Key Highlights

● Berkshire's Class B shares reached an all-time high intraday on October 22.

● The record came intraday, and the size of the final move was not confirmed.

● The S&P 500 logged 40 new 52-week highs against four new lows.

● Berkshire owns insurance, the BNSF railroad, utilities and a large stock portfolio.

Berkshire Hathaway's Class B shares (NYSE:BRK.B) reached an all-time high during Thursday's session, according to market data, as investors abandoned crowded technology trades and went looking for shelter on a lopsided day for the S&P 500.

The record came intraday, and the size of the final move was not confirmed. But on Thursday, October 22, 2026, the kind of diversified, cash-generating business Warren Buffett built fit the mood of a nervous market.

A flight from AI, a run to safety

The backdrop was the sharpest tech selloff in months. The S&P 500 fell 93.74 points to 7,663.43, its worst day since July, while the Nasdaq Composite lost 694.00 points, its steepest drop since June 5, and shed about $1 trillion in market value, according to market data.

The trigger was the quarterly report from Meta Platforms (NASDAQ:META) late Wednesday. The company narrowed its 2026 capital-spending range to $135 billion to $145 billion and reported negative free cash flow of $2.12 billion, its first cash outflow in more than a decade, according to market data. Lam Research (NASDAQ:LRCX) added to the gloom with a December-quarter outlook that flagged supply constraints, and Nvidia (NASDAQ:NVDA)'s chief executive said that "the demand of the capital is much greater than the availability of the capital."

Yet the damage was concentrated. About two of every three S&P 500 stocks rose, according to market reports, and the equal-weight version of the index gained. Consumer staples posted their best day since April 2025 and hit a record, health care also reached a record, and utilities and financials rose.

Why Berkshire fit the mood

Berkshire is the opposite of a speculative AI bet. The Omaha-based conglomerate owns insurance operations including GEICO, the BNSF railroad, a large utility and energy business, a string of manufacturing and retail companies, and a big portfolio of listed stocks. Its earnings come from the real economy rather than from promises about future computing demand.

Several of those corners of the market had a strong session. Financials rose broadly. Utilities were among the best sectors. And railroads rallied after strong results from Union Pacific (NYSE:UNP) and CSX (NASDAQ:CSX), with high diesel prices shifting freight from trucks to rail, according to reports on CSX's results.

The bond market also helped value-oriented shares. Treasuries rallied hard, and the 10-year yield fell back below a closely watched threshold for the first time since September 22. Lower yields tend to support steady, dividend-like earnings streams.

A crowded exit from AI trades

Bank of America said its clients pulled a record $14.8 billion from single stocks.

The S&P 500 logged 40 new 52-week highs against just four new lows, according to market data. Berkshire's intraday record placed it among the relatively small group of stocks touching new peaks.

Berkshire Tests Whether Safe-Haven Demand Lasts

Friday brings S&P Global's purchasing managers' surveys and the final University of Michigan sentiment reading. The Federal Reserve meets October 27–28, with its decision due Wednesday, October 28. The bigger test for the rotation comes next week, when Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN) report. If those results revive faith in AI spending, money could flow back into tech; if not, safe-haven names like Berkshire may stay in demand.