Noura El Allam @nouraellm: "Portfolio Update $NVDA: Jensen Huang's Computex..."

Belgium

Portfolio Update $NVDA (NVIDIA Corporation): Jensen Huang's Computex keynote today unveiled the RTX Spark AI chip for laptops. FY26 revenue came in at $215B, up 65% YoY. Stock up 4.5% on the session. Structural AI demand story remains intact. $AVGO (Broadcom Inc): Trading near all-time highs, up 7.5% today on strong AI chip momentum. Q2 earnings report due June 3. Options markets are pricing a 10% move in either direction. Highest near-term event risk in the book. $GOOG (Alphabet): Pulled back 2.5% Friday from May highs. Q1 results were strong: Google Cloud grew 63%, operating margins expanded 220bps. Piper Sandler raised its price target to $445 this morning. Ex-dividend date June 8. $NFLX (Netflix, Inc.): Q1 EPS surprised 61% to the upside but shares are down roughly 5% YTD following weak Q2 guidance. Co-founder Hastings exits the board this month. Next earnings call July 16. $CVS (CVS Health Corp): Recovering well from its 52-week lows. Q1 beat expectations, full-year guidance raised to $405B revenue and $7.40 EPS. Trades at 0.3x sales. Value case intact, execution on margin improvement is the key variable. $SAP (SAP SE ADR): Down roughly 38% from its 2025 all-time high despite Q1 cloud revenue growing 27% and a current cloud backlog of 21.9B euros, up 25%. Most dislocated name in the portfolio. A 10B euro buyback program is underway. $CEM.MI (Cementir Holding N.V): Low-beta building materials position. FY25 revenues grew 27%. Trading near its January 2026 all-time high and approximately 20% above intrinsic value estimates. Acts as a volatility dampener in an otherwise tech-heavy book. AVGO earnings on Wednesday are the week's main event. Sizing accordingly.

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