Because I’ve been on vacation over Easter, in the USA (which for a Brit is very exciting), I’m very late in getting this review out. But in a way I’m glad I waited because things are very different now in mid April than they were at the end of March! March closed down YTD -1.3%. But as of today just 2 weeks later I am now up YTD +22%.
Here are my results YTD.
2024 +70%
2025 +117%
2026 January -5.1%
February -4.1%
March -1.3%
Mid April… +22%
YTD …+22%.
Once again I made zero changes in my portfolio this past month. In fact it’s been a while since I have changed anything. I’m certainly not averse to changing things, but as I continue to really like and believe in the companies I hold I see no reason to change. They continue to fire on all cylinders.
It seems that market sentiment is finally turning more positive once again and there seems to be less and less talk of an AI bubble, which of course I never believed anyway.
Earnings season for all of my stocks are just around the corner, and I continue to expect them to announce stellar results that will propel their stock prices higher.
All of the recent commentary and news from my holdings continue to demonstrate that demand far exceeds supply. I was especially encouraged to read a few weeks ago that the price of Hopper GPUs were still very high and because there is insufficient supply of Blackwell and Rubin then Hopper is still selling like hot cakes. This is contrary to what many believed would happen when they expected Hopper to fall off a cliff in the light of more recent GPU development.
Here are my current holdings:
Nebius (NBIS): 33%
Celestica (CLS): 15%
AppLovin (APP): 12%
Astera Labs (ALAB): 12%
Micron (MU): 10%
IREN (IREN): 10%
Electro Optic Systems (EOS): 8%
Here are the YTD gains (losses) of my current holdings.
Nebius (NBIS): up 93%
AppLovin (APP): down 35%
Celestica (CLS): up 30%
Astera Labs (ALAB): up 3%
IREN (IREN): up 25%
Micron (MU): up 63%
Electro Optic Systems (EOS): up 12%
I am especially pleased with Celestica which has now just returned me a 10x in just over 2 years. I first bought it in the Spring of 2024 for $37 and as of these past few days it has now reached an All time High of $386.
Nebius has been on an absolute tear over these past 2 weeks with the stock gaining over 50% this month alone. Do I think this is too much too fast? Perhaps, but it is more likely the market just catching on to how good this company really is. I continue to expect at least $200 by the end of the Summer.
I appreciate that some on the board have raised concerns about their other businesses and perhaps see them as sidelines or even distractions. Personally I see them as really exciting businesses to be in and I hope that Nebius does not part with them anytime soon. Their 25% stake in Clickhouse is a major growth area for them. Their AV ride partnership with Uber could one day become a major business in its own right. Triple Ten is growing like a weed and is mistakenly often overlooked by the market. And their stake in Toloka positions them well for the future too. But of course it is their AI business that rightly gets the most attention, and they are astutely using the contracts they have with the hyperscalers, like the recent large contracts with Microsoft and Meta, to fund their DCs to attract enterprises. Arkady Volozh is a very impressive CEO and I continue to hold very high hopes for Nebius. That is why it continues to be over 30% of my portfolio. I have not trimmed any, even at these All time highs.
Speaking of ATHs I reached a new one yesterday, surpassing Oct 2021 and even November 2025. So I am very pleased with where things are now at.
Wishing everyone a great rest of the month.
Jonathan