Performance

NASDAQ 100: +1.22%

S&P 500: +0.88%

My portfolio: –2,23%

Market pulse

Between the May 15 and May 22 closes, U.S. equities finished higher despite a volatile macro backdrop: the NASDAQ-100 rose 1.22%, while the S&P 500 rose 0.88%. The main story was a tug-of-war between geopolitical stress, inflation pressure, and Treasury yields on one side, and AI-led earnings momentum on the other. Early in the period, the U.S.–Iran conflict and Strait of Hormuz risk pushed oil prices and inflation expectations higher, lifting Treasury yields and pressuring richly valued growth stocks. Later in the week, equities recovered as investors reacted to signs of possible progress in U.S.–Iran talks and renewed strength in AI-linked technology. Nvidia’s results confirmed strong AI infrastructure demand, but the stock itself sold off in a “sell-the-news” move, while beneficiaries such as AMD, CrowdStrike, and Vistra rallied sharply. Overall, the week’s index gains masked a clear internal split: AI infrastructure, cybersecurity, and power-generation names outperformed, while crowded mega-cap technology and some platform stocks lagged.

Crowd vs. price

Relative investor interest continues to rise among names on my list.

Holdings & Watchlist Notes

Vistra (VST): +11.88%

Vistra rose 11.88% between the May 15 and May 22 closes, driven primarily by a sharp repricing of its exposure to AI-related electricity demand. The key catalyst was PJM’s decision to accelerate its backstop/data-center power procurement timeline to September 2026, which increased investor confidence that independent power producers with dispatchable and nuclear generation could monetize tightening capacity conditions sooner than expected. Vistra was especially well positioned because of its PJM nuclear fleet and existing long-term power agreements with Meta covering more than 2,600 MW of nuclear energy. The move was reinforced by strong recent Q1 results, reaffirmed EBITDA and free-cash-flow guidance, heavy hedging of 2026 generation volumes, and an ongoing buyback program. In short, the market treated Vistra less like a conventional utility and more like a scarce power-infrastructure beneficiary of the AI data-center buildout.

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Below you will find my full portfolio as of today 22 May 2026:

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Note: Resent due to a technical error with Substack


Performance

NASDAQ 100: −0.38%

S&P 500: +0.13%

My portfolio: +2,02%

Market pulse

Between the May 8 and May 15 closes, U.S. equities were broadly flat but volatile: the S&P 500 rose 0.13%, while the NASDAQ-100 fell 0.38%. The main story was a tug-of-war between continued optimism around AI, semiconductors, mega-cap technology, strong Q1 earnings, and equity inflows on one side, and a late-week macro shock on the other. That shock was driven by rising oil prices linked to the Iran/Hormuz crisis, hotter inflation data, and a sharp move higher in Treasury yields, which reduced appetite for richly valued growth stocks. U.S.–China summit headlines and resilient economic data added mixed signals: they supported confidence in corporate demand but also reinforced concerns that the Federal Reserve would have less room to cut rates. Overall, the week’s modest index moves masked a clear underlying rotation: AI and earnings momentum pushed markets to fresh highs midweek, only to be erased by inflation and rate fears by Friday.

Crowd vs. price

Despite jitters in the market over inflation and rate-hike fears, relative investor interest remains robust.

Holdings & Watchlist Notes

Nvidia (NVDA): +4.70%

NVIDIA rose 4.70% between May 8 and May 15, driven primarily by renewed optimism about access to China and continued demand for AI infrastructure. The strongest catalyst was news that the U.S. had cleared selected Chinese firms to buy Nvidia’s H200 chips, which reduced the export-control overhang and helped push the stock sharply higher on May 14. That move was reinforced by Jensen Huang’s presence around the Trump–Xi Beijing summit, strong expectations ahead of Nvidia’s upcoming earnings, record prior-quarter data-center results, and broader investor inflows into technology and semiconductor funds. Supply-chain signals also supported the rally, with Foxconn pointing to strong AI server demand and rising cloud-provider capex. NVIDIA’s gain was partly reduced by Friday’s broader selloff in growth stocks as inflation fears and Treasury yields rose, but the company-specific China and AI-demand catalysts were strong enough for the stock to end the period comfortably positive.

