Moric Kocsa Pillmann @MoricPortfolio: "👀Another eventful week behind us...."

Hungary

👀Another eventful week behind us. We finished around +1.4%, outperforming both benchmarks. For context, the $SPX500 returned ~-0.1% this week, while the $NSDQ100 finished around ~+0.5%. Markets were largely flat, but the biggest IPO in history stole the entire spotlight. ⚠️𝐒𝐨𝐦𝐞 𝐧𝐨𝐭𝐚𝐛𝐥𝐞 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤: 🚀𝐒𝐩𝐚𝐜𝐞𝐗 𝐰𝐞𝐧𝐭 𝐩𝐮𝐛𝐥𝐢𝐜 — 𝐚𝐧𝐝 𝐢𝐭'𝐬 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐫𝐞𝐬𝐡𝐚𝐩𝐢𝐧𝐠 𝐞𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠 --> $SPCX (Space Exploration Technologies Corp) closed its debut day up ~19% - the largest IPO in history --> SpaceX is not just a rocket company. After its February 2026 merger with xAI, it now operates three segments: launch services (Falcon 9/Starship), Starlink satellite internet, and xAI (includes Grok, X (formerly Twitter), and AI compute infrastructure) --> At ~$2.1 trillion market cap, SpaceX is now the 7th largest company globally ahead of $AVGO (Broadcom Inc) (Broadcom) and just below $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) (TSMC) 📊𝐖𝐡𝐚𝐭 𝐒𝐩𝐚𝐜𝐞𝐗 𝐦𝐞𝐚𝐧𝐬 𝐟𝐨𝐫 𝐨𝐮𝐫 𝐢𝐧𝐝𝐞𝐱 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 --> $SPCX could join as early as late June/early July, the $NSDQ100 (mega-cap IPOs ranking in the top 40 by market cap can fast-track into the index within 15 trading days) --> When it does, index funds tracking the Nasdaq-100 are estimated to mechanically buy ~$7 billion of $SPCX trimming existing holdings proportionally --> Initial weight will be modest, roughly 0.5–0.7%, because inclusion is based on float-adjusted market cap, and the public float is currently only ~3–5% --> The $SPX500 is a different story: SpaceX won't be eligible until at least mid-2027 — it posted a $4.9B net loss in 2025, failing the profitability requirement 🤖𝐓𝐡𝐞 𝐍𝐚𝐬𝐝𝐚𝐪-𝟏𝟎𝟎 𝐣𝐮𝐬𝐭 𝐠𝐨𝐭 𝐚 𝐬𝐞𝐫𝐢𝐨𝐮𝐬 𝐀𝐈 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐮𝐩𝐠𝐫𝐚𝐝𝐞 --> Nasdaq's June quarterly rebalance added five new names effective June 22: $CRWV (CoreWeave Inc) , $NBIS (Nebius Group NV) , $ALAB (Astera Labs Inc) , $RKLB (Rocket Lab Corp) , and $TER (Teradyne Inc) --> Both CoreWeave and Nebius are Nvidia-backed AI infrastructure plays. CoreWeave Q1 revenue grew 127% YoY to $2.08B; Nebius grew 684% YoY to $399M - serious plays 🧠𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐨𝐢𝐧𝐭: SpaceX's debut signals a structural reshaping of the indices we hold - more AI, more growth, and a Nasdaq-100 that will look very different by 2027. 💭 This changes how we think about passive exposure. We are overindexing into AI/semiconductors by our $SOXX (iShares Semiconductor ETF ) and $SOXL (Direxion Daily Semiconductor Bull 3X ETF) exposures, but the shift in the broader indices into this aspect of tech will further boost this. It is OK for now, but as soon as I see some structural changes, I will consider exploring alternatives to reduce the potential overreliance on AI. ⭐️𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐧𝐨𝐭𝐞: I've recently reached the Champion milestone on eToro - grateful to everyone who has followed and trusted the portfolio. More to come. Best, Moric

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