In the fourth quarter of 2025, Berkshire Hathaway reduced its Amazon stake by roughly 75%, retaining about 2.3 million shares at year-end. This marked the first filing under CEO Greg Abel following Warren Buffett’s transition and signals a significant shift in Berkshire’s exposure to Amazon.

Amazon raised its 2026 capital expenditure guidance well above market consensus, contributing to a sharp rise in hyperscaler capex forecasts. The company’s increased spending plans reflect continued investment in cloud infrastructure, AI development, and fulfillment capacity expansion.

UBS raised its US investment-grade issuance forecast to $1.8 trillion, citing the surge in hyperscaler capex driven by Amazon, Meta and Google. The bank also lifted its technology supply estimate to $360 billion, with anticipated Amazon bond sales helping meet these revised projections.

Higher capex will likely lead Amazon to issue more public debt, potentially impacting borrowing costs and balance-sheet metrics. Berkshire’s large-scale stake reduction may add near-term volatility to Amazon’s share performance and alter its shareholder base composition.