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Below you will find my full portfolio as of today 13 May 2026:

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Performance

NASDAQ 100: +5.50%
S&P 500: +2.33%
My portfolio: +7.56%

Market pulse

Between the May 1 and May 8 closes, U.S. equities advanced primarily on a technology-led earnings rally rather than a broad-based improvement in every part of the market. The NASDAQ-100 outperformed the S&P 500 sharply, reflecting heavy buying in AI, semiconductor, and mega-cap technology names, helped by strong chip demand, AMD’s upbeat data-center outlook, major moves in Nvidia, Micron, SanDisk, and Intel, and continued optimism around AI infrastructure spending. The broader S&P 500 was supported by an unusually strong Q1 earnings season, with a high share of companies beating profit expectations and earnings growth running at its strongest pace since 2021. A better-than-expected April jobs report on May 8 reinforced the soft-landing narrative and helped push the S&P 500 and Nasdaq to record closes. The main counterweight was the U.S.–Iran conflict and Strait of Hormuz oil volatility, which pressured stocks early in the week but became less damaging as oil prices retreated from their highs. Overall, the week’s gains were real but concentrated: AI and earnings did the heavy lifting, while geopolitics, oil, and Fed-rate uncertainty remained the main risks under the surface.

Crowd vs. price
The broad market regime has shifted bullish this week. Relative investor interest is still showing robust recovery.

Holdings & Watchlist Notes

Advanced Micro Devices (AMD): +26.25%

AMD’s more than 26% rise between the May 1 and May 8 closes was driven primarily by a sharp post-earnings re-rating of its AI and data-center growth outlook. The decisive catalyst was AMD’s Q2 revenue guidance of roughly $11.2bn, ahead of Wall Street expectations, alongside stronger-than-expected Q1 results and a 57% year-over-year jump in Data Center revenue to $5.8bn. Investors responded not just to the earnings beat, but to the broader thesis that AMD is becoming a more important AI-infrastructure supplier across both GPUs and server CPUs, particularly as inference and agentic AI workloads expand demand beyond Nvidia-style training accelerators. Large hyperscaler relationships with Meta, OpenAI, Microsoft, Google, AWS and others gave the market more confidence that future demand is visible rather than speculative. Analyst price-target increases and a broader semiconductor rally then amplified the move, while falling oil prices and improved macro risk appetite helped the stock-specific catalyst translate into a very large weekly gain.

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Performance

NASDAQ 100: +1.49%
S&P 500: +0.91%

My portfolio: –1%

Market pulse

Between the New York close on 24 April and the close on 1 May 2026, U.S. equities advanced primarily because strong first-quarter earnings – especially from mega-cap technology and AI-linked companies – overwhelmed macro headwinds. The Nasdaq 100’s outperformance versus the S&P 500 reflected renewed confidence that AI and cloud spending is translating into revenue and profits, although the trade briefly stumbled on concerns about AI growth and semiconductor valuations. The main counterweights were the Iran-related oil shock, elevated gasoline and energy-driven inflation, and a Federal Reserve that held rates steady but sounded more divided and less eager to cut. Resilient GDP and jobless-claims data reassured investors that the economy was still expanding, while the hot PCE inflation print kept bond-yield and valuation pressure in the background. Net-net, it was an earnings-led, tech-led rally climbing a wall of oil, inflation and Fed-risk worries.

Crowd vs. price

Revival in relative investor interest continues.

