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The new accounts ban bonds and international stocks, forcing parents to bet their children’s financial future entirely on U.S. equities.

Greg Abel took over as Berkshire Hathaway’s chief executive on January 1, and he wasted very little time in rewriting the conglomerate’s investment playbook. In the first quarter alone, he exited 16 positions entirely, shrinking the portfolio from 42 holdings to 29, according to Berkshire’s first quarter 2026 13F-HR filing with the SEC on May 15, 2026.Abel concentrated the bulk of that capital in a single stock, Alphabet, the parent of Google, offering an early read on his approach.Inside Abel’s multibillion-dollar Alphabet bet at Berkshire HathawayAbel’s Alphabet accumulation unfolded in two phases, each one escalating Berkshire’s commitment to a level that Buffett’s era never approached with a single technology company.During the first quarter, Berkshire more than tripled its stake in Alphabet’s Class A shares and opened a new position in its Class C shares, bringing the combined holding to nearly 58 million shares, valued at approximately $17 billion by the end of March, according to the same Q1 2026 13F filing.Then, on June 1, Alphabet announced an $80 billion equity capital raise to fund its artificial intelligence infrastructure, and Berkshire stepped in as anchor investor with a $10 billion private placement, Alphabet’s SEC filing showed. That deal split evenly between $5 billion in Class A stock at $351.81 per share and $5 billion in Class C stock at $348.20 per share, a roughly 6.5% discount to Alphabet’s closing price that day.Combined with the open-market purchases, Berkshire’s total Alphabet position now exceeds $29 billion, making it among the portfolio’s five largest holdings, alongside Apple, American Express, Coca-Cola, and Bank of America, and displacing Chevron from the top five.Abel’s selling spree ran parallel to the Alphabet buildupThe Alphabet buildup came alongside one of the most aggressive spates of selling in Berkshire’s modern history. Abel fully exited Domino’s, Amazon, Visa, Mastercard, UnitedHealth Group, and 11 other positions in the first quarter, Fortune reported.Several of those exits trace back to the departure of portfolio manager Todd Combs, who left Berkshire for JPMorgan. Abel told the Wall Street Journal in April that he sold the stocks Combs had managed, which explains the breadth of the first-quarter selling spree.The Domino’s exit stands out because Buffett himself built that 3.35-million-share position over six consecutive quarters, with no prior signal that the stake was temporary. In total, Berkshire was a net seller of roughly $8 billion in equities during the quarter, purchasing about $16 billion while offloading approximately $24 billion, Yahoo Finance reported.

Berkshire’s massive stock selloff coincided with its Alphabet accumulation as Greg Abel reshaped the portfolio following Todd Combs’ departure.Bloomberg/Getty Images

Buffett and Munger’s two-decade Google regret fuels Abel’s convictionAbel’s aggressive positioning has a backstory that stretches to Google’s 2004 initial public offering, which was priced at $85 per share. Alphabet stock has gained more than 13,300% since its debut, and for most of that run, Berkshire owned none of it.Charlie Munger, Berkshire Hathaway’s vice chairman, called missing Google one of Berkshire’s most shameful investing misses.But I feel like a horse’s ass for not identifying Google [now part of Alphabet] better. I think Warren feels the same way. … We could see in our own operations how well that Google advertising was working. And we just sat there sucking our thumbs…,Buffett publicly acknowledged the missed opportunity at the 2017 annual shareholder meeting. He explained that Berkshire’s subsidiary GEICO had been paying Google $10 to $11 per click for advertising, which gave him firsthand visibility into the business model’s strength.Alphabet’s AI-powered earnings growth supports the Berkshire thesisThe timing of Abel’s bet aligns with financial results that would appeal to any value-oriented investor. Alphabet reported first-quarter 2026 revenue of $109.9 billion, a 22% year-over-year increase, with earnings per share surging 82% to $5.11, the company’s earnings release showed.Google Cloud, the division most directly tied to Alphabet’s artificial intelligence push, delivered $20 billion in quarterly revenue for the first time, a 63% year-over-year jump. Cloud backlog nearly doubled to more than $460 billion, signaling sustained enterprise demand for AI infrastructure.More Warren Buffett:Buffett’s $400 billion war chest stays on the sidelinesWarren Buffett has a message on energy prices for all AmericansWarren Buffett’s Berkshire sends jarring signal to stock buyers”2026 is off to a terrific start. Our AI investments and full-stack approach are lighting up every part of the business,” Alphabet CEO Sundar Pichai said in the earnings release, as search revenue grew 19%, with queries hitting an all-time high.Google’s search engine commands approximately 90% of global internet search traffic, a dominance that gives Alphabet extraordinary advertising pricing power. Combined with YouTube, that moat fits the profile of durable competitive advantages that both Buffett and Abel have historically favored.What Abel’s Alphabet investment signals for Berkshire’s future directionAbel appears willing to concentrate Berkshire’s portfolio in fewer higher conviction positions, and he is not avoiding technology the way his predecessor did for decades.CFRA Research analyst Cathy Seifert has suggested that Abel’s background as an operator may lead him to consolidate Berkshire’s units to achieve greater scale and efficiency. Steven Check, president of Check Capital Management, has echoed that view, expecting more consolidation under Abel than under Buffett.Buffett himself has publicly endorsed the new pace. He told CNBC in early June that Abel had executed the $6.8 billion Taylor Morrison acquisition faster and more smoothly than Buffett himself could have, and without any input from Buffett, a public endorsement of Abel’s early tempo as CEO.Alphabet shares traded at approximately $357 as of July 1, and the stock has risen nearly 89% over the past 12 months, according to Robinhood.  With Berkshire still holding nearly $400 billion in cash, Abel’s spending spree may only be getting started.Related: Warren Buffett’s successor Greg Abel makes another $10 billion bet

