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.
BRK-B Updated Jul 12, 2026 3 AI consumers· 1 recurring
Per the valuechain.wiki graph, Berkshire Hathaway is directly linked to 4 companies (0 supply, 0 revenue, 4 investment relationships) and reaches 44 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
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 $44.49B (down YoY). - 자본적 지출 (BNSF·BHE 인프라) Medium confidence
Heavy capital expenditure at BNSF railroad and BHE utilities (infrastructure maintenance and expansion).
Investments
- Apple High confidence· equity stake 57.84$B · 227,917,808 shares, ~1.5% of Apple
Berkshire's single largest equity position: 227.9M Apple shares worth $57.84B as of 2026-03-31 (~1.5% of Apple). Trimmed ~2/3 in 2024, then reduced slightly further in 2025-26 while keeping it the top holding. - Alphabet (Google) High confidence· equity stake 16.63$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
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 | -1.8 |
| Apple | benef1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Alphabet (Google) | benef1 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Mitsubishi | benef1 | +52.5 | +15.9 | +84.1 | -0.3 | +70.2 | +8.7 |
| Itochu | benef1 | +25.6 | +17.9 | +66.6 | +9.1 | +40.8 | -3.4 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| TeraWulf | benef2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +91.2 |
| Texas Instruments | benef2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| Amkor Technology | benef2 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Infineon Technologies | benef2 | +10.4 | -8.6 | +3.4 | -4 | +31 | +75.5 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Kyocera | benef2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +63 |
| Fujikura | benef2 | +25.7 | +64.5 | +29.2 | +425.4 | +216.9 | +58.6 |
| Analog Devices | benef2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +44.9 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| NXP Semiconductors | benef2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| Pegatron | benef2 | -5.9 | +0.6 | +35.3 | +21.2 | -23.8 | +24 |
| Luxshare Precision | benef2 | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +20.6 |
| Voyager Technologies | benef2 | · | · | · | · | · | +19.2 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Qualcomm | benef2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| NextEra Energy | benef2 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Hitachi Construction Machinery | benef2 | -3.3 | +9.6 | +44.5 | -9 | +41.3 | +5.8 |
| Sony Semiconductor Solutions | benef2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Skyworks Solutions | benef2 | +2.7 | -39.9 | +26.5 | -18.9 | -25.5 | -2.8 |
| Mitsubishi Motors | benef2 | +37.1 | +53.5 | -3.9 | +0.9 | -15.3 | -3.2 |
| CITIC Limited | benef2 | +52.8 | +13.6 | -11.6 | +25.8 | +50.6 | -8.4 |
| Sunny Optical | benef2 | -1.5 | -46.8 | -54.4 | +46 | -8.9 | -9.4 |
| Alibaba Group | benef2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22.7 |
| BYD Electronics | benef2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
Berkshire Hathaway's thesis is an anchor of patient capital that refuses to chase the AI cycle. Built on insurance float (~$176B) funding wholly owned businesses (BNSF, BHE, Precision Castparts) and a concentrated equity portfolio, what defines it in this era is what it is not doing — instead of chasing chips or hyperscalers, it piled a record ~$397B of cash and short-term Treasuries in Q1 2026, earning T-bill yields. With its largest single position effectively US T-bills, returns are set by the rate clock, not the AI clock; it exited TSMC and Amazon while keeping Alphabet as its only new hyperscaler bet. Buffett handed the CEO role to Greg Abel in January 2026, and the cash kept growing after. Re-rating triggers are the direction of rates (the carry on cash), a major capital deployment (a large acquisition or buybacks), and whether investment discipline persists under the succession.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target $526 · Price $493.71 (07-10) · Upside +7%
| 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