Holdings & Watchlist Notes

Alphabet Inc / GOOG: +11.95%

Alphabet’s near-12% gain between the 24 April and 1 May 2026 closes was driven primarily by a decisive Q1 earnings beat that reframed the company’s AI story. The key catalyst was Google Cloud, where revenue surged 63% to $20bn and backlog nearly doubled to more than $460bn, giving investors evidence that Alphabet’s heavy AI spending is converting into contracted commercial demand. At the same time, 19% growth in Search & Other and all-time-high search queries eased fears that generative AI would undermine Google’s core advertising business. The company’s stronger operating margins, EPS beat, TPU monetization plans and raised dividend added to the positive reaction. In short, the market rerated Alphabet from an AI capex-risk story into one of the clearest AI revenue winners among the major U.S. technology platforms.

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Performance

NASDAQ 100: +2.37%
S&P 500: +0.55%
My portfolio: +4.00%

Market pulse

U.S. equities finished the week ending Apr. 24, 2026 higher but unevenly, with the NASDAQ-100 up 2.37% versus a more modest 0.55% gain for the S&P 500. The decisive positive driver was a renewed AI and semiconductor surge, led by Intel’s much stronger-than-expected outlook and a record 18-session advance in chip stocks, which pulled the tech-heavy Nasdaq complex sharply ahead of the broader market. At the same time, trading was repeatedly whipsawed by U.S.–Iran headlines, the Strait of Hormuz, and oil prices near $100, with ceasefire and peace-talk optimism producing rallies and renewed escalation fears triggering pullbacks. Strong Q1 earnings and resilient U.S. macro data supported risk appetite, but the rally was narrow: software stocks sold off on AI-disruption concerns, Treasury yields edged higher, and Fed succession uncertainty remained a secondary overhang until the DOJ dropped its probe into Jerome Powell late in the week.

Crowd vs. price

The recovery in relative investor interest mentioned the previous week continued.

Holdings & Watchlist Notes

Advanced Micro Devices (AMD): +24.94%

AMD surged 24.94% over the week ending Apr. 24, driven mainly by a powerful AI-related reassessment of the server CPU market. The decisive catalyst was Intel’s stronger-than-expected quarter and upbeat outlook, which convinced investors that AI inference and agentic AI workloads are creating much greater demand for CPUs than previously assumed. That read-through directly benefited AMD’s EPYC server CPU franchise and was amplified by aggressive analyst target increases, including Stifel’s move to $320 and D.A. Davidson’s upgrade to Buy with a $375 target. The rally was further supported by AMD’s large AI infrastructure commitments with OpenAI and Meta, a broader semiconductor sector surge, and fading concerns over the return on hyperscaler AI capex. AMD-specific headlines, including its France AI collaboration and new Ryzen launch, added incremental support, but the core driver was the market’s shift from a GPU-only AI narrative to a broader AI compute cycle in which AMD is seen as a major beneficiary.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Performance

NASDAQ 100: +6.20%
S&P 500: +4.54%
My portfolio: +5,92%

Market pulse

U.S. equities rallied strongly between the close of Friday, April 10 and the close of Friday, April 17, driven mainly by a sharp reduction in Middle East risk. Investor sentiment improved as hopes grew for progress in U.S.-Iran negotiations and Iran said the Strait of Hormuz was open to commercial shipping, triggering a steep fall in oil prices and easing fears that an energy shock would reignite inflation or force the Federal Reserve to stay tighter for longer. The rally was reinforced by a better-than-feared start to earnings season, especially in banks and large-cap technology, while renewed appetite for AI, software and semiconductor names helped the Nasdaq outperform the broader market. Falling oil also created a clear sector rotation: energy stocks lagged, while airlines, cruise operators, industrials and consumer-discretionary shares benefited from lower fuel-cost expectations. Finally, positioning amplified the move, as investors who had previously reduced U.S. equity exposure moved back into American stocks on the view that U.S. earnings and the technology sector remained more resilient than other major markets.

Crowd vs. price

Relative crowd interest surged in many of the names on my list as market recovered.