She was working at a commercial real estate lending company when inspiration struck.

One in every three Branch Basics purchases in 2025 came from a friend or family recommendation. That single data point tells you everything about how this women-founded cleaning brand scaled to over $50 million, and why it’s still growing.

Looking for help with today’s New York Times Pips? We’ll walk you through today’s puzzle and help you match dominoes to tiles.

The former Toronto Blue Jays star shortstop acknowledged lows for his former teammate upon visiting with the New York Mets.

Think about the one account you would never gamble with. Not your checking balance, but the money that, if it vanished, would ruin you. You keep it somewhere boring and safe, somewhere it can’t be quietly drained while you sleep.Countries run on the same instinct, except their safes hold trillions. For roughly 80 years, the answer to where the world parks that money has been almost automatic. You buy U.S. dollars. You buy U.S. government debt. You trust that the largest economy on earth will always be good for it.That trust is why Washington can borrow enormous sums cheaply, and why the dollar in your wallet still carries weight in nearly every airport on the planet. The arrangement has survived wars, recessions, and three generations of doubters who kept predicting its end.This week the people who actually manage those reserves said something they have never said before. For the first time, more of the world’s central banks plan to cut their dollar holdings over the next decade than add to them, an annual survey found, according to the Official Monetary and Financial Institutions Forum (OMFIF).

Gold is quietly beating the dollar in the world’s vaults.OsakaWayne Studios / Getty Images

