Peter Ahl @Wealthbystrategy: "💲 𝙔𝙏𝘿 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚: 𝟵,𝟱% 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚..."

Sweden

💲 𝙔𝙏𝘿 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚: 𝟵,𝟱% 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝟮𝟬𝟮𝟱: 𝟭𝟰,𝟱% 🚀 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝟮𝟬𝟮𝟰: 𝟰𝟮,𝟭% Risk-score 4/10. ______________________________________________ 𝙒𝙚𝙚𝙠𝙡𝙮 𝙧𝙚𝙥𝙤𝙧𝙩 𝙅𝙪𝙣𝙚 𝟴-𝟭𝟮, 𝟮𝟬𝟮𝟲 👇 💹 𝙊𝙫𝙚𝙧𝙖𝙡𝙡 𝙈𝙖𝙧𝙠𝙚𝙩 𝙊𝙪𝙩𝙡𝙤𝙤𝙠 Markets enter the new week with a more cautious tone after Friday’s sharp rotation out of technology and semiconductor shares. The underlying question has not changed: can strong AI-related earnings growth continue to offset higher interest rates, higher energy prices, and more demanding valuations? 𝙈𝙮 𝙫𝙞𝙚𝙬 𝙞𝙨 𝙩𝙝𝙖𝙩 𝙁𝙧𝙞𝙙𝙖𝙮 𝙡𝙤𝙤𝙠𝙚𝙙 𝙢𝙤𝙧𝙚 𝙡𝙞𝙠𝙚 𝙖 𝙧𝙚𝙨𝙚𝙩 𝙖𝙛𝙩𝙚𝙧 𝙖 𝙫𝙚𝙧𝙮 𝙨𝙩𝙧𝙤𝙣𝙜 𝙧𝙪𝙣 𝙞𝙣 𝙘𝙝𝙞𝙥 𝙨𝙩𝙤𝙘𝙠𝙨 𝙩𝙝𝙖𝙣 𝙩𝙝𝙚 𝙚𝙣𝙙 𝙤𝙛 𝙩𝙝𝙚 𝘼𝙄 𝙞𝙣𝙫𝙚𝙨𝙩𝙢𝙚𝙣𝙩 𝙘𝙮𝙘𝙡𝙚. When expectations are high, even good companies can fall hard if the market wants even better news. That is part of investing in fast-growing areas, and it is why position sizing and valuation discipline matter. 📊 𝙋𝙖𝙨𝙩 𝙒𝙚𝙚𝙠'𝙨 𝙈𝙖𝙧𝙠𝙚𝙩 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 The main market event last week was Friday’s sell-off, led by technology and semiconductors. Oil prices rose on Middle East tensions, inflation expectations moved higher, and Treasury yields climbed after the May U.S. jobs report showed stronger employment than expected, with 172,000 new jobs and unemployment unchanged at 4.3%. $AVGO (Broadcom Inc) also weighed on sentiment. The company remains a major AI beneficiary, but its latest guidance did not satisfy investors after a period when many chip shares had already moved sharply higher. This combination hit the Nasdaq and the semiconductor sector especially hard, while more defensive and energy-linked areas held up better. By Monday morning, the first signs of stabilization were visible in chip stocks, but the message from the market is clear. 𝘼𝙄 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙖 𝙥𝙤𝙬𝙚𝙧𝙛𝙪𝙡 𝙩𝙝𝙚𝙢𝙚, 𝙗𝙪𝙩 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙞𝙨 𝙣𝙤 𝙡𝙤𝙣𝙜𝙚𝙧 𝙧𝙚𝙬𝙖𝙧𝙙𝙞𝙣𝙜 𝙞𝙩 𝙬𝙞𝙩𝙝𝙤𝙪𝙩 𝙦𝙪𝙚𝙨𝙩𝙞𝙤𝙣𝙞𝙣𝙜 𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣, 𝙢𝙖𝙧𝙜𝙞𝙣𝙨, 𝙖𝙣𝙙 𝙛𝙪𝙩𝙪𝙧𝙚 𝙙𝙚𝙢𝙖𝙣𝙙. 