Holdings & Watchlist Notes

Microsoft (MSFT): +14%
Microsoft’s rally was driven less by a single earnings event and more by a sharp reset in investor sentiment toward its AI and cloud story. A positive KeyBanc survey eased concerns around Azure growth and Copilot adoption, showing stronger enterprise demand than investors had feared, while the broader market backdrop also turned supportive as easing Middle East tensions, falling oil prices and lower inflation fears revived appetite for mega-cap technology stocks. The move was amplified by Microsoft’s prior de-rating, after months of pressure over AI capital spending, OpenAI concentration risk and fears that new AI tools could disrupt its core software business. Additional news around AI compute capacity and recent Copilot product upgrades reinforced the view that Microsoft still has a credible route to converting heavy AI investment into durable cloud and software revenue.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Optimism and risk appetite has returned to the market and the crowds are rushing back to high growth stocks. Below you will find my full portfolio as of today 17 April 2026:

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Performance (April 2 - April 10)

NASDAQ-100: +4.45%.

S&P 500: +3.56%.

STOXX Europe 600: +3.05%.

EURO STOXX 50: +4.10%.

OMXS30: +4.86%.

My portfolio: +2,61%

Market pulse

Between the April 2 and April 10 closes, global equities were driven primarily by a shift from acute Middle East and energy-supply panic to a ceasefire-led relief rally. The decisive catalyst was the temporary U.S.-Iran truce announced on April 8, which raised hopes for a reopening of the Strait of Hormuz and triggered a sharp fall in oil prices, easing immediate fears of an inflation shock and more aggressive central-bank tightening. Europe and other energy-importing markets benefited especially from that repricing, while semiconductors and AI-linked technology shares added extra support to U.S. benchmarks. The rebound was real, but not clean: continued disruption to physical energy flows, renewed violence in Lebanon, and a hot U.S. CPI print kept investors cautious and prevented a full normalization of risk appetite by week’s end.

Crowd vs. price

For the first time in a long while the crowds are starting to carefully rotate back to tech stocks.

Holdings & Watchlist Notes

Micron Technology (MU): +14.84%
Micron’s roughly 15% rise between Apr. 2 and Apr. 10 was driven primarily by a rapid easing in geopolitical risk after the U.S.-Iran ceasefire, which pushed oil sharply lower and triggered a broad rotation back into semiconductors and other high-beta growth stocks. That macro relief hit a stock that was already supported by unusually strong fundamentals: Micron had just delivered record results and aggressive guidance, memory pricing remained on a steep upward trajectory amid AI-driven supply constraints, and fresh read-throughs from KeyBanc, Samsung, SK Hynix, Broadcom and TSMC reinforced the view that the AI-memory upcycle remained intact. In practical terms, investors were re-pricing an already bullish Micron story once the war premium started to come out of the market.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Performance

• NASDAQ-100: +3.95%

• S&P 500: +3.36%

• STOXX Europe 600: +3.71%

• EURO STOXX 50: +3.40%

• OMXS30: +3.55%

• My portfolio: +4,17%
  

Market pulse

Global equities rebounded over the March 27-April 2 window mainly because investors began to price in a possible off-ramp in the Iran conflict and, with it, a lower probability of a prolonged closure of the Strait of Hormuz. That was enough to ease oil and inflation fears and trigger a relief rally across risk assets, especially in technology, banks, airlines, and other cyclical sectors. The move remained fragile, however, because every renewed threat of escalation immediately pushed crude higher and checked equity gains. Secondary support came from central-bank messaging and macro data that pointed to slower growth but not an outright break: Powell stayed in wait-and-see mode, U.S. labor and manufacturing data were resilient enough, and euro-area data were mixed rather than catastrophic. In practical terms, the market spent the week pricing one master variable above all others: whether the war was moving toward de-escalation or toward a longer, inflationary energy shock

Crowd vs. price

Extreme volatility in crowd movement continues.

