August started by recovering from July rapidly, at one point up +23% for me, but we are now firmly in the hands of the macro and my portfolio retreated to just barely above water for August. I still feel great about my companies as many of them put forward what I considered to be “A” earnings. I have written about a few of them and I’ll fill in the gaps below the table per usual.
My year looks like this:
JAN: -7.02%
FEB: -14.81%
MAR: +1.57%
APR: +27.11%
MAY: +54.54%
JUN: +7.81%
JUL: -16.09%
AUG: +3.25%
YTD: +39.82%
My portfolio looked like this as of Aug 31st:
Company Reviews:
NBIS - +8.7% MoM
I thought they had a great report with 75% QoQ growth and almost 9xing their adjusted EBITDA QoQ. They’ve been caught in the overall nervousness surround AI Infrastructure & financing etc., but I am confident with them as my #1 position. I did trim them ever so slightly when they surged post-earnings, as I wanted to fund some of my smaller positions.
ETON - +30.24% MoM
Very happy with the report and having them as my #2 position. Dedicated thread here: ETON Q2 2026 Earnings
ALAB - -5.55%
One of the more confusing price reactions to what looked like a great report. Revenue growth accelerated for the 2nd straight quarter, from 93% to 104%, which was 27% QoQ. The guide was even more bonkers, at $550M which would represent 40% QoQ growth. I understand it had a premium valuation and still does, but it also feels deserved.
MU - +13.23%
Has not reported yet, but they’ve been hit by all of this Chinese memory news. I saw a lot of news about investing in the US and it seems like US support is going to be key. But also, this feels very similar to the irrational argument that vibecoding was going to eat all of software.
IREN - -0.6%
They just reported last week, and it’s great that AI revenue more than doubled QoQ, at the same time it was a little disappointing that they are still only at $70M in revenue. That being said, it is still early days, the market might still be focused on the decommissioning of Bitcoin Mining, and this might be a giant buying opportunity.
CRDO - +6.5%
They just reported and got absolutely crushed despite what I saw as a great report. They were down 8% during the day and then almost 10% further after earnings. It seemed like a foregone conclusion given the sentiment of the day and last couple of weeks. Revenue was up 115% YoY, non-GAAP Net Income up 140% YoY, with steady margins and guidance +10.65% at the midpoint. Not sure what’s not to like, as it also beat analyst estimates on every metric.
ASTS - +0.37%
A disappointing month considering I thought earnings and their trajectory were pretty good. Dedicated thread here: ASTS Q2 2026 Earnings
SATL - +36.31
I added quite a bit to Satellogic due to what I thought was a really promising report. Revenue was up 259% YoY which is a significant acceleration from what had been a pretty flat revenue picture for the last couple of years. This is from a small base, so revenue is only at $15.8M. They also showed positive adjusted EBITDA for the first time at $2.8M. Gross Margin 82%.
Ok so there’s a couple things happening here that make me excited. The revenue gains are due to switching to a SaaS model over a “pay per image” model. They also signed $30M worth of new deals and have $45.8M in RPO over the next year. This is prior to launching their new satellite “Merlin” which can map the planet at 1-meter resolution. Given the growing state of surveillance around the globe, I’m thinking the growth curve will be long and sizable.
NVDA - +9.97%
Still accelerating revenue, still beating and raising, still not going any higher in stock price. Truly incredible stuff. I trimmed them quite a bit last month but didn’t touch them in August. It’s still one of those that I look at closely when one of my smaller companies puts out a good report. Not sure what I’ll do with them from here.
APP - -21.06%
A miss on revenue was a pretty bad look considering the huge new eCommerce market and confidence they had going into it. Plus only 4.45% QoQ revenue growth, which is the lowest in 2 years. I was skeptical at how easy it would be for them, and still am. I trimmed them down by over 50% and will have a critical eye moving forward.
CLS - -10.5%
This report was discussed on the board some, but I’m again blown away that they were down after the report. They beat on revenue by 19% and stated that revenue growth next year would continue to accelerate, this after 7 straight quarters of accelerating revenue growth (from 19% to now 63%, YoY). Net income also accelerating. Quarterly guidance is 15% QoQ. Besides lower than normal margins for our stocks, I can’t figure out what’s not to absolutely love.
NUVB - +5.05%
Nuvation Bio was discussed very briefly in my last review. Due to some lumpy revenue events, revenue was down by quite a bit QoQ, but still up 555% YoY. Actual product revenue (IBTROZI) was up nearly 20x from a year ago and 25% QoQ. Their other drug, Safusidenib, appears to be going through clinical trials in the US and they’ve acquired the global development and commercialization rights, but it’s a long ways off from public release. I added to them given the product revenue growth and to continue to diversify out of AI infrastructure.
LQDA - -20.94%
Another confusing post-earnings drop although I don’t know a ton about this company. Revenue is absolutely surging, up 31% QoQ and over 1,800% YoY. This is from a single drug YUTREPIA, which bears some risk, but their drug category is growing and they are stealing share from their primary competitor who does over $450M in sales (but falling). Margins are over 90% and Net Income was $75M which is about a 50% increase QoQ.
Looking into the drop, some blame the run up over the last year, but I’m seeing their valuation as pretty affordable compared to the rest of my portfolio. Some blame an increase in R&D spending, but what should they be doing when they are starting to take off? I decided to add a bit after earnings.
Wrapping Up:
Macro looks like the perfect storm right now. It might be a tough time to be in growth in the short term, but we know it can pivot on a dime. Best of luck in September!