large language models. From regret to action: six years of price and value. As early as the 2019 shareholder meeting, Buffett mentioned missing the investment opportunity in Google, describing it as “a regrettable matter,” but for many years, he seemed not to have waited for the right timing to enter. “Back then, we were using Google services but didn't think to buy the stock, which is one of the few decisions I truly regret.” We know that over the past year, Berkshire has net sold stocks, with cash levels hitting new highs multiple times, but this time it took action. The outside world generally believes that investment managers Todd Combs and Ted Weschler, who are more familiar with the tech industry, played a key role, reflecting that Berkshire's decision-making mechanism is transitioning from a single legend to a dual-core era. (Buffett will confirm his exit from Berkshire's daily operations by the end of this year.) Reducing Apple’s investment portfolio thinking. On the other hand, Apple remains Berkshire's largest holding, but its weight once approached 40% of the portfolio. However, concentrated risks combined with slow iPhone growth and long-term valuations above a 30x P/E ratio led Berkshire to choose to “continuously reduce its stake.” Apple relies on hardware update cycles, while Alphabet steadily amplifies cash flow through cloud subscriptions and advertising algorithms; the operational rhythm difference between the two has become the core basis for Berkshire's rebalancing. Observing the future: the next page of Berkshire's value investment. This portfolio reshaping indicates that value investing is not insulated from technology, but rather waiting for the moment when valuation and moat reasonably intersect. As AI transitions from concept to cash flow, Alphabet's enterprise infrastructure characteristics gain recognition from traditional value investors. Related reports: Buffett's shareholder letter contains hidden mysteries: is he waiting for a stock market crash with cash in hand? Bear market fears repeating the internet bubble disaster. Buffett's latest shareholder letter “makes no mention of crypto assets”! Cash reserves hit new highs, but he emphasizes a continued preference for investing in stocks. Who is Greg Abel, Buffett's chosen “successor” for Berkshire? What does he think about crypto assets? This article was originally published in BlockTempo, the most influential Blockchain news media.