Holdings & Watchlist Notes

Intel Corp (INTC): +16.81%
Intel’s 16.8% rally from March 27 to April 2 was driven by a combination of macro relief and a major company-specific catalyst. The first leg came from a broad semiconductor rebound as hopes of de-escalation in the Iran conflict eased fears of a prolonged oil shock and renewed inflation pressure. The bigger and more durable leg came on April 1, when Intel announced it would repurchase Apollo’s 49% stake in the Fab 34 Ireland joint venture for $14.2 billion. Investors took that move as evidence of a stronger balance sheet, better capital discipline, and rising confidence in Intel’s manufacturing strategy, especially because Fab 34 is a key production site for Core Ultra and Xeon processors and because demand for Intel’s data-center CPUs has been improving alongside AI inference workloads. In practice, the market was repricing Intel as a more credible turnaround story with tighter control over strategically important capacity.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Volatility in crowd movement continues due to the geopolitical escalation and its ramifications. I continue to survey the movements in the market and adjust my portfolio accordingly. Below you will find my full portfolio as of today 2 April 2026:

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Performance

NASDAQ 100: -3.20%

S&P 500: -2.12%

STOXX Europe 600: +0.35%

EURO STOXX 50: +0.08%

OMXS30: -0.03%

My portfolio: –5,26%

Market pulse

Global equities were driven primarily by the Iran war’s disruption of Gulf energy flows, especially the effective closure of the Strait of Hormuz, which pushed oil sharply higher and reignited inflation fears. Markets quickly translated that shock into a more hawkish interest-rate outlook, lifting bond yields and compressing equity valuations, while conflicting headlines around U.S.-Iran diplomacy produced sharp but short-lived relief rallies. As the week progressed, weaker business surveys, softer consumer sentiment and OECD downgrades showed that the shock was already bleeding into growth, shifting the narrative from geopolitical noise to stagflation risk. The heaviest damage fell on tech-heavy U.S. indices, where renewed weakness in mega-cap tech and AI-linked shares amplified the selloff, while Europe proved relatively more resilient thanks to a less tech-concentrated sector mix and temporary support from banks, miners, travel and energy stocks when oil briefly eased.

Crowd vs. price

The geopolitical situation resulting from the Iran conflict and its ramifications continues to spark an exodus from almost all equities.

Holdings & Watchlist Notes

Exxon Mobil (XOM): +7.09%
ExxonMobil’s rise was driven first by the Iran-war oil shock and the disruption through the Strait of Hormuz, which Reuters said pushed Brent to average about $97 a barrel in March versus $69 in February. On Reuters’ estimate, that price move alone implied roughly $5.1 billion of extra March revenue for Exxon. Second, the market re-rated the earnings outlook for the integrated majors as the crude spike looked large enough to materially lift first-quarter profits. Third, investors rotated into energy as the broader equity market was being hit by higher oil, higher inflation risk and rising yields, making Exxon one of the few large-cap names whose near-term earnings were improving as the macro backdrop worsened.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Performance

· NASDAQ-100: -1.98%.

· S&P 500: -1.90%.

· STOXX Europe 600: -3.79%.

· EURO STOXX 50: -3.77%.

· OMXS30 (Sweden): -5.10%.

My portfolio: -4,32

Market pulse

Global equities weakened as an energy-driven geopolitical shock replaced ordinary macro data as the market’s main concern. Escalation in the U.S.-Israeli war with Iran, disruption around the Strait of Hormuz, and attacks on regional energy infrastructure pushed oil materially higher, reviving inflation fears and forcing investors to reprice the path of interest rates after a week of major central-bank meetings. That combination produced a broad risk-off move: bond yields rose, equity funds saw outflows, Europe and Sweden were hit harder as energy and rate-hike fears intensified, and U.S. technology shares underperformed as higher yields weighed on long-duration growth valuations.

Crowd vs. price

The geopolitical situation resulting from the Iran conflict and its ramifications is sparking not just price decline but also an exodus from almost all equities.

Holdings & Watchlist Notes

Advanced Micro Devices (AMD): +4,11%.

