The patient-capital anchor. A $397B cash-and-T-bill fortress that earns on the rate clock, not the AI clock
Berkshire Hathaway
Berkshire Hathaway is Warren Buffett's diversified holding company, built on insurance float that funds wholly owned operating businesses and a concentrated public equity portfolio. What defines it in the AI era is what it is not doing: instead of chasing chips or hyperscalers, it has piled a record cash and short-term US Treasury hoard that reached about $397 billion in Q1 2026, earning T-bill yields while it waits. Buffett handed the CEO role to Greg Abel on January 1, 2026, and the cash kept growing after.
Business categories Investment Holdings & Trading Houses · Finance & Capital · primary
BRK-B Updated Oct 11, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Berkshire Hathaway is directly linked to 8 companies (0 supply, 0 revenue, 8 investment relationships) and reaches 61 companies within two hops; the links are backed by 12 dated sources, 7 of them primary filings (as of 2026-10-11).
Financials & Segments
- Total revenue · FY2025 total revenue $371.44B, net earnings $67.0B. Cash + T-bills $397.4B (record, 2026-03-31). Insurance float ~$176B.
- Customer concentration · Its largest single position is effectively US Treasury bills, so returns are set by the rate clock. It avoids AI (exited TSMC and Amazon), with Alphabet the only new bet.
- Segments · Insurance / reinsurance · BNSF railroad · BHE utilities · Manufacturing, service & retail · Public equity portfolio · Cash & T-bill fortress
Revenue from
- 보험·철도·유틸리티·제조 사업군 High confidence· Revenue 371.44$B · FY2025 · total revenues
Consolidated revenue from insurance (float), BNSF, BHE and manufacturing/service/retail: FY2025 $371.44B. - 단기 미국채 이자수익 (T-bill) Medium confidence· 397.4$B · cash + short-term Treasuries
Interest income on its $397.4B cash and short-term Treasuries (record, 2026-03-31), earned at T-bill yields. The clearest evidence that this capital earns on the rate clock, not the AI clock.Confirms KO Munhwa Ilbo Published Nov 2, 2025: Berkshire cash hits record $381.7B as Buffett prepares to step down
Pays to
- 보험 청구·사업 운영비 High confidence· cost 44.49$B · FY2025 · operating earnings (context)
Insurance losses/expenses and operating costs of subsidiaries. FY2025 operating earnings $44.49B (down YoY). - 자본적 지출 (BNSF·BHE 인프라) Medium confidence
Heavy capital expenditure at BNSF railroad and BHE utilities (infrastructure maintenance and expansion).
Investments
- UnitedHealth Group Incorporated High confidence· Count 5,039,564 shares · 2025-06-30 · Sum of Berkshire Hathaway's two UnitedHealth Group share positions reported on Form 13F
Berkshire Hathaway first disclosed a 5,039,564-share position in UnitedHealth Group in its Form 13F for the quarter ended June 2025. The two reported lines had an aggregate filing value of about $1.572 billion.Confirms KO The Korea Economic Daily Published Aug 15, 2025: Berkshire Buys $1.6 Billion Stake in U.S. Insurer UnitedHealthConfirms EN SEC EDGAR Published Aug 14, 2025: Berkshire Hathaway Inc. Form 13F Information Table (Q2 2025) - Apple High confidence· equity stake 57.84$B · 227,917,808 shares, ~1.5% of Apple
Berkshire's single largest equity position: 227.9M Apple shares worth $57.84B as of 2026-03-31 (~1.5% of Apple). Trimmed ~2/3 in 2024, then reduced slightly further in 2025-26 while keeping it the top holding. - American Express High confidence· Market share 22.5 percent · 2026-06-30 · Berkshire ownership of American Express shares outstanding
Berkshire Hathaway owned 151.6 million American Express shares at June 30, 2026, representing 22.5% of shares outstanding. The stake was re-verified against the latest quarterly filing. - Alphabet (Google) High confidence· equity stake 16.63$B · 57,835,013 shares
Berkshire opened an Alphabet position in Q3 2025 and increased it to 57.8M shares worth $16.63B by Q1 2026. The exception to its AI avoidance and its only hyperscaler bet. - 미쓰비시상사 (일본 상사) High confidence· Market share 10.23%
10%+ long-term stake in a top-five Japanese trading house.Confirms EN CNBC Published Mar 17, 2025: Buffett hikes stakes in five Japanese trading houses to almost 10% each - 이토추 (일본 상사) High confidence· Market share 10%
10%+ long-term stake in a top-five Japanese trading house.Confirms EN CNBC Published Mar 17, 2025: Buffett hikes stakes in five Japanese trading houses to almost 10% each - The Kraft Heinz Company High confidence
Berkshire Hathaway owned approximately 27.5% of Kraft Heinz common stock as of January 16, 2026, and although its shares were registered for potential resale that month, the SEC filing states that registration did not itself constitute a sale.Confirms EN SEC EDGAR Published Jan 20, 2026: The Kraft Heinz Company Prospectus Supplement, 325,442,152 Shares - VeriSign, Inc. High confidence
Berkshire Hathaway shared voting and dispositive power with Warren Buffett over 8,989,880 Verisign shares as of September 30, 2025, and Verisign's 2026 proxy reported the stake as 9.87%.Confirms EN U.S. Securities and Exchange Commission EDGAR Published Apr 9, 2026: VeriSign, Inc. 2026 Proxy Statement
