This Could Be Berkshire Hathaway CEO Greg Abel's Biggest Stock Purchase of the Second Quarter (Hint: Not Alphabet)

Greg Abel has found several investments worth deploying significant amounts of capital into since taking over as CEO.

He put at least $10 billion into Alphabet last quarter with a private placement.

This other stock could be an even better value, and Abel may have spent more buying it last quarter.

Greg Abel took over as CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) at the start of the year and faced a monumental task. Warren Buffett , who managed the company for over 60 years, left him with a pile of cash totaling $369 billion. Abel has had to search for great investment opportunities in a market where valuations are stretched and where Buffett himself could hardly find much to buy in the last few years.

Abel has taken that cash and made some substantial investments. He oversaw the purchases of OxyChem and Taylor Morrison. He put billions into Japanese insurance company Tokio Marine and added to positions in the Japanese trading houses. He also added a significant amount to Berkshire's position in Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) , which Buffett said he initiated in the third quarter last year.

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While Abel negotiated a $10 billion private placement for the stock in June, he may have spent even more on another stock last quarter.

Abel's decision to add billions of dollars in capital to Berkshire's position in Alphabet has attracted a lot of attention, and with good reason. Alphabet seems different than Berkshire Hathaway's usual investments. It's a leading tech company , and it's become one of the faces of the artificial intelligence boom. Buffett was notably wary of artificial intelligence in the past, so it came as a bit of a surprise when he said he initiated the position for Berkshire.