Bogdan Sumaruk @Sir_H_Pennywise: "𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗥𝗲𝘃𝗶𝗲𝘄: 𝗝𝘂𝗻𝗲 𝟵..."

Italy

𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗥𝗲𝘃𝗶𝗲𝘄: 𝗝𝘂𝗻𝗲 𝟵 𝘁𝗼 𝟭𝟯, 𝟮𝟬𝟮𝟲 My portfolio finished the week up around +2%, bringing 2026 performance to +29% YTD. This week was a good reminder that markets can be both generous and dramatic. Our current week's is a strong result, especially because the broader market was not exactly moving in one clean direction. The Nasdaq and AI related names recovered after last week’s semiconductor selloff, but the tone underneath was more selective. The easy version is this: investors still want AI infrastructure exposure, but they are becoming much less forgiving on valuation, balance sheets, and anything that smells like dilution. In other words, the market is still dancing, but now it checks the fire exits. 𝗪𝗵𝗮𝘁 𝗱𝗿𝗼𝘃𝗲 𝘁𝗵𝗲 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 The main support again came from our exposure to technology, semiconductors, and infrastructure. The portfolio remains heavily tilted toward areas where I still see real demand, not just market hype: AI infrastructure Semiconductors and memory Data center power and connectivity Electrification Industrial capex Names like $CRDO (Credo Technology Group Holding Ltd), $MU (Micron Technology, Inc.), $ASML (ASML Holding NV), $STRL, and $POWL (Powell Industries Inc) remain well aligned with those themes. A few important points from the week: $MU and other chip names rebounded strongly after the previous selloff, showing that the AI trade is not dead. It is just more volatile now. That matters because memory, connectivity, and semiconductor equipment remain key bottlenecks for AI buildout. $CRDO remains one of the cleaner AI infrastructure stories, with strong attention after its fiscal Q4 results and continued demand for high speed connectivity inside hyperscale data centers. $STRL also continues to fit the portfolio thesis well. Recent market commentary pointed to stronger 2026 guidance and a growing backlog connected to AI data centers and semiconductor projects. That is exactly the type of “picks and shovels” exposure I like. $POWL remains tied to the same broader electrification story, where data centers, grid investment, and industrial power demand are still creating real order momentum. So yes, AI is still part of the story. But I prefer owning the infrastructure behind the gold rush, not just buying every shiny stock with “AI” in the headline. Sun Tzu would call that choosing the battlefield. Wall Street would call it trying not to be exit liquidity. 𝗥𝗶𝘀𝗸 𝗮𝗻𝗱 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴 I also still like the portfolio balance. Technology is the main engine, but the portfolio is not completely naked to market volatility. The position in $BIL (SPDR Bloomberg 1-3 Month T-Bill ETF), around 14.6% of the overall portfolio, gives liquidity and stability. That matters. Cash like exposure is not exciting. It will not impress anyone at a dinner table. But when markets suddenly rediscover fear, it becomes very useful. At the sector level, the portfolio remains concentrated enough to benefit from the strongest themes, but diversified enough not to rely on one single stock or one single narrative. The key risk now is not whether AI demand exists. It clearly does. The key risk is whether the market has already priced too much of it in too quickly. 𝗪𝗵𝗮𝘁 𝗜 𝗮𝗺 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴 𝗻𝗲𝘅𝘁 𝘄𝗲𝗲𝗸 Next week will be important. The market is focused on inflation, rates, and the Federal Reserve. For growth stocks, that matters. Higher rates make investors less patient. And when investors become less patient, expensive stocks can get slapped very quickly. I will be watching: Whether semiconductor strength continues Whether AI infrastructure names keep outperforming Whether inflation data changes rate expectations Whether the Fed pushes back against the market’s optimism Whether cash and defensive positioning become more valuable again For now, the setup still looks constructive. But this is not the time to become careless. The portfolio has had a strong year, and when performance is good, discipline matters even more. The goal is not to win one week. The goal is to compound without doing something stupid in the middle. Thank you to all my copiers and fellow investors for staying with me. 𝟮𝟬𝟮𝟲 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: +𝟮𝟵% Bogdan $SPX500 $NSDQ100

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