Apple(US:AAPL) 财联社·2025-11-15 02:13Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has made significant changes to its investment portfolio in Q3, including a notable reduction in Apple shares and a new investment in Alphabet, reflecting a cautious stance on high valuations in the stock market [2][4]. Group 1: Portfolio Changes - As of the end of Q3, Berkshire held 41 stocks with a total market value of $267 billion, an increase of 3.4% from the previous quarter [3]. - The company increased its holdings in 6 stocks and reduced its positions in 5 stocks, notably acquiring 17.84 million shares of Alphabet and completely selling its stake in D.R. Horton [3][6]. - Berkshire has been a net seller of stocks for 12 consecutive quarters, indicating concerns about high market valuations [4]. Group 2: Apple Holdings - Apple remains Berkshire's largest holding with a market value of approximately $60.66 billion, but the number of shares has decreased from 280 million to 238.2 million, representing a reduction of nearly three-quarters of its original stake [5]. - The proportion of Apple in Berkshire's portfolio has dropped from over 50% to 22.69% [5]. - Buffett's reduction in Apple shares has been attributed to tax reasons, but there are speculations that it also reflects concerns over Apple's high valuation [5]. Group 3: Investment in Alphabet - Berkshire's new investment in Alphabet, totaling 17.84 million shares, has made it the company's tenth-largest stock holding [6]. - This move is surprising given Buffett's traditional value investing approach and cautious stance towards high-growth tech stocks, suggesting a shift in investment strategy possibly influenced by his investment managers [6][7]. - Alphabet's stock has surged by 46% this year, driven by robust growth in its cloud business amid the AI boom [7].