What the central bank survey actually foundThe survey covered 90 central banks, sovereign wealth funds, and public pension funds that together manage about $10 trillion, the report found, according to OMFIF. Across 12 earlier editions, the dollar had always come out on top. More managers wanted to add it than drop it. This year that balance flipped.The reason they gave was not a stronger rival currency. It was risk. Respondents pointed to political uncertainty in the United States and rising geopolitical tension as reasons to spread their bets, the survey found. Nearly four in five expect the global financial system to keep splintering into a more multipolar shape, with no single currency calling every shot.More Economic Analysis:JPMorgan doubles down on economy, inflation outlookBessent drops a bombshell on Iran oil, dollarAnalysts warn Hormuz relief falls short of what economy needsWhen I lined the OMFIF results up against the latest reserve data, the shift looked less like a stampede and more like a slow, deliberate turn. The dollar still makes up 56.77% of the world’s allocated reserves, down from a peak above 70% in the late 1990s, according to the International Monetary Fund (IMF). Nobody is running for the exits. They are quietly trimming.The trim is broad, too, not the work of one or two rebels. The same survey found central banks racing to adopt artificial intelligence (AI), with more than two-thirds planning to expand its use and not a single advanced-economy central bank satisfied with what it has now. The dollar question is the headline, but the mood beneath it is a whole profession bracing for a different world.The oddest part is that the dollar is not even weak right now. It has gained roughly 3% in 2026 even as managers map out their exit, the survey found. This is not a market reacting to a crash. It is a plan being written for the next 10 years.Related: Kiyosaki escalates urgent warning about value of dollarWhy central banks are walking away from the dollarThe motive traces back to a single decision. After Russia invaded Ukraine in 2022, Western governments froze roughly $300 billion of Russian reserves held abroad. Every other central bank absorbed the same lesson at the same moment. Money held in dollars can be switched off by the country that prints it.Gold cannot be switched off, which is why it has become the off-ramp of choice. The metal now makes up 27% of official reserves against 22% for U.S. Treasuries, the first time gold has held the larger share since 1996, the European Central Bank found. The numbers behind the turn are worth seeing in one place.The dollar held 56.77% of allocated reserves at the end of 2025, down from above 70% in the late 1990s, according to the IMF.Gold reached 27% of official reserves versus 22% for U.S. Treasuries, its first lead since 1996, the European Central Bank reported.74% of central banks expect the dollar’s reserve share to shrink within five years, the World Gold Council found.A net 30% of reserve managers plan to add gold over the next one to two years, according to OMFIF. Where the money goes next is messier. Managers still want more euros and Chinese renminbi, but they flagged structural problems in both that keep either from replacing the dollar wholesale, the survey found. So the cash is scattering into smaller corners instead, with fresh interest in the British pound, the Norwegian krone, and the New Zealand dollar.What a weaker dollar means for your moneyHere is where a reserve manager’s spreadsheet reaches your kitchen table. Washington funds its deficits by selling Treasuries, and for decades foreign central banks were among the steadiest buyers in the room. When that appetite cools, the government has to win over other buyers, usually by paying higher interest.Higher Treasury yields do not stay in Washington. Mortgage rates, auto loans, and credit card rates are all priced off government debt, so a world cooler on Treasuries can quietly lift the cost of your next loan. A softer dollar also buys fewer imported goods over time, which feeds the inflation that eats your raise before you feel it.To see the scale, run the share against the pile. The world holds about $13.14 trillion in allocated reserves, and the dollar’s 56.77% slice works out to roughly $7.5 trillion sitting in greenbacks, by my math on the IMF’s figures. A shift of even a few percentage points moves hundreds of billions of dollars, and it moves them out of the assets that quietly fund your government.In my analysis, the figure worth watching is not the dollar’s headline share but the direction the managers are pointing. They are not just buying gold abroad. A growing number are hauling the metal back inside their own borders, into vaults a foreign government cannot reach, betting on a future where trust is something you store at home.Ordinary savers have followed them, crowding into funds like SPDR Gold Shares (GLD) to get exposure without storing bars in a closet. That is not a recommendation. Plenty of sharp investors think gold’s run is stretched, and a calmer world could cool it fast. The point is not to copy the central banks. It is to notice what they are doing with the money they cannot afford to lose.Where the dollar goes from hereThe dollar has not been dethroned, and the survey does not claim it has. Counting every dollar asset and not just Treasuries, the greenback still anchors about 42% of global reserves, the European Central Bank found, and it remains the world’s primary reserve currency with no rival close enough to take the crown.But reserve managers move in years, not headlines, and they have stopped betting that the old normal is coming back. That wait-and-see posture, OMFIF senior economist Yara Aziz wrote in the report, “looks increasingly unrealistic.”The institutions with the most reason to defend the dollar are the ones quietly buying the alternative and locking it where no one can freeze it. They have read the warning early. The only open question is whether the rest of us move our own money before the slow turn becomes a fast one.Related: U.S. dollar gets surprising jolt from housing slump

