In his final quarter as CEO of Berkshire Hathaway (Q4 2025), Warren Buffett oversaw a massive 77% reduction in the company’s Amazon stake, selling 7.7 million shares valued at approximately $1.7 billion.
The disclosure, revealed in a February 17, 2026 regulatory filing, caught the market by surprise as it signaled a retreat from one of the “Magnificent Seven” giants just as the AI arms race intensifies.
The “Amazon Exit” by the Numbers
The sale represents one of the most significant shifts in Berkshire’s technology portfolio in recent years.
| Metric | Details (as of Dec 31, 2025) |
| Shares Sold | 7,724,000 shares |
| Percentage of Stake Cut | 77% |
| Estimated Sale Value | ~$1.7 Billion |
| Remaining Holding | ~2.3 Million shares (valued at ~$352M) |
| Holding Period | Established in 2019; partially trimmed in Q3 2023. |
Why Did He Sell?
While Berkshire famously does not explain every trade, analysts have pointed to three likely drivers for the exit:
- AI Capital Expenditure Jitters: Amazon recently guided for a staggering $200 billion in CapEx for 2026, primarily to build out AI infrastructure. For value-oriented investors like Buffett, the “return on investment” (ROI) on such massive, unproven spending may be too speculative.
- Valuation Concerns: Amazon’s stock hit all-time highs during Q4 2025. Buffett often trims positions when he feels the market price has “outrun” the underlying business value.
- Portfolio De-risking: The sale was part of a broader retreat from big tech. In the same quarter, Berkshire also trimmed its Apple position and significantly reduced its stake in Bank of America.+1
The “Ackman” Contrast
In a classic “Wall Street split,” while Buffett was dumping Amazon, billionaire Bill Ackman’s Pershing Square was doing the opposite. Ackman increased his Amazon position by 65% during the same quarter, betting that the very AI infrastructure spending Buffett feared will eventually lead to massive market dominance.
A Transition of Power
It is important to note that the initial 2019 purchase of Amazon was not personally directed by Buffett but by his lieutenants, Ted Weschler or Todd Combs.
- The Combs Departure: Todd Combs, who managed a portion of the tech portfolio, resigned from Berkshire in December 2025 to join JPMorgan Chase.
- Final 13F: This filing represents the final snapshot of Berkshire’s portfolio under Buffett’s tenure as CEO before Greg Abel took over on January 1, 2026.
