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Core News Facts
Berkshire Hathaway, led by Warren Buffett, has reduced its stake in Apple to just over 21% of its equity portfolio, down from 50% at the end of 2023. In the third quarter, Berkshire sold approximately 41.8 million shares of Apple, valued at about $9.4 billion, while simultaneously acquiring $4.3 billion worth of Alphabet (NASDAQ: GOOG) stock for the first time.
Additionally, Apple has agreed to pay Alphabet $1 billion annually to use its large language model, Gemini, to enhance Siri’s functionality. This partnership indicates Apple’s ongoing commitment to improving its competitive standing in AI, as concerns grow that it may be lagging behind rivals.
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