TLDR
- Berkshire Hathaway added 48 million Alphabet shares in Q2, an 83% increase, making it their third-largest holding worth $37.8 billion.
- Stanley Druckenmiller’s Duquesne Family Office initiated a brand-new Alphabet position in Q2, independently of Berkshire.
- Both investors also bought Delta Air Lines and D.R. Horton in the same quarter.
- Alphabet reported Q2 earnings of $9.11 per share on revenue of $119.8 billion, up 24.2% year over year.
- GOOG was trading at $343.54, with a consensus analyst “Buy” rating and an average price target of $415.55.
Warren Buffett and Stanley Druckenmiller don’t share much in common. One is the patient, buy-and-hold Oracle of Omaha. The other is a macro trader who once broke the Bank of England. But in Q2 2026, they both did the same thing: bought Alphabet.
GOOG was trading at $343.54 as of Friday, against a 52-week range of $197.46 to $404.47. The stock carries a market cap of $4.20 trillion and a PE ratio of 17.25. Analysts have a consensus “Buy” rating with an average price target of $415.55.
Berkshire Hathaway added roughly 48 million Alphabet shares during Q2, an 83% increase. That pushed its combined GOOG/GOOGL position to about 106 million shares worth $37.8 billion, or 10.2% of its equity portfolio. Alphabet is now Berkshire’s third-largest holding, behind only Apple at $70 billion and American Express at $51.9 billion.
Around 60% of those added shares came from Berkshire’s $10 billion private placement with Alphabet in June, earmarked for AI infrastructure. The remaining roughly $7 billion was purchased on the open market.
Buffett told CNBC in June that Alphabet was his idea, and that Berkshire had started building the position back in Q3 2025. He’s since handed day-to-day stock picking to CEO Greg Abel, but says the two still discuss capital allocation together.
Druckenmiller Moves Independently
Druckenmiller’s Duquesne Family Office, a $5.21 billion private vehicle managing his own wealth, filed its Q2 13F showing a brand-new Alphabet position. The filing also showed new stakes in Advanced Micro Devices and Fox, while Amazon was increased by more than 1,000% and United Airlines was nearly tripled.
Druckenmiller fully exited Broadcom, Intel, and Micron Technology during the same period. The moves reflect his nature as a concentrated sector rotator who can move fast without redemption pressure.
Both investors also independently bought Delta Air Lines and D.R. Horton in Q2. Berkshire grew its Delta position by 44% to 57.3 million shares. Druckenmiller initiated a 603,000-share Delta position and a $48 million stake in D.R. Horton.
Strong Fundamentals Back the Bets
Alphabet’s Q2 results gave both investors something to point to. The company posted earnings of $9.11 per share, well above the $2.87 consensus estimate. Revenue came in at $119.8 billion, beating estimates of $116.53 billion and growing 24.2% year over year.
Net margin was 54.77% and return on equity hit 51.32%.
Alphabet also declared a quarterly dividend of $0.22 per share, payable September 14 to stockholders of record as of September 7.
On the institutional side, Jennison Associates trimmed its position by 2.1% in Q2, selling 303,257 shares but retaining 14.01 million shares valued at around $4.95 billion. Several other managers including Barclays, Franklin Resources, and Magellan also reported trims.
BMO Capital Markets raised its price target to $465 with an “outperform” rating. Barclays reissued an “overweight” with a $425 target. JPMorgan set a $420 target with an “overweight” rating.
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