Key Takeaways
- Pershing Square initiated a fresh position in Microsoft following a price decline, while completely divesting from Alphabet.
- Berkshire Hathaway tripled down on Alphabet, expanding holdings from 18 million shares to 58 million—a position valued near $16.6 billion.
- In an unexpected return to airlines, Berkshire established a Delta Air Lines position estimated between $2.65 billion and $3 billion.
- Amazon attracted purchases from Appaloosa and Pershing Square, even as Berkshire reduced its exposure to the e-commerce giant.
- Both Appaloosa and Pershing Square expanded their Uber holdings, signaling bullish sentiment toward the rideshare and delivery platform.
Recent 13F regulatory disclosures have unveiled the investment strategies of Wall Street’s most influential money managers during Q1 2026. These mandatory filings, published with a time lag, capture portfolio positions as they stood on March 31, 2026.
While these documents don’t reveal current holdings, they provide valuable insight into where sophisticated institutional capital was flowing just months ago.
This reporting period highlighted concentrated interest in artificial intelligence infrastructure, cloud services, travel recovery, digital commerce, and technology platforms. Below are the five stocks that dominated billionaire portfolios.
Microsoft and Alphabet: Contrasting Bets on the AI Revolution
Bill Ackman’s Pershing Square established an entirely new stake in Microsoft throughout the opening quarter. Reuters noted that Ackman capitalized on a share price pullback, viewing the entry point as compelling.
This purchase coincided with Pershing Square completely liquidating its Alphabet holdings. The simultaneous moves represent a deliberate reallocation—swapping one AI powerhouse for another.
Microsoft offers investors exposure to Azure cloud infrastructure, Microsoft 365 Copilot, GitHub developer tools, enterprise software dominance, and its strategic alliance with OpenAI. These assets position the company at the epicenter of the artificial intelligence transformation unfolding in 2026.
Meanwhile, Berkshire Hathaway executed the opposite strategy. Warren Buffett’s conglomerate substantially enlarged its Alphabet investment, ballooning the stake from approximately 18 million shares to 58 million. Barron’s valued this holding at around $16.6 billion.
This represents a powerful endorsement of Google Search dominance, YouTube’s advertising ecosystem, Google Cloud computing, and Alphabet’s AI infrastructure. The divergent approaches underscore that even among elite investors, opinions differ on which artificial intelligence leader will ultimately prevail.
Delta, Amazon, and Uber Complete the Portfolio Additions
Among the quarter’s most notable developments was Berkshire Hathaway’s entrance into Delta Air Lines. Reuters estimated the new stake at approximately $2.65 billion, while Barron’s reported a figure approaching $3 billion.
This investment carries particular significance given Berkshire’s previous retreat from airline investments following pandemic-related turbulence. Returning to the sector amid elevated fuel expenses and macroeconomic headwinds represents a distinctly contrarian position.
Amazon and Uber Maintain Institutional Appeal
Amazon drew accumulation from multiple prominent investors. David Tepper’s Appaloosa Management acquired 2.1 million additional Amazon shares, elevating it to the fund’s top holding with a value near $900 million. Pershing Square similarly increased its Amazon exposure by 19%.
Interestingly, Berkshire reduced its Amazon stake during this same timeframe. Nevertheless, the aggressive buying from both Tepper and Ackman keeps Amazon among the quarter’s most scrutinized positions.
Uber completed the roster of five standout stocks. Appaloosa purchased approximately 4.5 million additional Uber shares, establishing a position valued around $455 million. Pershing Square maintained Uber as a core portfolio component.
Uber appeals to institutional investors through its diversified business model spanning ridesharing, food delivery, advertising infrastructure, and accelerating profitability. While not a conventional technology company, it embodies the scalable platform economics that elite fund managers increasingly favor.
Collectively, these five stocks—Microsoft, Alphabet, Delta, Amazon, and Uber—illuminate what sophisticated investors prioritized entering 2026: durable competitive advantages, artificial intelligence exposure, and platform-driven growth models.
