Alphabet (GOOGL) Stock Rises After Berkshire Calls Google a “Significant Player” in AI
TLDR
- Berkshire Hathaway added roughly $17 billion in Alphabet stock in Q2, making it Berkshire’s third-largest holding at around 106 million shares
- CEO Greg Abel called Google a “significant player” in AI, citing visibility from AI use across Berkshire’s own portfolio companies
- Berkshire’s original $10 billion stake was taken roughly 15 months ago at a 6.5% discount
- A federal judge rejected the DOJ’s request to force Google to sell its AdX advertising exchange
- 28 Wall Street analysts give GOOGL a consensus Strong Buy, with an average price target of $425.88, implying 26% upside
Alphabet (GOOGL) stock is moving higher in pre-market trading Thursday, trading around $337.12, up 0.63%. Two separate catalysts are driving the move: a major vote of confidence from Berkshire Hathaway and a favorable court ruling on Google’s ad-tech business.
Berkshire CEO Greg Abel confirmed on CNBC Wednesday that the conglomerate added roughly $17 billion worth of Alphabet stock in Q2. That purchase was the single largest addition to Berkshire’s portfolio during the quarter.
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