Microsoft’s last 5 days. Not much of a performance by that “American wonder” either. I wonder if it’ll be the same downward tune tomorrow, since Amazon slumped in after-hours trading. Let the US remain underweight. Big “carcasses” are coming, for instance in the industry where the business model is owning certain bit-coins. You see, when sentiment turns, the price of the coin can end up significantly lower than what we’ve become accustomed to recently. Since these coins have no intrinsic value.
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Look, AI is disrupting software. And Microsoft doesn’t do AI. Oh right, and since AI disrupts everything, AI hardware vendors should go to the basement too, because AI doesn’t need hardware anymore. Wait… 
I suppose this is already a bit of a general panic selling wave that lasts for a few days and then we go again. Every now and then, the market doesn’t even need a particularly good reason to dump everything.
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These Nebius stock price movements are certainly not for the faint-hearted 
Attached is my expression when I looked at the latest numbers
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Here’s what we’re seeing for IREN.
Revenue is $184.7 million, which is signficantly below expectations.
However, cash is now at $3.26 billion and the company has secured $3.6 billion in financing for its Microsoft contract.
Edit: Iren Ceo Daniel Roberts
“We are seeing the strongest demand environment to date, and importantly, that demand is being met by a proven execution capability. Over several years, we have consistently delivered data center capacity on time and at scale, and that delivery track record continues to resonate with customers who value reliability alongside performance.”
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200 billion in CAPEX for 2026. How on earth do you make an investment like that yield anything? I’m not surprised it’s falling.
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And Iren’s website crashed just like in the latest earnings release 
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I suspect this is ultimately about the heavy capex increases from larger companies and whether these investments will pay off. The Buffett Indicator can’t keep climbing indefinitely.
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Wow, what a bloodbath in my portfolio and in general. Now is probably a good time for me to take a break from the market and let it churn in the background. I’ll focus on some other hobbies for a few days.
When there’s blood in the streets… etc.
AWFUL
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The guardian of the last bastion and the clear standard-bearer in my portfolio is a company as surprising as DigitalOcean. It hasn’t dropped; it’s even up a tiny bit. I’ve considered selling many times (I’m up about 65%) just to buy some of those stocks that are currently taking a beating. However, this hero of the bloodstorm has now earned its place in the legendary long-term portfolio.
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Yesterday was quite a bloodbath in the portfolio. Below are the top 10 losers:
Konecranes -12.34%
F-secure -7.89%
Silicom -6.25%
Evolution -6.11%
Kesko -4.84%
Sprouts Farmers Market -4.52%
Aktia -4.49%
Lululemon -4.44%
Neste -4.09%
Incap -3.91%
I can’t claim it doesn’t sting at all. Everything pretty much went south from a price performance perspective, but the long game… Looking at today’s earnings releases, the pain will likely continue for the likes of Valmet and maybe Consti. Fortunately, Kreate at least reported good figures, but who knows if anything is enough. I have to try to keep a cool head and let the portfolio take a hit for a while. This will turn around as long as I don’t start panicking. On average, you need to be able to make good decisions, and often the best one is “do nothing and sit on your hands.”
YTD is probably only around +2% now. At this rate, it’ll only take today and we’ll be in the red.
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The reaction to that earnings report and outlook was quite strong. (no view on the correct price, I’m not invested in this) (apologies for the repetition, moved here from elsewhere)
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Lord have mercy on Valmet’s shareholders ! I am planning additional purchases !
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Oh and whoops. Earnings out. It seemed to be quite good, haven’t had time to read it yet. And does it even matter, as I wouldn’t understand a thing anyway. But I do understand that the largest holding in my portfolio is doing quite well.
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My Amazon, what have you done 
And my Valmet too:
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Return of the frog
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It’s certainly been a wild ride lately, as many companies that have provenly delivered excellent results in their earnings are taking a beating due to a larger rotation. I sold a few tracking positions today to raise cash for purchases once the turnaround starts. I’ve previously bought Rubrik (pre-announced triple beat) and SoFi (triple beat), for example, and I still believe in them, so they’re good candidates for future buys. My equity savings account has been quite scattered anyway, so I’m doing some cleanup and streamlining at the same time 
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