Yun Jui Tsai @YunRueiTsai: "@YunRueiTsai 2026 YTD Return: +29.48% $NSDQ100 YTD:17.64% $SPX500..."

Taiwan

@YunRueiTsai 2026 YTD Return: +29.48% $NSDQ100 YTD:17.64% $SPX500 YTD:9.26% Portfolio Update: Why I am trimming part of my ALAB position The key numbers: Q1 2026 revenue growth: +93% Non-GAAP gross margin: 76.4% Net cash: about $1.14B Single end-customer exposure: over 70% Current stock price: around $400+ Base-case valuation range: around $240–260 ALAB is a high-quality AI infrastructure company, but the current stock price already prices in a lot of future success. The thesis is not broken. AI data centers still need faster connectivity, retimers, switches, and signal integrity solutions. ALAB remains one of the purest AI connectivity plays. But valuation matters. At this price, the stock needs almost perfect execution: Scorpio X ramp must stay on track. Customer concentration risk must improve. Margins must hold. AI capex must stay strong. The market must keep paying a very high multiple. That is a high bar. I want my capital to work more efficiently. I will keep a smaller position in ALAB, because if the stock continues to break higher, I still want exposure to the upside. But I do not want too much capital locked in a stock where valuation already reflects many years of good news. Part of the capital will be rotated into cybersecurity stocks. Why cybersecurity? Because I am seeing stronger market rotation into software and cyber. Cybersecurity has more resilient enterprise spending, and AI is increasing the attack surface for companies. So my goal is not to abandon AI infrastructure. My goal is to improve portfolio efficiency: Reduce exposure where valuation is stretched. Keep exposure where the long-term thesis remains strong. Move capital toward areas with better risk / reward. For followers and copiers: This is part of active portfolio management. I am not trying to sell the top perfectly. I am trying to make the portfolio healthier. ALAB may still go higher. That is why I will keep a position. But I also need to manage risk when the stock becomes expensive. Investing is not only about finding great companies. It is also about deciding how much capital each company deserves at today’s price. $ALAB (Astera Labs Inc) $MU (Micron Technology, Inc.) $CRWD (Crowdstrike Holdings) $NET (Cloudflare) $CRDO (Credo Technology Group Holding Ltd) $MRVL (Marvell Technology Group Ltd) $AVGO (Broadcom Inc) $OIL

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