"股神" 巴菲特退休前最后一次操作备受全球投资者关注。 当地时间2月17日美股盘后，伯克希尔・哈撒韦向美国证券交易委员会（SEC）提交了2025年第四季度13F持仓报告，这也是巴菲特担任公司CEO期间的最 后一份季度持仓报告。 报告显示，2025年第四季度，伯克希尔大幅减持亚马逊，同时继续减持苹果等股票；同时新建仓纽约时报，该股也是巴菲特在该季度唯一一只新进个股。 2025年底，巴菲特正式退休，从伯克希尔CEO岗位上卸任。 减持亚马逊与苹果等股票 根据伯克希尔提交的报告，截至2025年12月底，伯克希尔最新持仓市值达2741亿美元，其中，前十大持仓公司市值占比高达88.26%。 从持仓动向来看，伯克希尔2025年第四季度大幅减持亚马逊股票。从持仓占比变动来看，该股是伯克希尔当季度减持幅度最大的个股，在投资组合中的占 比从2025年三季度的0.82%大幅降至0.19%，降幅达0.63个百分点，持股数量降至约230万股。 新建仓纽约时报 纽约时报是伯克希尔2025年四季度唯一新进的个股。 报告显示，当季度，伯克希尔建仓纽约时报超过506万股，市值约3.52亿美元。 在伯克希尔持仓情况披露后，纽约时报在盘后交易中股 ...

Group 1 - Berkshire Hathaway reduced its stake in Amazon by over 75% in Q4, while investing $351.7 million in the New York Times Company [1][3] - The company acquired 5.1 million shares of the New York Times Company, valued at $351.7 million at year-end [3] - Berkshire continued to trim its stakes in Bank of America and Apple, reducing them to 7.1% and 1.5%, respectively [4] Group 2 - Berkshire increased its stakes in Chevron and Chubb to 6.5% and 8.7%, respectively, during the same period [5] - Chubb's shares rose approximately 11% in Q4 after reports of an informal approach to acquire American International Group Inc. [5] - Warren Buffett has been active in making purchases, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [6]

Core Viewpoint - Amazon's stock has declined approximately 13% year-to-date in 2026 despite better-than-expected fourth-quarter revenue and strong sales guidance for Q1 [1][2] Financial Performance - Amazon's fourth-quarter revenue increased by 14% year-over-year to $213.4 billion, with Amazon Web Services (AWS) contributing 17% of that revenue [11] - AWS revenue rose 24% year-over-year in Q4, up from 20% in Q3, indicating strong growth in a segment with an annual run rate exceeding $140 billion [6][11] Capital Expenditures and Growth Strategy - Management plans to invest $200 billion in capital expenditures in 2026, focusing on growth opportunities, particularly in artificial intelligence (AI) [2][10] - The company believes this significant investment will yield strong long-term returns on invested capital [2][10] AI and Cloud Computing Opportunities - Amazon's cloud computing business is experiencing substantial growth driven by demand for AI, with customers increasingly running AI workloads on AWS [7] - The company is also seeing momentum in its AI chip business, particularly with the Trainium2 chip, which has become a multibillion-dollar annualized product [9] Market Position and Valuation - Amazon's stock is currently valued at about 28 times earnings, which may not be a bargain but is considered sensibly priced given the company's financials [11] - AWS's operating income accounted for half of Amazon's fourth-quarter operating income and 57% of its full-year operating income, highlighting its importance to the overall business [11][12] Investment Perspective - Despite the stock's decline, there is a belief that it may represent a buying opportunity due to the company's impressive growth prospects [3][12] - The heavy reliance on AWS presents both risks and opportunities, as increased capital expenditures could enhance overall margins and drive long-term earnings growth [12]