While advances in screening technology have significantly improved the odds that any illegal item travelers try to smuggle aboard gets caught early in the process, that hasn’t stopped some from continuing to try to hide banned items in all kinds of seemingly ordinary and unusual items.Incidents highlighted by the Transportation Security Administration (TSA) over the years include several types of drugs sewn inside a hair scrunchie confiscated at Boise International Airport and 17 bullets “artfully concealed inside the otherwise clean disposable baby diaper” at New York’s LaGuardia Airport.In the latest incident at Indianapolis International Airport, agents for the government agency in charge of airport safety caught a passenger who tried to hide a live smoke grenade inside a jar of peanut butter.2 live smoke grenades in a jar of peanut butter”The traveler’s checked bag alarmed and was marked for additional screening,” the TSA said in a news release. “When a supervisory TSA officer and explosives specialist arrived on the scene, they found a little surprise that could have created quite the sticky situation at the airport and for the traveling public — two live smoke grenades, one of which the passenger jammed into a full jar of peanut butter.”TSA said that the passenger was called in to the ticket counter where he was met by police and an airline station manager.Related: TSA issues strict warning about ranch dressingThe traveler told the agents that “a friend told him he could get the smoke grenades through TSA by placing them in a jar of peanut butter”; the agency has in turn not elaborated on whether he was allowed to board his flight or will face any additional charges.TSA used the slightly ludicrous nature of the situation to draw attention to its transportation rules: While peanut butter is considered a cream subject to the three-one-one liquid rule, it should never be used as a vessel to transport weapons, ammunition or other banned items.

TSA has had to clarify its rules regarding traveling with peanut butter.Getty

TSA restrictions for peanut butter, ranch dressing, and moreIn June, TSA issued a separate warning about ranch dressing after several incidents in which Europeans who came to the U.S. for the World Cup purchased bottles of the condiment to take home only to discover that it would not pass airport security in a carry-on bag.Given the popularity of ranch dressing, these social media posts ended up going viral.More Travel News:Airline to launch unusual new flight to Cayman Islands from the U.S.There is a very cool Irish version of swimming pigs in the BahamasUnexpected country is most luxurious travel destination for 2026Low-cost airline launches easier way to get to Sri LankaWhile there were no incidents of someone trying to smuggle something through ranch dressing, the TSA periodically puts out reminders both of its regular rules and in response to what it sees take place at different airports across the country.”Although you may not have intentions for something to occur, carrying prohibited items always has the potential for unintentionally causing harm,” Indiana TSA Federal Security Director Aaron Batt said in a statement on the grenade in the peanut butter. “Imagine in this case had the pressurization caused the device to accidentally release smoke filling the cabin and aircraft while in flight.”Related: Popular cruise, tourist destination will triple entry tax

The AI boom created a ton of winners on Wall Street. However, it also created an incredibly unforgettable story for workers. Tech behemoth Microsoft (MSFT) is reportedly preparing a fresh round of layoffs, according to Business Insider, in a move that could be announced as early as next week. In reporting the news, Reuters said it could not immediately verify the details, but GeekWire said it confirmed the plan with a person familiar with the matter.Nonetheless, the reported cuts land in the middle of a darker Big Tech narrative.Companies continue spending heavily on AI while asking whether they still need the headcount to grow. According to Reuters, citing Morgan Stanley, Alphabet, Amazon, Microsoft and Meta are expected to spend about $700 billion in outlays in 2026 as hyperscaler AI capex grows at a relentless pace. Hence, Microsoft is no exception, with major bets on cloud, data centers, and AI tools reshaping its cost structure, while reported layoffs have become another sign of how expensive the AI era is becoming. 

Microsoft reportedly plans layoffs as it shifts spending toward artificial intelligence investmentsGeorge Chan/Getty Images