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Berkshire Hathaway | node | +29 | +3.3 | +15.5 | +27.1 | +10.9 | +0.7 |
| UnitedHealth Group Incorporated | benef1 | +45.2 | +6.9 | +0.8 | -2.4 | -33.1 | +21.9 |
| VeriSign, Inc. | benef1 | +17.3 | -19.1 | +0.3 | +0.5 | +18.4 | +21.3 |
| Apple | benef1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Mitsubishi | benef1 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +14.7 |
| Itochu | benef1 | +25.6 | +17.9 | +66.6 | +9.1 | +40.8 | +11.6 |
| Alphabet (Google) | benef1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| American Express | benef1 | +36.9 | -8.5 | +28.7 | +60.3 | +26 | -15.8 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +92.3 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +85.3 |
| Flex Ltd. | benef2 | +1.9 | +17.1 | +41.9 | +67.2 | +57.4 | +81.2 |
| Fujikura | benef2 | +25.7 | +64.5 | +29.2 | +425.4 | +216.9 | +67.4 |
| Kyocera | benef2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +65.4 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +63.8 |
| GE Vernova | benef2 | · | · | · | · | +99 | +54 |
| Texas Instruments | benef2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +51.5 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| TeraWulf | benef2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Infineon Technologies | benef2 | +10.4 | -8.6 | +3.4 | -4 | +31 | +42.5 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| Quest Diagnostics Incorporated | benef2 | +47.9 | -7.8 | -10.1 | +11.8 | +17.2 | +38.4 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +37.3 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +36 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +34.5 |
| Labcorp Holdings Inc. | benef2 | +54.4 | -24.4 | +13.8 | +2.2 | +10.6 | +25.3 |
| Amkor Technology | benef2 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +21.6 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +21.2 |
| Delta Air Lines | benef2 | -2.8 | -15.9 | +23 | +52 | +16.1 | +19.3 |
| Skyworks Solutions | benef2 | +2.7 | -39.9 | +26.5 | -18.9 | -25.5 | +19.2 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +16.3 |
| Hitachi Construction Machinery | benef2 | -3.3 | +9.6 | +44.5 | -9 | +41.3 | +15.1 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +11.7 |
| Sony Semiconductor Solutions | benef2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +11.4 |
| Hilton Worldwide Holdings Inc. | benef2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| CITIC Limited | benef2 | +52.8 | +13.6 | -11.6 | +25.8 | +50.6 | +7.6 |
| NextEra Energy | benef2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| NXP Semiconductors | benef2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Duke Energy Corporation | benef2 | +19.1 | +2 | -1.6 | +15.6 | +12.7 | +5.3 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +5 |
| Ameren Corporation | benef2 | +17.1 | +2.5 | -16.1 | +27.5 | +15.3 | +4.5 |
| Voyager Technologies | benef2 | · | · | · | · | · | +4.3 |
| Xcel Energy | benef2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| Walmart Inc | benef2 | +2 | -0.5 | +12.9 | +74 | +24.5 | +0.6 |
| Qualcomm | benef2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Mitsubishi Motors | benef2 | +37.1 | +53.5 | -3.9 | +0.9 | -15.3 | -1.3 |
| Sunny Optical | benef2 | -1.5 | -46.8 | -54.4 | +46 | -8.9 | -1.9 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | -7.4 |
| Take-Two Interactive Software, Inc. | benef2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.6 |
| Alibaba Group | benef2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Comcast Corporation | benef2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -22.3 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -24.1 |
| Las Vegas Sands Corp. | benef2 | -36.8 | +27.7 | +3.1 | +6.2 | +29.5 | -30.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Berkshire is the patient-capital anchor. At June 30, 2026 it still held 151.6 million American Express shares, equal to 22.5% of the company. American Express ran early with gains of 60.3% in 2024 and 26.0% in 2025 before falling 15.8% in 2026, while Berkshire was only up 0.7% in 2026. This is an exception where an investee's consumer-credit clock does not transmit directly into the holding-company stock. Berkshire's cash and Treasury bills plus its insurance, railroad and energy operations dilute the movement of any one equity position.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target $526 · Price $506.03 (09-04) · Upside +4%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| UBS · Brian Meredith | Buy | $570 | May 4, 2026 | Report ↗ |
| TD Cowen | Hold | $481 | Nov 11, 2025 | Report ↗ |
Through the post-Buffett transition, UBS keeps a Buy ($570) on insurance and railroad fundamentals while TD Cowen stays on the sidelines with Hold ($481).
Analyses covering this node
- Capital that funds the boom runs on the rate clock: banks, asset managers, Berkshire Jul 9, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
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