I would lean towards Buffett’s Alphabet bet, rather than blindly following the broader institutional semiconductor trade.
Berkshire becoming a net equity buyer after 14 straight quarters of selling is significant, with roughly $10bn going into Alphabet. Alphabet gives exposure to AI through cloud, models and advertising monetisation without relying solely on ever-rising infrastructure spending.
The Nvidia ecosystem is compelling too. Citi’s increased Micron and AMD positions suggest institutions still see upside across the semiconductor chain. But that trade carries greater cyclicality and raises the question of whether AI capex is creating genuinely independent demand or increasingly circular investment.
My choice: Alphabet for risk-adjusted upside; semiconductors for higher-beta exposure. I would follow the institutions selectively, not simply copy their 13Fs.
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- YumZoay·08-13I went back through Berkshire’s recent flow too — the Alphabet add looks more like cloud plus ad monetization than pure AI capex beta. That part feels sturdierLikeReport