What the Microsoft layoff reports say According to a Business Insider report, Microsoft is planning to cut thousands of jobs, impacting less than 2.5% of its workforce, with roles across sales, consulting and Xbox. More AI:Goldman Sachs has blunt message for AI stock investorsMicrosoft CEO sends a blunt warning on AI and the tech ecosystemThe next AI infrastructure race has nothing to do with chipsInterestingly, the cuts came just after Microsoft’s June 30 fiscal-year close, a period when it typically makes organizational changes. With 228,000 full-time employees as of June 30, 2025, a sub-2.5% reduction still means thousands of workers.Recently, Meta Platforms also gave the AI-led tech layoff theme more weight.According to Reuters, Meta carried out a massive restructuring on May 20, laying off 10% of its global workforce while transferring 7,000 employees to new AI-related workflows. Similarly, Microsoft is also looking to exercise that same cost discipline, despite posting strong top-and-bottom-line growth over the past several quarters. In fiscal Q3, according to Yahoo Finance, Microsoft revenue rose 18%, operating income increased 20%, Microsoft Cloud revenue reached $54.5 billion, and Azure and other cloud services revenue jumped 40%.However, AI growth doesn’t come cheap. Microsoft said cloud gross margin dropped to 66% because of AI infrastructure investments and higher AI usage. GeekWire also reported the company was on pace to spend more than $100 billion on AI and cloud infrastructure in the fiscal year that just ended.Additionally, Xbox adds another pressure point. Reported cuts could reach gaming after Microsoft said Xbox content and services revenue fell 5% in fiscal Q3.Big Tech layoffs show AI’s growing workforce costMicrosoft’s reported cuts aren’t happening in isolation. Across Big Tech, companies continue trimming headcount while redirecting capex toward AI infrastructure, automation and leaner operating structures.Amazon: On Jan. 28, 2026, Reuters said Amazon confirmed 16,000 corporate cuts, following 14,000 October layoffs partly tied to AI adoption and bureaucracy reduction.Oracle: On June 22, 2026, Reuters reported Oracle’s workforce fell by 21,000, or 13%, in fiscal 2026, partly driven by AI adoption.Meta Platforms: On May 18, 2026, Reuters reported Meta’s May 20 restructuring included 10% layoffs, 7,000 staff shifted to AI initiatives, and 6,000 open roles closed.Microsoft: On July 2, 2025, Microsoft said it would cut nearly 4% of staff while continuing heavy AI infrastructure spending, according to Yahoo Finance.Salesforce: On Feb. 10, 2026, Reuters reported Salesforce cut fewer than 1,000 jobs, including roles linked to its Agentforce AI push.How Satya Nadella and Big Tech CEOs view AI’s impact on jobsMicrosoft CEO Satya Nadella frames Microsoft’s layoffs as the uncomfortable side of a company doing well while remaking itself for AI. For context, according to CNBC, in a July 2025 employee memo published by Microsoft, he wrote that recent job eliminations had been “weighing heavily on me” and called them “among the most difficult” decisions the company makes.In doing so, he also acknowledged the contradiction, saying Microsoft was thriving by market and strategic measures while still undergoing layoffs.He argued that progress in tech is “dynamic, sometimes dissonant, and always demanding” and said Microsoft needs to scale its current business and create new AI categories. Nadella’s AI vision is expansive. For him Microsoft needs to evolve from being a “software factory” to an “intelligence engine”, which is why it continues shelling out billions on AI infrastructure even while reducing headcount in other areas.Putting things in perspective, Microsoft’s capex has exploded with the AI buildout. In fiscal 2022, Microsoft reported $23.9 billion in additions to property and equipment; through the first 9 months of fiscal 2026 alone, that figure had reached $80.1 billion, up about 236% from the full-year 2022 level. Other tech leaders are drawing with the same map.Amazon CEO Andy Jassy told employees that generative AI would change how work gets done and said the company expected it to “reduce our total corporate workforce” as AI drives efficiency. Reuters reported Jassy saying some roles would become obsolete while new ones would emerge.OpenAI CEO Sam Altman has sounded less alarmist recently. Reuters reported in May 2026 that Altman said AI had not created the white-collar job losses he once feared and was unlikely to trigger a global “jobs apocalypse”. Anthropic CEO Dario Amodei remains more cautious, warning through Axios that AI could push unemployment sharply higher in the next 1 to 5 years.Related: Microsoft may be done making Xbox cheap

