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Breaking: Berkshire Hathaway just filed its Q2 2026 13F

Here's everything you need to know about the recent 13F

Top 10 positions:

• Apple $Apple(AAPL.US) (22.0%)

• American Express $American Express(AXP.US) (17.1%)

• Coca-Cola $Coca Cola(KO.US) (10.9%)

• Alphabet Class A $Alphabet(GOOGL.US) (9.4%)

• Bank of America $Bank of America(BAC.US) (9.2%)

• Chevron $Chevron(CVX.US) (4.7%)

• Occidental Petroleum $Occidental Petroleum(OXY.US) (4.3%)

• Chubb $Chubb(CB.US) (3.9%)

• Moody's $Moodys(MCO.US) (3.7%)

• Alphabet Class C $Alphabet - C(GOOG.US) (3.2%)

New positions:

• $D.R. Horton(DHI.US) (toehold, $580K)

Full exits:

• $Constellation Brands(STZ.US) (Constellation Brands)

Summary: Berkshire's book grew 13.7% to $299.25B this quarter on price appreciation, not rotation. Abel kept every top 10 name untouched, only move was a token toehold in D.R. Horton and closing out the small Constellation Brands stake entirely

BofA: AI Compute

> Total Market Size: The total Data Center Systems TAM is projected to reach $2.2Tn in 2030E.

> AI vs. Non-AI Split:

AI Data Center Systems TAM accounts for the vast majority at $1.8Tn.

Non-AI DC Systems TAM accounts for $384bn (with Trad'l Cloud CPU representing ~$30bn of that value).

> AI Servers & Infrastructure Breakdown: Within the $1.8Tn AI Data Center TAM, AI Servers make up $1.4Tn, alongside $310bn for AI Networking and $85bn for Storage.

> AI Server Component Breakdown ($1.4Tn Total):

AI Accelerators: $1.1Tn

HBM (High-Bandwidth Memory): $277bn

AI CPUs: $180bn total value, which splits roughly 50/50 between AI Cluster Compute/Head Nodes ($90bn) and AI Agentic Standalone Nodes ($90bn).

Other: $53bn

$NVIDIA(NVDA.US) $AMD(AMD.US) $Alphabet - C(GOOG.US) $Amazon(AMZN.US) $Meta Platforms(META.US) $Dell Tech(DELL.US) $Super Micro Computer(SMCI.US)

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Nebius $Nebius(NBIS.US) reported Q2’26 revenue of $582.3M, beating estimates of $573M and up 454% YoY. Adjusted EBITDA came in at $236.2M versus $175M expected, compared to -$21M last year. AI Cloud revenue surged 514% YoY to $575M, operating cash flow reached $2.25B, and cash stood at $8.04B. Nebius reaffirmed FY26 guidance, now expects customer prepayments of more than $9B in 2026, and raised contracted capacity to 5 GW from prior guidance of more than 4 GW. Management said it could sell its entire 2027 capacity today, but is deliberately holding some back for higher-value immediate customer demand. $Nebius(NBIS.US) finished up 34% on the day.

2. July CPI came in cooler, with headline inflation rising just 0.1% MoM after falling 0.4% in June. Over the last 12 months, CPI rose 3.4%, down from 3.5% in June. Shelter increased 0.1% and accounted for roughly two-thirds of the monthly increase, while food also rose 0.1% and food away from home climbed 0.3%. Energy prices fell 1.5% on the month. Core CPI, excluding food and energy, rose 0.2% after being flat in June, while annual core inflation eased to 2.5% from 2.6%. Energy remains the biggest annual pressure point, up 14.7% YoY, while food is up 3.0% over the last year.

3. Bank of America $Bank of America(BAC.US) plans to deploy $250B through mid-2027 across AI data centers, semiconductors, hardware, power generation, energy storage, and critical minerals, according to WSJ. The initiative will span lending, investing, capital markets, banking, and advisory work. BofA said equity investments are not the focus, but has not ruled them out for the right projects. The push also extends beyond AI infrastructure into transportation, natural gas, and water infrastructure.

