The last two days have seen a noticeable pull-back in high growth IT shares. One reason might be renewed interest rate angst. The Fed minutes published yesterday suggested that the probability of an interest rate cut is low over the next two or three Fed meetings. This sense seems to have animated a sell-off in…
We bought an additional 200 shares of Nebius this morning. We paid $40.49 for this latest lot so the total cost was $8110. That increased our margin balance to $303,695. That brought long exposure to about 127.5%. That brings our holding of Nebius to 1600 shares. That brings the weight in the high growth portfolio to 4.95%.This change…
As mentioned in the commentary, the announcement of substantial tariff increases has led us to take some action with regards to the high growth portfolio. We felt compelled to sell Global-e. Global-e’s business is based on direct to consumer international e-commerce. Essentially all of its revenues are based on either shipping or selling or a combination of…
There has been lots of volatility since Monday. First the DeepSeek panic and then yesterday the sharp reversal as investors started to refine their view of the likely impact of the cost of cheaper models. Today-at least as I write this-seems to be presenting a bit of a consolidation trade after yesterday’s sharp spike. …
We made a couple of changes in the high growth portfolio today. We sold our position in Braze (580 shares) at $43.99. Braze has rallied considerably since we bought the position in late October. While Braze is a leading vendor in the customer engagement space, its valuation is no longer quite the relative bargain it was when…
Summary Nebius offers high-capacity AI-optimized data centers with significant cost advantages, Nvidia partnership, and a skilled engineering team, making it a compelling investment despite risks. The company has ambitious growth plans, projecting ARR of $750 million to $1 billion by end-2025; up about 4X-5X from the end of 2024, driven by substantial capex and Nvidia’s…