💼 𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 In the portfolio, 𝙄 𝙖𝙙𝙙𝙚𝙙 𝙛𝙪𝙧𝙩𝙝𝙚𝙧 𝙩𝙤 𝙤𝙪𝙧 $NVDA (NVIDIA Corporation) 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣 𝙡𝙖𝙨𝙩 𝙬𝙚𝙚𝙠, 𝙬𝙝𝙞𝙘𝙝 𝙞𝙨 𝙣𝙤𝙬 𝙤𝙪𝙧 𝙨𝙚𝙘𝙤𝙣𝙙-𝙡𝙖𝙧𝙜𝙚𝙨𝙩 𝙝𝙤𝙡𝙙𝙞𝙣𝙜. NVIDIA announced its RTX Spark platform at Computex, aimed at bringing powerful local AI capabilities to Windows laptops and desktop PCs. I also saw continued positive analyst support after Computex, including from Goldman Sachs. I still view Nvidia as attractively valued relative to its growth profile. The company remains central to the AI infrastructure buildout, but it is also expanding the opportunity into PCs, local AI agents, inference, software, and a broader computing ecosystem. At the same time, 𝙄 𝙧𝙚𝙙𝙪𝙘𝙚𝙙 𝙤𝙪𝙧 𝙚𝙭𝙥𝙤𝙨𝙪𝙧𝙚 𝙩𝙤 $GLD (SPDR Gold) 𝙖𝙣𝙙 $GDX (VanEck Vectors Gold Miners ETF) 𝙖𝙣𝙙 𝙧𝙚𝙖𝙡𝙞𝙯𝙚𝙙 𝙨𝙤𝙢𝙚 𝙥𝙧𝙤𝙛𝙞𝙩𝙨. Gold can benefit from inflation fear and geopolitical uncertainty, so I don’t view it as a weak asset class. However, if stronger labour data and higher oil prices push the Fed toward a more hawkish stance, higher real yields increase the opportunity cost of holding gold, which pays no income. 𝙏𝙝𝙖𝙩 𝙢𝙖𝙠𝙚𝙨 𝙖 𝙡𝙤𝙬𝙚𝙧 𝙜𝙤𝙡𝙙 𝙬𝙚𝙞𝙜𝙝𝙩 𝙧𝙚𝙖𝙨𝙤𝙣𝙖𝙗𝙡𝙚 𝙖𝙛𝙩𝙚𝙧 𝙖 𝙨𝙩𝙧𝙤𝙣𝙜 𝙥𝙚𝙧𝙞𝙤𝙙, 𝙬𝙝𝙞𝙡𝙚 𝙠𝙚𝙚𝙥𝙞𝙣𝙜 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙛𝙤𝙘𝙪𝙨𝙚𝙙 𝙤𝙣 𝙡𝙤𝙣𝙜-𝙩𝙚𝙧𝙢 𝙜𝙧𝙤𝙬𝙩𝙝 𝙤𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨. 🔭 𝙏𝙝𝙚 𝙒𝙚𝙚𝙠 𝘼𝙝𝙚𝙖𝙙 𝙏𝙝𝙞𝙨 𝙬𝙚𝙚𝙠, 𝙞𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨 𝙬𝙞𝙡𝙡 𝙛𝙤𝙘𝙪𝙨 𝙤𝙣 𝙐.𝙎. 𝙞𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣 𝙙𝙖𝙩𝙖, with CPI due on Wednesday and PPI on Thursday. These reports matter because they will shape expectations before the next Federal Reserve meeting on June 16 to 17. The biggest market event may be the expected $SPCX (Space Exploration Technologies Corp) IPO, with pricing reportedly planned for June 11 and trading on Nasdaq expected to start the following day. The company is aiming to raise $75 billion at a valuation of around $1.75 trillion, which would make it 𝙩𝙝𝙚 𝙡𝙖𝙧𝙜𝙚𝙨𝙩 𝙄𝙋𝙊 𝙚𝙫𝙚𝙧. Even though SpaceX is not part of our portfolio, it could be highly relevant for market sentiment, retail investor appetite, the AI theme, and demand for long-duration growth assets. Earnings will also stay relevant, especially Oracle and Adobe, as investors look for more evidence of real demand behind AI, cloud, and software spending. 𝘼𝙛𝙩𝙚𝙧 𝙁𝙧𝙞𝙙𝙖𝙮’𝙨 𝙨𝙚𝙡𝙡-𝙤𝙛𝙛, 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙬𝙞𝙡𝙡 𝙡𝙞𝙠𝙚𝙡𝙮 𝙧𝙚𝙬𝙖𝙧𝙙 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙩𝙝𝙖𝙩 𝙘𝙖𝙣 𝙨𝙝𝙤𝙬 𝙗𝙤𝙩𝙝 𝙜𝙧𝙤𝙬𝙩𝙝 𝙖𝙣𝙙 𝙙𝙞𝙨𝙘𝙞𝙥𝙡𝙞𝙣𝙚, 𝙣𝙤𝙩 𝙟𝙪𝙨𝙩 𝙚𝙭𝙘𝙞𝙩𝙚𝙢𝙚𝙣𝙩 𝙖𝙧𝙤𝙪𝙣𝙙 𝘼𝙄. 𝙒𝙞𝙨𝙝𝙞𝙣𝙜 𝙮𝙤𝙪 𝙖 𝙥𝙧𝙤𝙨𝙥𝙚𝙧𝙤𝙪𝙨 𝙩𝙧𝙖𝙙𝙞𝙣𝙜 𝙬𝙚𝙚𝙠 𝙖𝙝𝙚𝙖𝙙! 👍

Not investment advice. The author may have financial interests in the mentioned instruments.