Berkshire Hathaway said second-quarter net earnings attributable to shareholders rose to $25.67 billion from $12.37 billion a year earlier, with after-tax investment gains of $12.68 billion helping first-half net profit reach $35.77 billion. Operating earnings increased 16% to $12.98 billion as strength in energy, railroads, manufacturing, services and retail offset weaker insurance results. The quarter also marked Berkshire's first net equity buying in 14 quarters. It bought about $23.5 billion of stocks and sold $3.7 billion, making it a net buyer for the first time since 2022. Berkshire has disclosed a $10 billion investment in Alphabet, which joined Apple, American Express, Bank of America and Coca-Cola among its five biggest listed holdings by market value as of June 30. More detail on the remaining second-quarter stock purchases is expected when Berkshire files its quarterly holdings report with regulators later this month. Capital deployment under Chief Executive Greg Abel became more visible as Berkshire also repurchased about $4.53 billion of its own stock, sharply above the prior quarter, while cash and Treasury holdings fell to $365.5 billion from a record $397.4 billion at the end of March. Warren Buffett remains chairman after Abel took over as CEO in January. Berkshire also completed its Taylor Morrison acquisition in July, after the June quarter ended. Berkshire shares are up about 3% this year, trailing the S&P 500's roughly 13% gain.