Core Viewpoint - The article reveals the portfolio adjustments made by Berkshire Hathaway during Warren Buffett's last quarter as CEO, highlighting a shift in holdings with reductions in technology stocks and increases in energy, consumer, and financial sectors [2][4]. Group 1: Overall Portfolio Changes - As of the end of Q4 2025, Berkshire's total portfolio size increased to $274 billion from $267 billion in the previous quarter, with the top ten holdings accounting for 88.26% of the portfolio [2]. - The top ten holdings remained unchanged in terms of companies, but there were slight adjustments in their rankings [2]. Group 2: Major Stock Adjustments - Berkshire reduced its stake in Apple by over 10.29 million shares, a decrease of 4.32%, marking the third consecutive quarter of reduction, with a market value decline of approximately $2.8 billion [4][7]. - A significant reduction in Amazon shares was noted, with a 77.24% decrease in holdings, dropping its portfolio share from 0.82% to 0.19%, leaving nearly 2.3 million shares [5]. - The stake in Bank of America was also reduced, with nearly 50.8 million shares sold, resulting in an 8.94% decrease in holdings [6]. Group 3: New Investments and Increases - Berkshire initiated a new position in The New York Times, purchasing 5.0657 million shares valued at over $350 million, ranking it 30th in the portfolio [8]. - The company increased its holdings in Chevron by over 8.09 million shares, a 6.63% increase, and in Chubb Limited by nearly 2.92 million shares, a 9.31% increase [9]. - Additionally, there was a 12.34% increase in holdings of Domino's Pizza, raising its market value to $1.4 billion [9]. Group 4: Stable Holdings - Coca-Cola and Kraft Heinz holdings remained unchanged, with Coca-Cola valued at $27.96 billion, maintaining its position as the fourth-largest holding [11]. - Berkshire is the largest shareholder of Kraft Heinz, holding approximately 27.5% of the company, which is undergoing a split into two independent publicly traded companies [11].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings, reducing stakes in major companies like Apple and Bank of America while initiating a position in traditional media outlet The New York Times during Warren Buffett's final quarter as CEO [2][3]. Group 1: Holdings Adjustments - In Q4 2025, Berkshire sold over 10.29 million shares of Apple, reducing its stake by 4.3% quarter-over-quarter, resulting in a decrease of approximately $2.8 billion in market value, with Apple's portfolio share dropping from 22.69% to 22.60% [2]. - Berkshire's stake in Amazon was significantly reduced by over 77%, with holdings decreasing to approximately 2.3 million shares, and its portfolio share plummeting from 0.82% to 0.19% [3]. - The company also sold nearly 50.8 million shares of Bank of America, a reduction of 8.9%, leading to a portfolio share decline to 6.89% [3]. Group 2: New Investments and Increases - The New York Times was the only new position initiated by Berkshire in Q4 2025, with an acquisition of 5.067 million shares valued at $352 million, representing about 3.1% of the company [4]. - Berkshire increased its stake in Chevron by over 8.09 million shares, a growth of 6.63%, raising its portfolio share to 7.24% and increasing its market value by approximately $1.23 billion [4]. Group 3: Top Holdings - As of Q4 2025, Berkshire's top ten holdings remained consistent with the previous quarter, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Swiss Re, Kraft Heinz, and Alphabet [4].

Core Viewpoint - Berkshire Hathaway disclosed its Q4 2025 U.S. stock holdings report, marking the last quarter under CEO Warren Buffett, showing significant reductions in key positions while also establishing a new position in The New York Times [1] Group 1: Holdings Summary - As of the end of Q4 2025, Berkshire's total holdings value was approximately $274.16 billion, up from $267.33 billion at the end of Q3 2025 [1] - The top five holdings included Apple, American Express, Bank of America, Coca-Cola, and Chevron, with Apple representing 22.6% of the portfolio [2][4] Group 2: Reductions in Holdings - In Q4 2025, Berkshire reduced its Apple shares by approximately 10.3 million, marking a 4.32% decrease, with total Apple shares held at 227.9 million, valued at about $61.96 billion [5] - The company also reduced its Bank of America shares by about 50.8 million, a decrease of 8.94%, leaving it with 517.3 million shares [5] - A significant reduction in Amazon shares was noted, with a decrease of 772.4 thousand shares, representing a 77% reduction [4][5] Group 3: New Investments - Berkshire initiated a new position in The New York Times, acquiring approximately 5.07 million shares valued at about $352 million, marking a re-entry into the media sector after selling its newspaper assets in 2020 [6] - The New York Times reported strong performance in Q4 2025, with total subscription users exceeding 12.78 million and a 10.2% increase in operating profit year-over-year [6]

