Berkshire Hathaway increased its Alphabet position by 83% in the second quarter to nearly 106 million shares worth about $38 billion, making Google’s parent its third-largest equity holding behind Apple and American Express. Berkshire’s roughly 0.9% stake in Alphabet provides an indirect, or look-through, economic interest in SpaceX because Alphabet owns about 4% of the rocket and satellite company. Based on SpaceX’s valuation of approximately $94 billion at June 30, Berkshire’s implied exposure was about $815 million, or roughly 0.04% of SpaceX, before falling to around $700 million by mid-August as both companies’ shares declined. SpaceX debuted publicly on June 15 with a 19% first-day gain and later traded near its $135 IPO price after reaching $225.64. Its second-quarter revenue rose 92% to $7.81 billion, but capital expenditures increased sixfold to $18.4 billion, dividing analysts over the returns from its AI expansion. The holding remains immaterial to Berkshire’s roughly $1.3 trillion of assets but adds an unexpected link between Warren Buffett’s conglomerate and Elon Musk’s company.