Buffett’s Berkshire Builds a $4.9 Billion Stake in Alphabet (1)

Warren Buffett’s Berkshire Hathaway Inc. acquired 17.9 million shares of Google parent Alphabet Inc. during the third quarter, while further trimming its holdings in Bank of America Corp. and Apple Inc.

Berkshire’s Alphabet stake, representing 0.31% of the outstanding shares, according to a regulatory filing Friday, was worth about $4.9 billion as of the market close.

Shares of Alphabet rose 1.7% to $281 in extended trading at 5:05 p.m. in New York.

Buffett, 95, who plans to step down as chief executive officer at year-end, has been finding ways to deploy some of Berkshire’s cash pile, which rose ...