Not so much, that's my point. Berkshire has been market tracking, if you consider "the market" to be other stocks rather than a few specific giants.

Agreed. The fact is the s and p 500 has been making new highs, and so has Berkshire.
And yes, there does seem to be some rotation of funds out of the AI trade to other sectors.
And hopefully, Berkshire will have some standout performance in the next couple of years that helps the stock outperform the averages.
But as of now, the great recent BRK performance has simply matched the broader market averages.

The catalysts for Berkshire moving forward are:

New management
An era of higher interest rates
More aggressive buybacks
A possible renewed appreciation for a top 10 market cap company that's not voluntarily drowning itself in massive debt.

At Berkshire's current business operations, it appears Abel is willing to buy all he can at $750,000 per share or less.
That doesn't guarantee the floor of a stock price but given the small float, it sure does help.
Let's hope Abel increases that buyback line 5% each year if earnings grow, I think he will unless the proverbial elephant emerges from the jungle to sop up a lot of cash.

I continue to believe that in a world where a single hackable bitcoin is worth $77,000 and Walmart trades at 45 times earning, it's not at all out of the realm of possibility that if you mix together 10-12 strong quarters in a row with 6-8 $20 Billion transactions over the same 12 quarters, and add in a tiny dash of irrational exuberance and you could see Berkshire trade at 2 x elevated book value. That level of "froth" (just 35% over the 1.5x BV that the conservatives here preach)to me is no stretch at all.