The Big Funds Were Buying Alphabet in Q1. This Week, Berkshire Added $10 Billion.

By Kresmion Research · June 3, 2026

Four of the largest funds opened fresh Alphabet positions in the first quarter, and this week Berkshire added $10 billion to anchor an $80 billion raise. The quarterly 13F filings showed where the conviction was building before it became a public capital call this week. The positioning came first. The deal confirmed it.

The first-quarter 13F filings, which disclose institutional equity positions as of March 31, land in a tape that looks split in two. The S&P 500 closed at a record 7,609.78 on June 2, yet Bitcoin slid below $70,000 to about $69,256, and Kresmion's cross-asset regime score faded to near zero. Underneath the index records, the money that institutions actually committed in the quarter concentrated in a short list of mega-cap names. Alphabet was at the center of it.

What the Q1 filings show

Across the funds Kresmion tracks, the first quarter of 2026 covers 21 distinct managers and 18,548 disclosed holdings (Kresmion institutional flows). The clearest pattern is not a single large bet but a convergence: several of the most-watched funds opened brand-new positions in the same handful of stocks.

Four major managers each established a new Alphabet (GOOGL) stake in the quarter, each valued near $286 a share at the March 31 close:

• Berkshire Hathaway: 3,585,215 shares, roughly $1.03 billion
• Bridgewater Associates: 387,002 shares, roughly $111.0 million
• Lone Pine Capital: 187,561 shares, roughly $53.9 million
• Third Point: 175,000 shares, roughly $50.3 million

The crowding was not limited to Alphabet. Five funds opened new Meta Platforms (META) positions in the quarter, together worth about $1.23 billion, and six funds opened new Oracle (ORCL) positions. In other words, the funds were not spreading bets across the market. They were concentrating in the largest software and platform names tied to artificial-intelligence spending, the same quarter the broad-market internals were softening.

The public confirmation: Alphabet's $80 billion raise

That positioning got a loud confirmation this week. Alphabet announced it would raise $80 billion to fund its AI build-out: $30 billion through underwritten public sales, split evenly between common stock and mandatory convertible preferreds, plus a $40 billion at-the-market program slated for the third quarter.

Berkshire Hathaway anchored the deal. It agreed to buy $10 billion of Alphabet stock, $5 billion of Class A shares at $351.81 and $5 billion of Class C shares at $348.20. That single purchase is roughly ten times the size of the $1.03 billion new position Berkshire had disclosed just weeks earlier in its first-quarter filing. At quarter-end the position was valued near $286 a share. The June purchase came near $350, after the stock had run.

Records up top, softness underneath

The concentration into mega-cap AI names sits against a market that is strong at the index level and weaker beneath it. Kresmion's macro regime score, a cross-asset reading scaled from minus three to plus three, fell to 0.0049 on June 3 from 0.1722 a day earlier, holding in the Neutral band with high conviction. The growth factor was the lone meaningful drag at minus 1.48, while liquidity (plus 0.29), risk appetite (plus 0.31) and volatility (plus 0.22) were all modestly positive (Kresmion regime engine).

The rest of the risk picture is muted. The 10-year Treasury yield sat near 4.48 percent, with the federal funds target still at 3.50 to 3.75 percent after the Federal Reserve held in April. In crypto, Kresmion's cross-venue prediction-market consensus prices only a 9.0 percent chance, 8.95 percent across Kalshi and Polymarket, that Bitcoin trades above $130,000 by year-end. The risk that institutions were chasing in the quarter was specific, not broad: the balance sheets funding the AI cycle, with Alphabet the consensus expression of it.

What it says, and what it does not

Read carefully, the data describes a behavior, not a recommendation. In the first quarter, the largest funds concentrated new capital in a few mega-cap platform stocks, Alphabet most of all, and that conviction has since been confirmed by a multi-billion-dollar public capital raise that Berkshire chose to anchor. It is a story about where institutional money went and how quickly it scaled, surfaced from filings and corroborated by this week's deal. It is not advice, and it does not tell you what any name is worth today. The Q1 positions were valued near $286 at quarter-end; the marginal institutional dollar this week paid closer to $350.

Key takeaways

Frequently asked questions

Which funds opened Alphabet positions in Q1 2026?

In the funds Kresmion tracks, four major managers each opened a new Alphabet (GOOGL) position in the first quarter, each valued near $286 a share at the March 31 close: Berkshire Hathaway (about 3.59 million shares, $1.03 billion), Bridgewater Associates ($111.0 million), Lone Pine Capital ($53.9 million) and Third Point ($50.3 million).

How big is Alphabet's $80 billion raise and what is it for?

Alphabet announced an $80 billion equity raise to fund its artificial-intelligence build-out, structured as $30 billion of underwritten public sales (split between common stock and mandatory convertible preferreds) plus a $40 billion at-the-market program planned for the third quarter, according to CNBC.

What did Berkshire Hathaway buy in the raise?

Berkshire agreed to purchase $10 billion of Alphabet stock, $5 billion of Class A shares at $351.81 and $5 billion of Class C shares at $348.20, according to CNBC. That single purchase is roughly ten times the size of the $1.03 billion new Alphabet position Berkshire had disclosed in its first-quarter filing.

Is this a buy or sell recommendation?

No. Kresmion surfaces what institutions and markets are doing, with source attribution and context. It does not make buy or sell recommendations.

Sources

• Q1 2026 institutional positions (13F): Kresmion institutional-flows data, kresmion.com/capital-flows/institutional
• Alphabet $80 billion raise: CNBC
• Berkshire Hathaway $10 billion Alphabet purchase: CNBC
• S&P 500 record close (June 2): Motley Fool
• Bitcoin below $70,000: Fortune
• 10-year Treasury yield: Trading Economics
• Federal funds target (April hold): Federal Reserve
• Macro regime, cross-venue consensus: Kresmion platform data