After 14 consecutive quarters of reducing its market exposure, Berkshire Hathaway has returned to being a net buyer of stocks. For three and a half years, the group had been selling more shares than it bought, with the trend broken during the second full quarter under Greg Abel at the helm of the investment company founded by Warren Buffett. Details will have to wait for the filings on Form 13F, which are not yet available. The information we are reporting comes from the company’s quarterly results release.

These are not major shifts, however. As of March 31, the group had $397 billion in cash, while it now reportedly has a total of $20.5 billion less. This amounts to approximately 5% in net purchases, although the details are still missing.

Google—and then what?

Although Google did not report the sale during its latest quarterly results, Berkshire Hathaway technically invested $10 billion in Google through a funding round for the Mountain View-based group intended to finance AI investments, with the capital raised through the issuance of common stock.

In any case, there is more in the group’s quarterly results. Operating profit came close to $13 billion ($12.98 billion, to be precise), along with an evident change in attitude, as the group returned to being a net buyer of stocks, purchasing just over $20 billion.

The group nevertheless continues to hold an enormous amount of cash—more than $370 billion—and does not appear to have any intention of being driven by urgency in deploying it.

After all, interest rates, including those on very short-term bonds, are attractive and make it possible to generate good returns. Following the investment principles of founder Warren Buffett, the group will have to wait for the right opportunity.

When will the details be available?

Next week, the group founded by Warren Buffett will submit documentation to the SEC concerning its latest investments. This will provide a detailed view of the changes in its positions, which will certainly be more interesting than the aggregate figure, as it will make it possible to see every individual transaction, including any sales.

Given the size of the shifts, and since just under $5 billion is expected to relate to the purchase of its own shares, we doubt that Berkshire Hathaway’s investment rankings will change radically. Nevertheless, the new management appears more open to becoming involved in the AI cycle, even if through highly solid companies such as Google.