Key Takeaways
- Pershing Square initiated a fresh Microsoft position following a stock decline, simultaneously divesting from Alphabet.
- Berkshire Hathaway substantially expanded its Alphabet holdings, surging from 18 million shares to 58 millionâa position valued near $16.6 billion.
- In an unexpected pivot, Berkshire entered Delta Air Lines with a substantial new investment ranging between $2.65 and $3 billion.
- Amazon attracted increased investments from both Appaloosa and Pershing Square, despite Berkshire reducing its exposure.
- Both Appaloosa and Pershing Square expanded their Uber positions, signaling sustained optimism in platform-based business models.
Recent 13F regulatory disclosures provide crucial insight into where Wall Street’s most prominent investors deployed capital throughout Q1 2026. These mandatory reports arrive with an inherent time lag, capturing portfolio positions as they existed on March 31, 2026.
While these documents don’t reveal current holdings, they offer valuable transparency into where institutional heavyweights committed substantial resources mere weeks ago.
This reporting period highlighted concentrated interest in artificial intelligence infrastructure, cloud services, travel recovery, digital commerce, and platform economics. Below are the five standout equity positions.
The AI Cloud Battleground: Microsoft Versus Alphabet
Bill Ackman’s Pershing Square Capital Management established a completely new Microsoft stake throughout Q1. Reuters documentation indicates Ackman capitalized on share price weakness, viewing the corrected valuation as compelling.
This acquisition coincided with Pershing Square completely liquidating its Alphabet holdings. The simultaneous transactions represent a deliberate reallocationâshifting capital between two dominant AI and cloud infrastructure leaders.
Microsoft delivers diversified AI exposure through Azure cloud services, Microsoft 365 Copilot integration, GitHub developer tools, comprehensive enterprise solutions, and its strategic OpenAI collaboration. These assets position the company at the epicenter of 2026’s AI transformation narrative.
Meanwhile, Berkshire Hathaway executed the inverse strategy. Warren Buffett’s conglomerate dramatically expanded its Alphabet investment, multiplying holdings from approximately 18 million shares to 58 million. Barron’s confirmed the expanded position carried a market value approaching $16.6 billion.
This aggressive accumulation demonstrates profound conviction in Google’s search dominance, YouTube’s advertising engine, expanding cloud operations, and Alphabet’s comprehensive AI infrastructure. While elite investors disagree on which technology titan ultimately prevails, both Microsoft and Alphabet clearly occupy central positions in the ongoing debate.
Unexpected Moves: Delta Air Lines Enters the Picture
Among Q1 2026’s most surprising developments, Berkshire Hathaway initiated a significant Delta Air Lines position. Reuters pegged the investment at approximately $2.65 billion, while Barron’s estimates approached $3 billion.
This development carries particular significance given Berkshire’s pandemic-era airline sector exodus. A renewed Delta commitment represents contrarian positioning within an industry confronting elevated fuel expenses and macroeconomic headwinds.
Continued Conviction in Amazon and Uber
Amazon commanded attention from multiple prominent investment firms. David Tepper’s Appaloosa Management acquired 2.1 million additional Amazon shares, elevating it to the fund’s largest individual holding at roughly $900 million. Simultaneously, Pershing Square increased its Amazon allocation by 19%.
Conversely, Berkshire reduced its Amazon exposure during the identical timeframe. Nevertheless, concentrated buying from Tepper and Ackman ensures Amazon remains among the quarter’s most closely monitored positions.
Uber completed the quintet of notable investments. Appaloosa accumulated approximately 4.5 million additional Uber shares, expanding its position to around $455 million. Pershing Square maintained Uber as a core portfolio component.
Uber appeals to institutional investors by integrating ride-sharing services, food delivery logistics, emerging advertising revenue streams, and accelerating profitability. While unconventional as a technology play, it exemplifies the platform-business architecture favored by sophisticated capital allocators.
Collectively, these five equitiesâMicrosoft, Alphabet, Delta, Amazon, and Uberâillustrate what elite investors prioritized entering 2026: established franchises, artificial intelligence positioning, and scalable platform economics.
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