Michal Hlavacka @Michalhla: "𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐮𝐩𝐝𝐚𝐭𝐞 - 𝐰𝐞𝐞𝐤 𝐞𝐧𝐝𝐢𝐧𝐠..."

Czech Republic

𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐮𝐩𝐝𝐚𝐭𝐞 - 𝐰𝐞𝐞𝐤 𝐞𝐧𝐝𝐢𝐧𝐠 𝐉𝐮𝐧𝐞 𝟐𝟖 Past week returns: 🔴 This Portfolio: -2.68% 🔴 $SPY (State Street SPDR S&P 500 ETF) -1.95% 12 month returns: 🟢 This Portfolio: 52.42% 🟢 S&P 500: 19.75% 2 year returns (since Jan 2024): 🟢 This Portfolio: 206.83% 🟢 S&P 500: 56.95% Since March 2020 (start of the portfolio) 🟢 This Portfolio:+1040.33% 🟢 S&P 500: 154.7% Check out more statistics about the portfolio here: bullaware.com/etoro/Michalhla 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐩𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 I have closed both our positions in $TEM.US (Tempus AI Inc), amounting to 0.25% and 0.35% of the portfolio, respectively, losing 31.69% and 17.85% after holding the positions for 11 months and 7 months, respectively. My thesis for this investment was not materializing and further research lowered my confidence in the management. I have also closed one of our positions in $QCOM (Qualcomm Inc) amounting to 1.13% of the portfolio, locking in 33.84% gain after holding the position for less than 5 months. My thesis for Qualcomm was that it will likely be able to build a datacenter chip business and also grow the car infotainment products very fast. It is clear that the management is now all in on datacenters as they have confirmed on their recent investor day. The company introduced a whole set of planned chips to be built on their newly introduced high-bandwidth compute technology that should avoid DRAM memory and advanced chip packaging shortages. My conclusion to close the position comes from the stock price already being at a level that reflects at least partial success of this initiative, which also has to replace some of the revenue Qualcomm will lose due to changes in its cell phone business lines. At the same time, there still is plenty of technological and execution risk ahead before the company starts making meaningful revenue from the datacenter chips in the second half of 2027 and in 2028. 𝐍𝐞𝐰𝐬 $NVDA (NVIDIA Corporation) had its annual general meeting where it introduced new products including the Halo robotics safety system, scientific supercomputer version of Vera Rubin (NVL4 variant), and set of agentic tools for scientific discovery. The financial results were solid with revenue up 85% year over year and gross margin at 74.1%. The stock price seems to reflect less optimism about the continuation of demand growth. One of the signals for that is decreasing GPU rental rates which are often used as a demand proxy. My view is that those are also caused by more and more new generation chips coming online, while the hourly rates mostly taken as a market demand proxy, are mostly of the older generation. Also the Vera Rubin (the newest generation) delivery will begin in the fall and that anticipation has an impact. $NVO (Novo-Nordisk A/S SPONS ADR) had its Wegovy pill approved by the UK regulator as the first oral GLP1 weight loss pill to be sold in Europe. Disclaimer: Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future results

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