NextFin News - In a move that has sent ripples through the global investment community, Berkshire Hathaway disclosed its Q4 2025 portfolio adjustments on February 18, 2026, marking the first major filing since the transition of leadership from Warren Buffett to Greg Abel. The 13F filing, which details the firm’s equity holdings as of December 31, 2025, revealed a surprising new stake in The New York Times Company (NYT) alongside a massive 77% reduction in its Amazon.com Inc. (AMZN) holdings and a continued trimming of its cornerstone position in Apple Inc. (AAPL).
According to TipRanks, Berkshire initiated a fresh position in The New York Times by purchasing approximately 5.1 million shares, valued at roughly $352 million at the end of the quarter. While this represents a modest 0.13% of Berkshire’s total equity portfolio, the symbolic weight of the investment is substantial. It marks a return to the newspaper industry for Buffett, who had famously exited the sector years prior, citing the terminal decline of local print media. The pivot to NYT appears to be a targeted bet on the success of the publication’s digital subscription model, which added 460,000 net new digital subscribers in late 2025.
Simultaneously, the conglomerate executed a dramatic retreat from Amazon, selling over 7.7 million shares and leaving its remaining stake at just 2.3 million shares. This move coincided with Amazon’s stock reaching an all-time high of $254 during the fourth quarter. Berkshire also reduced its Apple stake by 4%, continuing a selling trend that began in mid-2025. Despite the reduction, Apple remains Berkshire’s largest holding, valued at approximately $62 billion, or 23% of its equity portfolio. Other notable activity included a 9% reduction in Bank of America and the near-halving of its stake in the Atlanta Braves.
The decision to dump Amazon while holding steady on Alphabet Inc. (GOOGL) suggests a sophisticated internal critique of the current Artificial Intelligence (AI) arms race. Amazon recently signaled a staggering $200 billion capital expenditure (CapEx) plan for 2026—the highest among all hyperscalers and $50 billion above consensus estimates. By exiting the majority of its Amazon position, Berkshire appears to be expressing skepticism toward the massive, low-margin infrastructure spending required to maintain AI dominance. In contrast, the retention of Alphabet shares indicates a preference for Google’s integrated AI strategy and its more favorable valuation relative to its cloud-computing peers.
From a valuation perspective, the entry into The New York Times reflects the classic value-investing framework that has defined Berkshire for six decades. NYT has successfully transitioned from a legacy print entity into a digital powerhouse with accelerating advertising revenue, which grew by 25% in the most recent reporting period. Abel and Buffett are likely viewing NYT not as a media company, but as a high-margin software-as-a-service (SaaS) business with a powerful brand moat. This contrasts sharply with the "Magnificent Seven" tech stocks, many of which are currently trading at multiples that assume perpetual, frictionless growth despite rising regulatory and capital hurdles.
Looking forward, Berkshire’s maneuvers suggest a broader defensive realignment for 2026. As U.S. President Trump’s administration continues to navigate a volatile economic landscape characterized by shifting trade policies and high interest rates, Berkshire is prioritizing liquidity and proven cash-flow models over speculative growth. The aggressive trimming of tech giants, which have historically driven market returns, may serve as a leading indicator of a broader market rotation. Investors should expect Berkshire to continue seeking "old economy" companies that have successfully navigated digital transformations, while remaining wary of tech firms whose valuations are increasingly decoupled from their capital intensity.
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