AMD outperformed because investors received a dense run of positive AI-execution news despite a weak broader market backdrop. The main catalyst was AMD’s expanded Samsung partnership, which improved visibility on next-generation HBM4 memory supply for its MI455X accelerators and opened the door to possible foundry cooperation, easing concerns about AMD’s ability to deliver AI systems at scale. That was reinforced by progress on AMD’s Helios rack-scale platform and new Korea partnerships with NAVER Cloud and Upstage, which pointed to broader adoption of AMD’s GPUs, CPUs, and ROCm software. Additional support came from the withdrawal of a draft U.S. AI-chip export rule and a broader GTC-week rebound in AI shares, making AMD’s 4.1% weekly gain look more like a re-rating of execution credibility than a pure macro move.

• Relative crowd interest: Trend: upwards. Momentum: neutral.

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Given the geopolitical landscape combined with AI-bubble fears, crowd movements continue to be volatile. I am surveying their movement and adjusting my portfolio accordingly. Below you will find my full portfolio as of today 17 March 2026 at 15:00 CET:

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Performance

• S&P 500: –1,6 %

• Nasdaq 100: –1,06 %

• My portfolio: +4,07 %

Market pulse

U.S. and European equities were driven primarily by an externally generated energy shock rather than by ordinary macro data. The escalation of the U.S.-Israeli war on Iran disrupted flows through the Strait of Hormuz, pushed oil sharply higher, revived inflation fears, and forced markets to reprice central-bank expectations toward fewer Fed cuts and renewed ECB tightening risk. Temporary de-escalation headlines produced a brief relief rally, but that was reversed as tanker attacks and the continued Hormuz disruption pointed to a more persistent supply shock. U.S. equities then faced an added stagflation problem as GDP, real spending, and consumer sentiment weakened while inflation risk stayed elevated, whereas European equities were more sensitive because the region is more energy-import dependent and growth is more fragile. The result was broad pressure on banks, industrials, travel, miners, and other cyclicals, while energy was the main relative outperformer.

Crowd vs. price

Crowds are still rotating out of most tech names and into defense and energy stocks.

Holdings & Watchlist Notes

Micron Technology (MU): +15.08%.

Micron’s gain over the week appears to have been driven mainly by stock-specific AI-memory catalysts overwhelming an otherwise weak market backdrop. The most important trigger was Applied Materials’ March 10 partnership announcement, which validated Micron’s role in next-generation DRAM, HBM and NAND development. That landed in a market already pricing tight memory supply, rising AI-driven capex and another potentially strong Micron earnings print due on March 18, allowing the stock to outperform even as higher oil prices and inflation fears pressured broader equities.

• Relative crowd interest: Trend: upwards. Momentum: neutral.

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Performance

• S&P 500: –2,02 %

• Nasdaq 100: –1,27 %

• My portfolio: -0,12 %

Market pulse

U.S. equities were driven primarily by an energy-and-geopolitics shock. The escalation of the U.S.-Israeli conflict with Iran and the resulting disruption in the Strait of Hormuz pushed oil sharply higher, reigniting inflation fears and reducing confidence that the Federal Reserve would be able to ease policy soon. That pressure intensified after the February jobs report showed a 92,000 decline in payrolls and a rise in unemployment to 4.4%, shifting the market narrative toward stagflation risk: slower growth alongside higher energy costs. Strong ISM data and rising input-price measures had already pushed rate-cut expectations lower, while brief hopes of de-escalation and strong AI-linked earnings only provided temporary relief. The week therefore ended as a broad risk-off move, with cyclicals, banks, airlines, and small caps hit harder than mega-cap tech.

Crowd vs. price

Crowds are rotating out of most tech names and into defense and energy stocks. Also rotating out of US equities in general and more into emerging markets and Europe. That was however before the intensifying of the Iranian conflict, so this could very well change under this upcoming week. I will bee keeping watch closely.