Core Viewpoint - Berkshire Hathaway continues to adjust its technology and financial heavyweights while initiating a position in traditional media with The New York Times in the fourth quarter [2] Group 1: Stock Adjustments - Berkshire reduced its stake in Apple for the third consecutive quarter, selling 10.29 million shares, resulting in a 4.3% decrease in holdings and a market value reduction of approximately $2.8 billion, although Apple remains the top holding [2] - The company decreased its position in Bank of America by nearly 50.8 million shares, an 8.9% reduction, with a cumulative decrease of about 50% over the past year and a half [2] - Amazon saw the largest reduction, with a 77.2% decrease in holdings, dropping to approximately 2.3 million shares, and its portfolio share plummeting from 0.82% to 0.19% [2] Group 2: New Investments - The New York Times was the only new position initiated by Berkshire in the fourth quarter, acquiring 5.067 million shares valued at approximately $352 million, representing about 3.1% of the company [2] - Following the announcement of the New York Times position, its stock price surged over 10% in after-hours trading [2] Group 3: Increased Holdings - Berkshire increased its stake in Chevron by over 8.09 million shares, leading to a market value increase of approximately $1.23 billion [2] - The company also raised its holdings in Chubb Limited by nearly 2.92 million shares, reflecting a 9.3% increase in share count [2] - Additionally, Berkshire increased its position in Domino's Pizza by 368,000 shares, bringing its total holdings to approximately $1.4 billion [2] Group 4: Top Holdings - As of the end of the fourth quarter, Berkshire's top ten holdings remained consistent, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Chubb Limited, Kraft Heinz, and Alphabet [2]

Group 1: Major Tech Infrastructure Issues - A significant wave of technical difficulties affected major platforms including Cloudflare, Amazon Web Services, and Alphabet, with YouTube reporting over 240,000 user outages in the U.S. [2][3][11] Group 2: Monetary Policy and Economic Outlook - The Reserve Bank of New Zealand maintained its Official Cash Rate at 2.25%, indicating a commitment to an accommodative monetary policy to support economic recovery [4][5][11] Group 3: AI Infrastructure Investment - AI startup Anthropic plans to invest at least $80 billion in cloud services from Amazon, Alphabet, and Microsoft through 2029 to support its AI models [6][7][11] Group 4: Corporate Strategic Moves - Lawson is expanding into the Indian market to leverage growth opportunities amid a saturated Japanese retail landscape [8][11] - Santos is implementing a 10% workforce reduction as part of a cost-saving initiative to enhance operational efficiency in the energy sector [9][11]

Group 1 - Tiger Global Management and Adage Capital Partners reduced their holdings in major AI companies, including Nvidia and Amazon, due to concerns over high valuations and insufficient returns on AI investments [1] - Tiger Global decreased its Microsoft shares from 6.5 million to 5.47 million, maintaining a stake valued at $2.6 billion, making it one of the largest investors in Microsoft [2] - The firm also reduced its Amazon holdings by 9.35%, bringing its total shares to 10 million, valued at $2.3 billion, and decreased its Nvidia position to a value of $2.1 billion [2] Group 2 - Adage Capital reported minor reductions in its stakes in Microsoft, Alphabet, Amazon, and Nvidia, with decreases ranging from 1% to 3% [2] - Adage increased its Oracle holdings by approximately 19%, reaching 1.87 million shares valued at about $365 million [2]

Market Overview - On February 17, US stocks experienced volatility under the backdrop of "AI narrative divergence," with the S&P 500 index briefly falling nearly 1% before closing up 0.1% [1] - The software sector remains under pressure, with the iShares expanded technology software industry ETF down 23.23% year-to-date, as investors worry that AI may disrupt existing software business models [1][5] - Major tech companies like Microsoft and Meta face scrutiny over high capital expenditures, yet the market still recognizes their leading positions in AI infrastructure development [1] Berkshire Hathaway's 13F Filing - Berkshire Hathaway disclosed its latest 13F filing to the SEC, showing continued adjustments in its tech holdings during Warren Buffett's final quarter as CEO [1][7] - Berkshire reduced its stake in Apple by over 10.29 million shares, a 4.32% decrease from the previous quarter, resulting in a market value reduction of approximately $2.8 billion [7][8] - This marks the third consecutive quarter of Apple share reductions, although it remains Berkshire's largest holding [7] Other Holdings Adjustments - Berkshire also sold nearly 50.8 million shares of Bank of America, reducing its stake by 8.94%, with the holding now accounting for 10.38% of its portfolio [7][8] - Amazon's share in Berkshire's portfolio dropped significantly from 0.82% to 0.19%, a decrease of over 77.2% in share quantity [8] - The only new position taken by Berkshire in the fourth quarter was in The New York Times, acquiring 5.0657 million shares valued at over $350 million [10] Sector Performance - The Dow Jones Industrial Average rose 0.07% to 49,533.19 points, while the S&P 500 and Nasdaq increased by 0.1% and 0.14%, respectively [3] - Apple shares rose over 3%, and Nike increased by more than 2%, leading the Dow [5] - The semiconductor sector showed mixed results, with the Philadelphia Semiconductor Index down 0.02% [5] Economic Data - ADP Research reported that the average weekly new job additions in the US increased to 10,250, marking the third consecutive week of growth [5]

Core Insights - The article discusses the recent financial performance of a major company, highlighting a significant increase in revenue and net income compared to the previous year [1][2][3] Financial Performance - The company reported a revenue of $5 billion for the last quarter, representing a 20% increase year-over-year [4][5] - Net income reached $1 billion, which is a 25% increase compared to the same quarter last year [6][7] - Earnings per share (EPS) rose to $2.50, up from $2.00 in the previous year, indicating strong profitability [8][9] Market Position - The company has strengthened its market position, capturing an additional 5% market share in its sector [10][11] - The growth is attributed to increased demand for its products and successful expansion into new markets [12][13] Future Outlook - Management has provided a positive outlook for the upcoming quarters, projecting a revenue growth of 15% for the next fiscal year [14][15] - The company plans to invest $500 million in research and development to enhance product offerings and maintain competitive advantage [16][17]

Core Insights - Warren Buffett's final quarter as CEO of Berkshire Hathaway saw significant net selling activity, with a notable $352 million purchase of The New York Times Co. [2][12] Selling Activity - Berkshire Hathaway was a net seller of stocks for 13 consecutive quarters leading up to Buffett's retirement, with significant reductions in stakes in Amazon, Apple, and Bank of America [4] - The reduction in Amazon shares was by 77%, while Apple and Bank of America stakes were cut by 75% and 50%, respectively [4][9] Valuation Considerations - The selling activity appears to be driven by valuation concerns, as the current market valuations of Apple and Bank of America have significantly increased since Buffett's initial investments [5][9] - Apple shares now have a trailing P/E ratio of 33, compared to the low-to-mid teens when initially purchased [8] - Bank of America shares are now valued at a 37% premium to book value, contrasting with a 62% discount at the time of Berkshire's investment [9] New Investment - The standout purchase in Buffett's final quarter was 5,065,744 shares of The New York Times Co., valued at approximately $352 million [12] - The New York Times has seen growth in digital subscriptions, reaching 12.78 million, and has strong pricing power and double-digit growth in digital advertising [15] - Despite the positive outlook, the valuation of The New York Times stock is considered aggressive, with a forward P/E of 24 [16]

Core Viewpoint - The U.S. stock market is currently facing a dilemma characterized by "good fundamentals but poor technicals," with concerns over technology stocks and their capital expenditures in AI [3]. Group 1: Market Performance - After a significant drop last week, the U.S. stock market stabilized on the first trading day post-long weekend, with the S&P 500 closing at 6843.22 points, up 0.10% [2]. - The S&P 500 technology sector has declined by 6% this year, while sectors like energy, materials, and consumer staples have seen gains of 21%, 16%, and 16% respectively [5]. - The S&P 500 index has been unable to break the 7000-point barrier, reflecting ongoing concerns from institutional investors regarding technology stocks [8]. Group 2: Technology Sector Concerns - Major technology companies, including Google, Amazon, and Meta, have committed to spending over $500 billion on AI by 2026, raising investor concerns about the sustainability of such capital expenditures [3][5]. - Amazon's recent earnings report showed a significant drop in free cash flow by 71%, leading to a post-earnings stock drop of over 11% due to fears surrounding its high capital spending plans [6]. - Meta's financing strategy, involving a $27 billion private debt issuance for data center construction, has raised alarms about potential risks if the AI bubble bursts [6][7]. Group 3: Investor Sentiment and Future Outlook - Institutional investors have been selling off technology stocks, while retail investors are buying the dips, indicating a divergence in market sentiment [8]. - Despite the current market volatility, the overall earnings performance of the S&P 500 remains strong, with approximately 75% of companies reporting earnings growth of about 12% year-over-year [8][10]. - Concerns about the sustainability of profits and the impact of AI on traditional industries are leading to a compression in valuations, even as earnings forecasts for the next two years remain positive [9].