Key Takeaways
- Pershing Square initiated a fresh Microsoft stake following share price declines, while simultaneously divesting its entire Alphabet holding
- Berkshire Hathaway significantly expanded its Alphabet investment from 18 million shares to 58 million shares, creating a position worth approximately $16.6 billion
- In an unexpected reversal, Berkshire re-entered the airline sector through a substantial Delta Air Lines investment valued between $2.65 billion and $3 billion
- Amazon received increased investment from both Appaloosa and Pershing Square, despite Berkshire reducing its exposure
- Both Appaloosa and Pershing Square increased their Uber holdings, with Appaloosa’s stake reaching approximately $455 million
The most recent 13F filings have revealed substantial portfolio adjustments by prominent institutional investors during the first quarter of 2026. These regulatory documents, which disclose equity holdings as of March 31, 2026, provide insight into investment strategies from the previous quarter.
The disclosed transactions demonstrate sustained enthusiasm for artificial intelligence infrastructure, cloud-based services, digital commerce platforms, and technology-enabled businesses.
Pershing Square Initiates Microsoft Position While Berkshire Multiplies Alphabet Holdings
Bill Ackman’s Pershing Square established an entirely new Microsoft investment during Q1 2026. According to Reuters, Ackman capitalized on weakness in the stock price, viewing the entry point as compelling from a valuation perspective.
Concurrently, Pershing Square completely liquidated its Alphabet holdings. This represents a strategic reallocation between two dominant players in the AI and cloud computing landscape.
Microsoft provides investors with exposure to its Azure cloud platform, its strategic collaboration with OpenAI, the GitHub developer ecosystem, and AI-enhanced productivity tools through Microsoft 365 Copilot. These initiatives represent core components of the artificial intelligence investment thesis throughout 2026.
Meanwhile, Berkshire Hathaway executed the opposite strategy. Warren Buffett’s conglomerate expanded its Alphabet investment from approximately 18 million shares to 58 million shares. Barron’s reported this expanded position carried a market value of approximately $16.6 billion.
This substantial increase signals strong conviction in Google’s search dominance, YouTube’s platform strength, and Alphabet’s cloud computing and artificial intelligence capabilities. The contrasting approaches between these two investment giants illustrate divergent views on which technology leader will ultimately prevail in the AI competition.
Berkshire Makes Surprising Airline Comeback Through Delta Investment
Among the quarter’s most surprising portfolio changes was Berkshire Hathaway‘s decision to establish a new Delta Air Lines position. Reuters reported the investment at approximately $2.65 billion, while Barron’s estimated the value closer to $3 billion.
This transaction represents a notable strategic reversal. Berkshire had withdrawn from airline investments following the COVID-19 pandemic’s impact on the travel industry. Re-entering this sector through Delta represents a contrarian position considering elevated fuel expenses and broader macroeconomic headwinds affecting consumer travel demand.
Delta Air Lines maintains its position as the United States’ largest airline measured by revenue and has strategically emphasized premium cabin products and enhanced frequent flyer programs to protect profitability.
Multiple Hedge Funds Increase Amazon and Uber Exposure
Amazon received capital inflows from two prominent investment firms. David Tepper’s Appaloosa Management increased its Amazon holdings by 2.1 million shares, elevating it to the fund’s top position with an approximate value of $900 million. Simultaneously, Pershing Square expanded its Amazon investment by 19%.
Berkshire Hathaway reduced its Amazon position during this same timeframe. Nevertheless, the accumulation by Tepper and Ackman ensures Amazon remains among the quarter’s most closely monitored holdings.
Uber completed the list of five heavily purchased stocks. Appaloosa Management added approximately 4.5 million shares, bringing its total Uber investment to roughly $455 million. Pershing Square also maintained Uber as a significant portfolio component.
Uber attracts institutional capital due to its diversified business model spanning ride-sharing services, food delivery operations, emerging advertising revenue streams, and steadily improving profitability metrics.
Collectively, these five equity positions—Microsoft, Alphabet, Delta, Amazon, and Uber—illustrate where influential investors deployed substantial capital as 2026 commenced.