当地时间2月17日美股盘后，伯克希尔哈撒韦公司（下简称"伯克希尔"）向美国证监会（SEC）披露了 最新13F文件。13F持仓报告显示，在巴菲特担任CEO的最后一季度，伯克希尔继续调整科技巨头持 仓，连续减持苹果公司、美国银行等重仓股的同时，首次建仓传统媒体纽约时报。 最新披露的文件显示，2025年第四季度，伯克希尔·哈撒韦公司对亚马逊的持仓大幅削减超77%，且连 续第三个季度减持苹果。 这是巴菲特执掌伯克希尔60年的最后一份13F持仓报告，巴菲特的继任者格雷格·埃布尔（Greg Abel）已 于2026年1月1日正式接任CEO。 据13F文件，伯克希尔于第四季度抛售苹果超过1029万股，持股数量环比三季度减少4.3%，季末苹果持 仓市值环比减少约28亿美元，持仓在伯克希尔投资组合中的占比从三季度的22.69%降至22.60%。以环 比减少的市值看，苹果是伯克希尔2025年第四季度减持最多的个股。这也是伯克希尔连续第三个季度减 持苹果。 尽管持续减持，但截至2025年四季度末，苹果仍是伯克希尔的头号重仓股。 截至2025年四季度末，以持仓市值计，伯克希尔的十大重仓股都是前一季的"老面孔"，分别是：苹果、 美国运 ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences [1] - Elon Musk predicts that humanoid robots could create a market worth $250 trillion by 2040, representing a major shift in the global economy driven by AI innovation [2] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8] Market Trends - The AI ecosystem is expected to reshape how businesses, governments, and consumers operate globally, indicating a shift in market dynamics [2] - The enthusiasm for AI is reflected in the investments and partnerships being formed by major companies, such as Oracle's collaboration with Nvidia [8]

伯克希尔·哈撒韦公司在"股神"巴菲特卸任CEO前最后一个季度继续调整科技巨头持仓，减持多只重仓股的同时，首次建仓传统媒体纽约时报。 美东时间2月17日周二美股盘后，递交美国证监会（SEC）的13F文件披露，伯克希尔2025年第四季度大幅削减所持亚马逊股份（AMZN）超过77%，并且连 续第三个季度减持苹果（AAPL）。伯克希尔还继续抛售美国银行（BAC），对该行的持股比例降至略低于7%。 纽约时报（NYT）是伯克希尔四季度唯一新进的个股 ，当季建仓超过506万股，市值约3.52亿美元。持仓公布后，纽约时报股价盘后一度涨超10%，后收窄过 半涨幅。 本周二公布的是巴菲特执掌伯克希尔60年的最后一份13F持仓报告，巴菲特的继任者Greg Abel已于2026年1月1日正式接任CEO。伯克希尔将于2月28日公布 全年业绩，届时将发布Abel作为CEO的首封致股东信。 持续减持苹果与美银 据13F文件，伯克希尔四季度抛售苹果超过1029万股，持股数环比三季度减少4.3%，季末苹果持仓市值环比减少约28亿美元，持仓在伯克希尔投资组合中的占 比从三季度的22.69%降至22.60%。 以环比减少的市值看，苹果是伯克希尔四 ...

Core Insights - Berkshire Hathaway Inc. significantly reduced its stake in Amazon.com Inc. by over 75% in Q4, while acquiring a new stake in the New York Times Co. valued at $351.7 million [1][2] Investment Changes - Berkshire Hathaway's current holdings in Amazon now stand at approximately 2.3 million shares after the reduction [2] - The company also decreased its stakes in Bank of America Corp. and Apple Inc. to 7.1% and 1.5%, respectively, starting in 2024 [2] New Investments - During the same period, Berkshire Hathaway increased its stakes in Chevron Corp. to 6.5% and Chubb Ltd to 8.7% [3] - The initial investment in Chubb was revealed in May 2024, following a secret accumulation of shares the previous year [3] Strategic Acquisitions - Buffett has been actively pursuing new acquisitions, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [4] - Following the announcement of the New York Times Co. investment, its shares rose over 10% in post-market trading [4]

"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]