Yahoo Finance
The book onBerkshire Hathaway(NYSE: BRKA) (NYSE: BRKB) has always focused on stability and core products people use in their everyday lives.
The conglomerate is heavily geared toward the insurance and railroad industry, but it also owns more than two dozen companies, including consumer brands like Duracell and Dairy Queen.
Its investment portfolio, valued at more than $350 billion, is equally full of blue chip, stable companies such asBank of America,Coca-Cola,Kraft Heinz, andAmerican Express.
But Berkshire Hathaway, which was led by famed investor Warren Buffett for 60 years before Greg Abel became CEO this year, isn't afraid to dabble in artificial intelligence (AI) as well.
In fact, 30.6% of Berkshire's entire portfolio (more than $112 billion) is invested in two top AI stocks --Apple(NASDAQ: AAPL) andAlphabet(NASDAQ: GOOG) (NASDAQ: GOOGL).
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Berkshire Hathaway has ownedApple stocksince 2016 -- roughly five years after Apple integrated its Siri virtual assistant into the iPhone.
And while Apple has high hopes that Siri AI, the upgraded version that incorporates generative AI into the longtime assistant, will boost Apple's fortunes in the AI revolution, that's not the reason why Buffett, who was CEO at the time, bought Apple stock.
Instead, Buffett has spoken in near-reverent terms about Apple's ecosystem, noting that consumers seem to be psychologically attached to their iPhones and are extraordinarily loyal.
In 2020, he lamented not buying Apple stock earlier, calling it "probably the best business I know in the world." Apple is still Berkshire's largest single holding, but Berkshire has shed hundreds of millions of Apple shares in recent years.
In 2023, Berkshire held 914.5 million shares of Apple, which accounted for about 50% ofits total portfolio.
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