Fed names Powell interim chair; Berkshire shifts holdings as AI stock scrutiny rises

The Federal Reserve on May 15, 2026, named Jerome Powell chair pro tempore after his formal term expired, creating a bridge until Kevin Warsh is sworn in as the next chair. Two Fed governors publicly opposed the move, an unusual split during a leadership transition. Berkshire Hathaway’s first post-Buffett 13F filing showed first-quarter portfolio changes, including a return to airline stocks, a higher stake in Alphabet (GOOGL) and exits from Amazon (AMZN) and Visa (V). Warren Buffett stepped down as CEO at the end of 2025, with Greg Abel taking over while Buffett remained chairman. Government ethics filings showed President Donald Trump bought Palantir Technologies (PLTR) shares weeks before publicly praising the AI software company and referencing its ticker on Truth Social. Separately, SanDisk (SNDK) accounting chief Michael Pokorny sold 2,446 shares on May 12 at $1,426.18 each, worth about $3.5 million, after the stock rose 494% in 2026. Bank of America strategist Michael Hartnett warned AI chip gains are nearing historic bubble extremes.