Warren Buffett’s Berkshire Hathaway Corporation invested in Citigroup and Paramount Global last quarter and more than quadrupled its stakes in Chevron and Activision Blizzard, nearly eliminating its holdings in Verizon, writes Business Insider.

Warren Buffett’s Berkshire Hathaway added shares of Citigroup and Paramount Global to its equity portfolio last quarter, according to a report filed with the U.S. Securities and Exchange Commission.

As of March 31, the celebrity investor’s company owned $2.9 billion worth of the banking giant’s stock and $2.6 billion worth of the media giant’s stock. It also bought stakes in Ally Financial, Markel, McKesson, Celanese, Occidental Petroleum and HP last quarter. The last 3 positions alone were worth more than $1 billion.

Berkshire more than quadrupled its stakes in Chevron and Activision Blizzard, increasing the value of those positions to about $26 billion and $5 billion at the end of March, respectively. Buffett’s company also slightly increased its stake in Apple.

Meanwhile, Berkshire cut its stake in Verizon by more than 99%, reducing the holding’s value from $8.3 billion to about $70 million in just 3 months. It also exited positions in AbbVie, Bristol-Myers Squibb and Wells Fargo.

The total value of Berkshire’s U.S. equity portfolio rose 10% to $364 billion.

Buffett has struggled to find bargains in recent years as the stock price has soared to record highs, stiff competition from private equity firms and SPACs has increased the cost of acquisitions, and Berkshire’s rising share price has made buybacks less attractive.

Buffett explained why he bought more shares of Apple and Activision Blizzard during his company’s recent annual shareholder meeting. He said he wanted to own more shares in the iPhone maker, despite the fact that they are by far already Berkshire’s largest holding.

As for the video game studio, Buffett said he is betting that Microsoft’s proposed takeover of the company will be finalized and Activision Blizzard shares will rise from their current price of $78 to $95.