Warren Buffett’s Berkshire Hathaway is in news today after the conglomerate massively trimmed his stake in a semiconductor behemoth and loaded up on shares of a mass media and entertainment company.
Late on Tuesday, Berkshire confirmed that it slashed its position in Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) by a whopping 86% in the recent quarter.
That’s quite unusual for the legendary investor who’s known to hold stocks for the long term. Berkshire had built a $5.0 billion stake in TSMC only months ago (read more).
Assuming that Buffett offloaded the stock at its average price last quarter, the said sale would be worth about $3.70 billion. In January, Taiwan Semiconductor reported mixed results for its fiscal Q4.
Naturally, shares of the multinational are under pressure on Wednesday. At writing, the intraday loss stands at over 5.0%.
In its regulatory filing, Berkshire Hathaway also revealed to have increased its exposure to Paramount Global (NASDAQ: PARA).
The conglomerate spent more than $40 million to buy another 2.4 million shares of the mass media and entertainment company. Paramount shares are up more than 5.0% this morning.
The stock market news arrives a day before the Nasdaq-listed firm is set to report its Q4 results. Consensus is for it to earn 18 cents a share (down nearly 31%) on $8.06 billion in revenue (up less than 1.0%).
Other notable names that Berkshire added to in the recent quarter include Louisiana-Pacific Corp and its largest holding by market cap, Apple Inc.
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