Berkshire Hathaway has shifted from a wait-and-see stance to taking action, bringing an end to its 14-quarter streak of net stock selling, with net purchases of roughly $20 billion in stocks during Q2.

Berkshire Hathaway released its Q2 2026 financial report today, with the market’s most closely watched detail being that its cash reserves dropped to $365.51 billion in the second quarter, down from approximately $397.4 billion in Q1. This marks the end of Berkshire’s 14 consecutive quarters of net selling, its first period of significant net buying since Q4 2022. In Q2, Berkshire’s net stock purchases totaled nearly $20 billion, including a roughly $10 billion private placement in Alphabet, Google’s parent company, to support its AI data center and other investments. It also acquired homebuilder Taylor Morrison for approximately $6.8 billion—a full acquisition, not an open-market stock trade—and repurchased about $4.5 billion of its own shares. After accounting for these major items, there remains roughly $3 billion in "unexplained" net open-market equity purchases, with specific stocks to be disclosed in the 13F filing around August 14. Alphabet has now officially entered Berkshire’s top five holdings, alongside American Express, Apple, Bank of America, and Coca-Cola, with these five core positions making up roughly 66% of its stock portfolio. Buffett previously noted that the prolonged net selling cycle was driven mainly by high market valuations, which made it difficult to find sufficiently attractive opportunities. This shift is viewed as a clear signal of more active capital allocation since Greg Abel took over as CEO, with Berkshire moving from "waiting patiently" to "taking action."