The market value of Warren Buffett's Berkshire Hathaway hit $1 trillion for the first time on Wednesday, as the conglomerate became the first non-technology company in the U.S. to reach that threshold. Buffett's firm joined six other firms in the exclusive $1 trillion market cap club, including Apple, Nvidia, Microsoft, Google parent Alphabet, Amazon and Facebook parent Meta.
Berkshire's portfolio includes dozens of businesses across the energy, insurance, manufacturing, retail and service sectors, which collectively generated $22.8 billion in profit during the first half of this year. Among the businesses it controls are Geico car insurance, the BNSF railroad, Brooks running shoes, fast-food chain Dairy Queen, Ginsu knives and the World Book encyclopedia, among others. Berkshire also holds a large portfolio of stock and bond investments.
Though the company reduced its stake in Apple by half, it remains its largest stock holding by far with 400 million shares worth $84.2 billion as of June 30. Buffett also trimmed his stake in Berkshire's second-largest holding, Bank of America, to about $35.85 billion following the sale of $982 million in shares in recent days that brought its drawdown to about $5.4 billion since mid-July.