Berkshire Hathaway (BRK.A) Deepens Commitment to Financials and Tech

Warren Buffett's Berkshire Hathaway reported its third-quarter holdings on Wednesday, revealing it’s growing confidence in the U.S. financial and tech industries, even as tech and finance stocks have retreated sharply.

The third-quarter holdings report of the firm revealed 35 million new shares of JPMorgan Chase (JPM) and 41 million shares of software giant Oracle (ORCL), with stakes worth $4.02 billion and $2.1 billion, respectively. Along with the aforementioned two, the firm also bought smaller stakes - 6 million shares in PNC Financial (PNC), as well as 3.5 million shares in the insurance company Travelers (TRV).

Berkshire’s confidence in the US banking sector is notable, given that half of the firm’s top 10 positions are in some of the nation’s largest banks like Bank of America (BAC), Wells Fargo (WFC), U.S. Bancorp (USB) and Goldman Sachs (GS).