(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. has found another way to put even more of its money to work, purchasing a stake in HP Inc. valued at more than $4.2 billion.

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The disclosure that the billionaire investor’s company holds about 121 million shares in the computer maker sent HP’s stock surging to a record. The shares gained as much as 19% on Thursday to $41.47 in New York. Berkshire bought some of the stock earlier this week in multiple transactions, according to a regulatory filing late Wednesday.

“Berkshire Hathaway is one of the world’s most respected investors and we welcome them as an investor in HP,” an HP spokesperson said.

Berkshire’s HP bet is just the latest way the billionaire investor’s firm has found a way to deploy some of its near-record cash pile, after years of being stifled by high valuations and a competitive dealmaking landscape. In recent months, Berkshire has expanded its $350 billion equity portfolio, helped in part by volatility that dragged the S&P 500 Index down almost 6% this year through Wednesday’s close.

In March, Buffett’s company disclosed that it had been buying up shares in Occidental Petroleum Corp., building a stake that now ranks among Berkshire’s 10 largest common-stock bets.

What Bloomberg Intelligence Says:

“Berkshire Hathaway’s $4.2 billion investment in HP Inc. reinforces the computer maker’s long-term capital-returns value proposition. HP Inc. has become a capital-returns story, given its low-single-digit growth profile.”

-- Woo Jin Ho, BI senior industry analyst

Click here to read the research.

Berkshire has also found more luck on the acquisition front, announcing in March a $11.6 billion deal to purchase insurer Alleghany Corp. in the conglomerate’s largest deal since its 2016 acquisition of Precision Castparts Corp. Still, the purchase price represents just 7.9% of Berkshire’s cash pile of $146.7 billion at the end of 2021.

Helped by strong performances from businesses such as the BNSF railroad and Berkshire’s sprawling energy empire, Buffett’s conglomerate has been pulling in more cash that he can quickly deploy into higher-returning assets, a skill that had drawn the investor acclaim for years. A shortage of appealing investment opportunities has led the billionaire to increasingly turn to share buybacks, with repurchases totaling a record $27.1 billion last year.