4. Institutional investors are reducing U.S. tech exposure. Hedge funds, asset managers, and other large investors sold $21.6B of Nasdaq futures in the week ending August 4, the largest weekly sale on record, according to Goldman Sachs. Short sales drove the move, accounting for 72% of total selling. Hedge funds sold $11.9B, while asset managers sold $7.4B. As a result, combined institutional positioning in Nasdaq futures fell to -$5B, turning negative for the first time since May 2025 after reaching as high as +$54B in October 2025.

5. South Korea is tightening rules on single-stock leveraged ETFs again, requiring new investors to complete at least 5 days of mock trading totaling 5+ hours before buying these products. The rule takes effect August 19 and applies to investments both locally and abroad. The move follows a sharp retail wipeout in leveraged ETF products, after regulators already raised the minimum cash deposit requirement to 30M won or roughly $21,000, and extended mandatory online training for new investors to 3 hours.

6. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 3.6M contracts, $Tesla(TSLA.US) with 2.2M contracts, $SpaceX(SPCX.US) with 1.7M contracts, $Micron Tech(MU.US) with 1.3M contracts, $Apple(AAPL.US) with 1.2M contracts, $Blue Owl Capital(OWL.US) with 908K contracts, $Intel(INTC.US) with 903K contracts, $Meta Platforms(META.US) with 796K contracts, $Hertz Global(HTZ.US) with 725K contracts, and $Super Micro Computer(SMCI.US) with 720K contracts.

7. OpenAI’s run-rate revenue from business customers grew 32% MoM in July, outpacing 20% growth in overall run-rate revenue, according to DealBook. The gap highlights how quickly enterprise demand is becoming a larger driver of OpenAI’s growth as companies scale paid usage across AI tools, APIs, and workflow integrations.

8. Nelson Peltz’s Trian Fund Management is reportedly preparing a potential take-private bid for Wendy’s $Wendys(WEN.US), according to FT. Trian is Wendy’s largest shareholder with a 16% stake and is assembling a consortium that could include BlueFive Capital and major franchisee Flynn Group. A formal offer could come in the coming weeks, though talks could still change or fall apart.

9. Google $Alphabet(GOOGL.US) unveiled the Pixel 11 lineup, including the Pixel 11, Pixel 11 Pro, Pixel 11 Pro XL, and Pixel 11 Pro Fold, while raising prices by $100 versus the prior generation due to a “severe” memory crunch. The lineup now starts at $899, while the foldable starts at $1,899. Google also introduced the Pixel Watch 5 at $399, adding insulin-resistance tracking, which it says is a first for the category.

10. Bill Ackman is back in Netflix $Netflix(NFLX.US). He first bought the stock in 2022 around $350/share, investing roughly $1.1B, before selling a few months later for a 40% loss and taking a roughly $400M hit. He redeployed the capital into Google, which worked, but Netflix went on to rise about 650% from its lows. Now, with the stock down roughly 50%, Ackman is back in. His thesis is that Netflix can compound revenue at a double-digit rate, grow content costs more slowly than revenue, continue expanding margins, and use its buyback program to help drive earnings growth near 20% annually. Ackman says the current valuation is a substantial discount for a business with Netflix’s growth profile and dominant market position. He also added $Visa(V.US), $Mastercard(MA.US), $Intercontinental Exchange(ICE.US), $Alcon(ALC.US), and $S&P Global(SPGI.US) to his portfolio.

11. The financial industry cut 14,000 jobs in July, bringing payrolls down to 9.09M, the lowest level since July 2022. This marks the sector’s 5th straight monthly decline, with total job losses of 59,000 over that stretch. Since May 2025, financial industry payrolls are down 121,000, the largest drawdown since the 2020 pandemic. Excluding the pandemic, this is the biggest contraction in financial-sector employment since the 2008 Financial Crisis, as firms accelerate AI adoption to boost productivity and reduce labor costs.

12. The S&P 500 has historically kept climbing after major breakouts to new all-time highs. Over the last 30 years, the index has risen in 13 of 17 similar instances, gaining an average of roughly 6.3% over the next 6 months. The only exceptions were 2000, 2007, 2018, and 2019, with 2000 and 2007 preceding major bear markets. Most recently, after a similar breakout in 2025, the S&P 500 gained 12.3% over the following six months. The index has now posted 26 all-time highs in 2026, following 39 record closes in 2025 and 57 in 2024.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit