10 stories from 4 sources

Berkshire shifts toward tech as strong profits buoy markets

Day’s Recap

Supporting Articles

11:09 AMFortune

Berkshire pads Delta, Alphabet stakes as Abel taps cash pile

Summary

Berkshire Hathaway increased its holdings in Delta Air Lines and Alphabet while continuing to reduce its Bank of America position. The conglomerate now owns 6.8% of the US lender.

The shift shows Greg Abel putting Berkshire's cash to work while trimming a long-held financial

Why it matters

Berkshire's reallocations offer an early signal of how Abel may reshape the portfolio after Warren Buffett.

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8:50 AMCNBC

Berkshire adds $17 billion to Alphabet stake

Summary

Berkshire Hathaway increased its Alphabet holding by $17 billion, making the Google parent its third-largest equity position.

The purchase gives Alphabet a much larger role in Berkshire’s portfolio and represents a substantial

Why it matters

A multibillion-dollar Berkshire commitment can reshape perceptions of Alphabet and influence how investors assess its long-term value.

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1:14 AMEconomic Times

Alphabet becomes Berkshire Hathaway's third-largest investment

Summary

Berkshire Hathaway increased its Alphabet stake by 83% in the second quarter, making the company its third-largest holding after Apple and American Express. It also reduced cash, bought more Delta Air Lines and Macy's, and exited Constellation Brands.

Berkshire is shifting capital from liquidity into large-cap technology while ending its recent pattern of

Why it matters

Berkshire's portfolio changes offer a high-profile signal of where one of the world's largest long-term investors sees value.

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2 stories · 2 sources

3:08 PMFortune

Tariff refunds are juicing corporate profits and GDP as more tailwinds converge to propel growth to a blistering 4.3% pace, top economist says

Summary

A leading economist says tariff refunds are adding to corporate profits and economic output, alongside other favorable forces pushing U.S. growth toward a 4.3% annualized pace. The estimate portrays an economy benefiting from several simultaneous tailwinds.

The decisive shift is that tariff refunds are acting as a fiscal boost rather than

Why it matters

The forecast strengthens the case for robust near-term growth while warning that headline momentum may partly reflect temporary policy effects.

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9:00 AMBloomberg Markets

‘Outlier’ S&P 500 Earnings Strength Cheers Wall Street’s Bulls

Summary

S&P 500 companies are exceeding Wall Street’s already-high earnings expectations, reinforcing the positive backdrop for stocks trading near record levels.

The decisive shift is that earnings growth is delivering upside surprises rather than merely meeting

Why it matters

Stronger-than-expected profits are helping sustain elevated stock prices, but continued gains now depend on companies extending the surprise.

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10:38 AMFortune

Boiler room raised $74 million selling retirees SpaceX, Anduril, Anthropic, and Perplexity while reaping ‘massive hidden fees,’ SEC claims

Summary

The SEC alleges that a New York financier’s operation raised $74 million from retirees by selling interests tied to private companies including SpaceX, Anduril, Anthropic, and Perplexity while charging undisclosed fees. Andrew Spaventa denied the allegations and said he plans to defend himself.

The case centers on whether investors were steered into opaque private-market products without a clear

Why it matters

The SEC’s allegations underscore the risks of selling celebrity-backed private investments to ordinary savers without transparent pricing and compensation.

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Other Developments

A curated list of other prominent stories from this day.

6:52 PMFortune

Harvard fund discloses $2.2 billion stake in Musk’s SpaceX

Summary

Harvard’s investment fund disclosed a $2.2 billion stake in SpaceX. The University of California’s investment arm, the University of North Carolina, and Washington University in St. Louis have also profited from holdings in the company.

The disclosure shows how heavily major university endowments now depend on gains from private technology

Why it matters

SpaceX has become a major driver of institutional investment returns before any public listing.

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11:04 AMFortune

Nvidia has $21 billion SpaceX stake, $30 billion in Intel shares

Summary

Nvidia's disclosed holdings included a $21 billion stake in SpaceX and $30 billion in Intel as of June 30. It also held positions in Coherent, Generate Biomedicines, Nebius, Nokia and Synopsys.

The holdings show Nvidia's capital footprint extends well beyond its own chip business and includes

Why it matters

Nvidia is becoming a major technology investor, not only a dominant semiconductor company.

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9:34 AMCNBC

Goldman says these stocks are top ideas in the wake of their 2Q earnings

Summary

Goldman Sachs identified a group of preferred stocks after reviewing companies’ second-quarter earnings results.

The post-earnings recommendations show where Goldman sees results translating into stronger investment cases, rather than

Why it matters

Goldman’s selections can influence institutional positioning as investors distinguish durable earnings strength from one-quarter surprises.

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1:05 AMEconomic Times

SEC proposes easing 'pay-to-play' rules for investment advisers

Summary

The SEC has proposed changes to rules that can bar investment advisers from managing public pension assets after political contributions to officials who influence those funds. The agency is seeking public feedback on amendments intended to reduce compliance burdens and address longstanding concerns.

The proposal could widen access to public pension mandates for advisers previously exposed to contribution-related

Why it matters

Looser rules could reshape competition for public pension contracts and reignite debate over pay-to-play risks.

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