TLDR
- Bill Ackman’s Pershing Square opened a new position in Microsoft after the stock dropped, while exiting Alphabet.
- Berkshire Hathaway increased its Alphabet stake dramatically, growing from 18 million to 58 million shares, worth around $16.6 billion.
- Berkshire also made a surprise move into Delta Air Lines with a new stake worth roughly $2.65–3 billion.
- Amazon was added to by both Appaloosa and Pershing Square, though Berkshire trimmed its position.
- Appaloosa and Pershing Square both added Uber shares, pointing to continued confidence in the platform business.
The latest round of 13F filings shows where some of the biggest investors on Wall Street were putting their money in the first quarter of 2026. These filings are released with a delay, so they reflect holdings as of March 31, 2026.
The filings don’t tell us what these investors hold today, but they do show where major funds were willing to commit large amounts of capital just weeks ago.
This quarter, the biggest themes were artificial intelligence, cloud computing, travel, e-commerce, and platform businesses. Here is a breakdown of the five stocks that stood out.
Microsoft and Alphabet: The AI Cloud Rotation
Bill Ackman’s Pershing Square opened a brand new position in Microsoft during the first quarter. According to Reuters, Ackman bought in after the stock pulled back and saw the valuation as attractive.
The move came alongside Pershing Square’s exit from Alphabet. That makes it a clear rotation story — from one AI and cloud giant to another.
Microsoft has exposure to Azure, Microsoft 365 Copilot, GitHub, enterprise software, and its partnership with OpenAI. These are all central to the AI story that investors are watching closely in 2026.
On the other side of that trade, Berkshire Hathaway was moving in the opposite direction. Berkshire significantly increased its Alphabet stake, growing it from around 18 million shares to 58 million shares. Barron’s reported the position was valued at roughly $16.6 billion.
That is a major show of confidence in Google Search, YouTube, cloud computing, and Alphabet’s AI infrastructure. Not every major investor agrees on which AI company wins — but both Microsoft and Alphabet are clearly at the center of the debate.
Delta, Amazon, and Uber Round Out the Buying
One of the more surprising moves this quarter came from Berkshire Hathaway, which opened a new position in Delta Air Lines. Reuters reported the stake was worth about $2.65 billion. Barron’s put the figure closer to $3 billion.
This matters because Berkshire had previously stepped back from airlines after the pandemic. A fresh Delta stake is a contrarian move in a sector facing higher fuel costs and economic uncertainty.
Amazon and Uber Stay in Focus
Amazon attracted buying from two major funds. David Tepper’s Appaloosa added 2.1 million Amazon shares, making it the fund’s largest holding at around $900 million. Pershing Square also raised its Amazon stake by 19%.
However, Berkshire trimmed its Amazon position during the same period. Despite that, support from Tepper and Ackman still makes Amazon one of the more watched positions of the quarter.
Uber rounded out the five stocks. Appaloosa added about 4.5 million Uber shares, bringing its position to roughly $455 million. Pershing Square also kept Uber as a major holding.
Uber is attractive to large investors because it combines ride-hailing, delivery, advertising, and improving profitability. It is not a traditional tech stock, but it fits the platform-business model that many big funds favor.
The five stocks together — Microsoft, Alphabet, Delta, Amazon, and Uber — reflect what major investors were prioritizing as 2026 got underway: quality businesses, AI exposure, and platform growth.
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