Palantir invented the forward-deployed engineer model more than a decade ago. The firm’s engineers became known for living inside government agencies and Fortune 500 companies for months at a time, not to train employees on software, but to build systems alongside them from the inside. On June 30, Amazon decided to take that model and run it at cloud scale.AWS announced a $1 billion investment in a new Forward Deployed Engineering organization, seeded with thousands of engineers who will embed in small pods directly inside client companies for intensive engagements designed to get AI into production fast.What AWS’s $1B FDE unit actually involvesFrancessca Vasquez, AWS VP of Frontier AI Engineering and Services, announced the new unit and walked through how it works. Engineers go into a client company in pods of five or six people. They stay for roughly 45 days, working inside the client’s own environment on the client’s own data, alongside the client’s business, engineering, and security teams. Vasquez said the unit is not trying to create ongoing dependency. When the team leaves, the customer owns everything: the code, the AI agents, the workflows, and the internal knowledge to keep running without AWS staff on-site.Related: Amazon challenges Costco with July 4 gas savings deal”The currency that the customers are always talking about right now is speed. We do see FDE being a choice for customers who are looking for accelerated value back to their stakeholders, their customers, their executive teams,” Vasquez told CNBC.The method AWS is using is called the AI-Driven Development Lifecycle. Human engineers oversee AI agents that handle the software writing and system deployment work. The idea is to shrink what normally takes a company months to do down to a matter of days. The six organizations already working with FDE teams include the Allen Institute, Cox Automotive, the NBA, the NFL, Ricoh, and Southwest Airlines.Why the FDE model is spreading across enterprise AI right nowThe FDE idea has existed in tech for years but it is having a particular moment in 2026 because of where the AI market stands. Companies spent 2023 and 2024 running pilots and proof-of-concept projects. Most of those experiments sat on servers and never touched real operations. The gap between “AI project” and “AI in production” turned out to be much wider than most executive teams expected.What FDE teams address is precisely that gap. A dedicated external engineering team, working inside the client’s actual infrastructure with access to real data and real constraints, can get things moving in ways that consulting decks and software demos cannot. The model has shown up at software firms of all sizes looking to drive faster adoption of their tools, and the race to deploy enterprise AI has made it the dominant go-to-market strategy of the moment.

The FDE idea has existed in tech for years but it is having a particular moment in 2026 because of where the AI market stands.Berger/Getty Images

How AWS’s approach differs from OpenAI and AnthropicAWS is not the first AI company to move in this direction. OpenAI and Anthropic both launched FDE offerings earlier in 2026. OpenAI structured its venture with TPG, Advent International, Bain Capital, and Brookfield, and it was valued at $4 billion. Anthropic built its deployment company in May 2026 with Blackstone, Hellman & Friedman, and Goldman Sachs, valued at $1.5 billion. Both are joint ventures with outside investors and consulting partners attached.Amazon is writing this one itself. The $1 billion comes from its own balance sheet, with no co-investors and no outside consulting firms. Vasquez said it is also the first time AWS has pulled its various engineering capabilities into a single unit with a shared deployment framework. “We’ve had capabilities over the years, but structurally this is like getting everybody together in one business unit with a common rubric of deployment,” she said. “It’s the first time we’re doing it in that way.”More Amazon:Amazon Prime Day gives Wall Street a $22B reason to take noticeAmazon quietly building a moat to outlast the AI boomBank of America resets Amazon stock forecast on key service launchAWS is also the first major hyperscaler to announce this kind of initiative, according to TechCrunch. Google has made its own move in enterprise AI deployment, but through a $750 million partner fund aimed at agentic AI rather than an internal engineering corps.”Customers leave AWS FDE deployments with both new solutions and new engineering capabilities. Along with agentic systems running in their own AWS environment, they gain lasting AI skills, workflows, and patterns they can use to innovate independently,” Vasquez wrote in the AWS announcement.What this deal means for customers, investors, and cloud competitionThe problem AWS is trying to solve is one most large companies know well. They have access to AI models. They have budgets approved for AI projects. What they do not have is the internal engineering depth to take any of that from a proof of concept into something their operations can actually run. An external team embedded inside their environment for six weeks, working on their actual systems with their actual data, is a faster fix than hiring and training.What happens when the AWS team leaves is the part that makes the model interesting. The engineers hand over the code and the agents they built, but they also leave behind the internal knowledge, the documented patterns, and the skills transfer that let the client keep building on their own. Clients own everything.For AWS’s cloud market position, six weeks inside a client’s environment building production systems alongside their teams does something that selling compute and storage never quite does. It makes switching providers harder, in a way that the client probably does not fully appreciate until they try. The agent architecture, the integration patterns, the deployment setup — all of it is built to run on AWS. Moving it somewhere else means rebuilding from scratch.Amazon holds financial stakes in both Anthropic and OpenAI. It now has a unit competing with both of them for the same enterprise deployment contracts. For investors tracking AWS, the questions worth watching are whether the FDE model accelerates enterprise contract sizes, how quickly AWS can scale thousands of engineers without quality dropping, and whether the self-sufficiency promise holds up when customers try to operate independently after the 45-day window closes. The company’s reading is that selling access to an AI model is only the first part of the opportunity. Getting that model running inside a customer’s actual business is where durable revenue gets built.Related: Bank of America spots Prime Day signal for Amazon investors