Berkshire Is Making a Big Bet on Google. This Is Why, According to CEO Greg Abel

* Berkshire Hathaway CEO Greg Abel says Alphabet's AI strength drove the investment decision. * Warren Buffett initiated Berkshire's stake in Alphabet before stepping down as CEO. * Berkshire holds ~106 million Alphabet shares, the third-largest in its portfolio. Berkshire Hathaway CEO Greg Abel told CNBC that Alphabet's AI leadership was the key reason for the investment. Warren Buffett launched the position before retiring, and Berkshire now owns ~106 million Alphabet shares-its third-largest holding-valued at $35.64 billion after adding another $10 billion. Both Alphabet and Berkshire shares rose modestly on the day.