Moving aggressively into the equity market, Berkshire became a net buyer of stocks for the first time in 15 quarters, deploying billions into top holdings such as Alphabet Inc.. Berkshire started buying back its own shares in the first quarter for the first time in more than a year. The shift in capital allocation marks a notable pivot from the prior quarter, when Berkshire held a record net cash and Treasury trove of approximately $380 billion. Under Berkshire's long-standing policy, repurchases are executed at management's discretion provided cash holdings remain above a $30 billion threshold. Beyond operating income, market focus centers on Abel's deployment strategy, specifically as Berkshire resumed meaningful share repurchases and expanded its remaining stock portfolio.