Berkshire Hathaway (BRKA 0.46%)(BRKB 0.28%) released its first 13-F filing under new CEO Greg Abel late on Friday, and it included two of the most striking equity moves the conglomerate has made in years. Most notably, Abel and his team chose not to trim Berkshire’s massive stake in Apple (AAPL +0.68%) — halting a multi-quarter selling trend that former CEO Warren Buffett had presided over for nearly two years. Equally telling, Berkshire more than tripled its position in Alphabet (GOOG 1.03%)(GOOGL 1.15%), a position the Buffett-era team had only initiated months earlier.

These moves signal a vote of confidence in big tech from a CEO previously known for his operating work running Berkshire’s collection of utilities. They may also confirm something many longtime Berkshire shareholders had suspected: that the prior selling of Apple was less about a souring view on the iPhone maker and more about right-sizing a position that had grown enormous through years of compounding. I predicted in that Abel would put an end to the trimming — and so far, that is exactly what is happening.

But there is more to this filing than just Apple and Alphabet. The cleanup of several other positions reveals how Abel may run the portfolio going forward.

A reshuffled portfolio with two clear signals

The 13-F revealed that Berkshire held its Apple position steady at roughly 228 million shares. While that stake is well below Berkshire’s all-time peak of more than 900 million shares, it still represents about 22% of the conglomerate’s equity portfolio, and it remains Berkshire’s largest position. American Express and Coca-Cola followed at about 17% and 12% of the portfolio, respectively.

The more dramatic move was in Alphabet. Berkshire’s share count in the search giant rose from about 17.85 million at the end of 2025 to roughly 58 million by the end of March — pushing the position’s value to nearly $17 billion. That is a sizable bet, particularly considering Buffett’s historical reluctance to invest heavily in technology.

The buying didn’t stop there. Berkshire disclosed a new $2.65 billion stake in Delta Air Lines (DAL 1.85%) and a small position in Macy’s (though this position was so small that it was immaterial) — both signals of a willingness to enter spaces Buffett had avoided in recent years.

The selling was even more aggressive.

Berkshire exited Amazon, Visa, Mastercard, Domino’s Pizza, and UnitedHealth Group during the quarter, and slashed its Constellation Brands stake by 95%. Chevron was cut significantly as well. Many of these positions were previously associated with departed investment manager Todd Combs, suggesting Abel is putting his own stamp on the equity book.

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Apple’s business looks like a long-term hold

Beyond the portfolio mechanics, Apple’s underlying fundamentals make Berkshire’s decision to leave the largest position alone look easy.

When Apple reported its fiscal second quarter of 2026 results (the period ended March 28, 2026) at the end of April, the tech company posted its best March quarter ever. Revenue rose 17% year over year to $111.2 billion, with double-digit growth across every geographic segment. Earnings per share grew 22%. Even better, these growth rates marked an acceleration from the company’s prior quarter, when revenue and earnings per share rose 16% and 19%, respectively.

Further, Apple’s strength was broad-based. iPhone revenue jumped 22% year over year to $57 billion, while services revenue set yet another all-time record at $31 billion — up 16%. And the services business may matter even more than the top-line numbers suggest; the segment’s gross margin in fiscal Q2 came in at 76.7%, far above the 38.7% products gross margin.

Apple CEO Tim Cook’s commentary on the company’s fiscal Q2 earnings call was equally upbeat.

“The iPhone 17 family is now the most popular lineup in our history when looking at the launch through March,” Cook said. “And according to IDC, we gained market share during the quarter.”

Management’s guidance for the fiscal third quarter (the period ending in late June) also impressed. Apple expects revenue to grow 14% to 17% year over year, suggesting the iPhone 17 cycle still has runway.

Further, the tech giant also raised its dividend by 4% to $0.27 per share and added $100 billion to its share-buyback authorization.

There are, however, some risks worth flagging. Cook noted on the call that the company expects “significantly higher memory costs” in the June quarter. And that the impact could grow over time as memory manufacturers prioritize artificial intelligence (AI) chips. The pending leadership transition is also worth watching; Cook will step down as CEO on Sept. 1, with senior vice president John Ternus taking over.

Still, neither risk seems severe enough to disrupt the longer-term thesis for Apple (or for Berkshire as a major shareholder).

And ultimately, the way Abel handled Berkshire’s biggest positions in his first quarter as CEO arguably makes the conglomerate’s stock more attractive. By stepping away from Buffett’s late-cycle Apple selling and dramatically expanding the firm’s stake in a market-leading tech company at a reasonable valuation, Abel signaled a willingness to chart his own course for the equity book.