Warren Buffett's Berkshire Hathaway boosts its stake in Amazon to more than $1 billion

• Warren Buffett-led Berkshire Hathaway raised its stake in Amazon by 11% in the second quarter, bringing its total investment to more than $1 billion, according to a regulatory filing.
• The same note showed Berkshire cutting its stake in Charter Communications by 5% and bumping its ownership of US Bancorp by 2.4%.
• Berkshire has been better more on the banking sector in recent months, with the company buying more shares of JP Morgan Chase and Bank of America over the last year.
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Berkshire Hathaway boosted its stake in Amazon Wednesday to a 11% stake as the Warren Buffett-led holding company raises its bet on tech companies.

A regulatory note filed Wednesday revealed Berkshire pushed its total investment in the e-commerce giant over $1 billion. The holding company's investment in Amazon was first made by one of Buffett's deputies. Berkshire's Todd Combs and Ted Weschler are the employees attributed with pushing greater investment in tech companies, Bloomberg reported.

Amazon is up about 0.8% as of 11:00 a.m. ET. Berkshire Hathaway Class B stock is up 1.2%.

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The same filing revealed Berkshire cut its stake in Charter Communications by 5%, bringing the stake's value to $2.1 billion. The cable company's stock is up nearly 33% year-to-date.

The report also detailed Buffett's continued interest in the banking industry. Berkshire increased its stake in US Bancorp by 2.4% to $6.9 billion. The holding company has also been loading up on shares of JPMorgan Chase and Bank of America over the past year.

Bank stocks tumbled Wednesday after the US Treasury's yield curve inverted for the first time since 2007, sending a stark warning of possible future recession. Citigroup and Bank of America traded more than 4.5% lower, and JPMorgan dropped about 4%.

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