Holdings & Watchlist Notes

CrowdStrike Holdings (CRWD): +15.33%

CrowdStrike’s strength looks mostly company-led, not macro-led. The core driver was the earnings print and forward guide: growth held up, the outlook beat, ARR crossed a major milestone, and the 2024 outage drag was clearly becoming more manageable. The stock also benefited from a reversal of the late-February AI fear trade in cybersecurity. The M&A story helped, but the quarter and guidance were the main reason to own it in that week.

• Relative crowd interest: Trend: upwards. Momentum: neutral.

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The crowds have been rotating out of most of the big tech names at an unprecedented rate since 2020. I have been mapping their movements and have accordingly adjusted my portfolio drastically.
Below you will find my complete portfolio as of 4 March 2026:

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Performance

• S&P 500: +0,4 %

• Nasdaq 100: +0,2 %

• My portfolio: +0,1 %

Market pulse

U.S. equities were driven primarily by a renewed repricing of AI-related risk, culminating in a post-earnings selloff in Nvidia that weighed heavily on semiconductors and other growth stocks. Trade-policy whiplash remained a second major overhang as post–Supreme Court tariff relief gave way to fresh uncertainty over replacement levies, while hotter-than-expected January producer-price data late in the week reinforced a higher-for-longer Federal Reserve backdrop. Additional pressure came from renewed credit concerns in financials after the collapse of UK lender Market Financial Solutions and from geopolitical/oil risk tied to U.S.-Iran tensions, producing a clear late-week risk-off tone and relative outperformance from more defensive sectors.

Crowd vs. price

Market volatility continues to cause volatility in relative investor interest.

Holdings & Watchlist Notes

Netflix (NFLX): +22.3%

Netflix’s sharp rally was driven primarily by a relief reaction to the company’s decision to abandon the Warner Bros Discovery bidding war, which investors interpreted as a clear display of capital discipline. The move was reinforced by worsening Warner asset economics, Paramount’s payment of the $2.8 billion termination fee, Netflix’s announced resumption of share repurchases, and the removal of leverage, integration, and regulatory risks associated with a large-scale studio acquisition. In effect, the market rewarded Netflix for avoiding what had increasingly looked like a potentially value-destructive transaction and for returning focus to its core, organically driven streaming model.

• Relative crowd interest: Trend: upwards. Momentum: bullish.

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Performance

• S&P 500: +1,07 %

• Nasdaq 100: +1,13 %

• My portfolio: +0,9 % (USD) / +2,4 % (SEK)

Market pulse

U.S. equities were driven primarily by a trade-policy shock and a cross‑current of growth/inflation signals: on Feb. 20, the U.S. Supreme Court struck down President Trump’s global tariffs (a 6–3 decision), and Trump immediately announced a temporary 10% global tariff for 150 days, which investors largely read as less severe than feared and as a near‑term reduction in uncertainty for tariff‑exposed sectors. Macro data was mixed the same day–Q4 GDP slowed to 1.4% (vs. 3.0% expected) with the prior government shutdown cited as a major drag, while inflation firmed late in 2025 with core PCE up 0.4% m/m and 3.0% y/y in December, reinforcing the idea the Fed would stay cautious on cuts. Within equities, AI and mega‑cap tech remained the tape’s lever: on Feb. 18, sentiment improved and stocks rose as Nvidia said it had signed a multi‑year deal to sell Meta “millions” of current and future AI chips, helping stabilize the broader AI complex after valuation/disruption jitters. Risk appetite wobbled again on Feb. 19 as private‑equity/alt‑manager stocks sold off after Blue Owl said it would sell $1.4B in assets and freeze redemptions at a fund, while Walmart’s conservative FY2027 outlook and Apple weakness weighed on the index; Deere’s raised profit forecast provided an offset, and energy outperformed as crude rose on heightened U.S.–Iran conflict fears. Underneath it all, rate expectations stayed a key constraint: the Feb. 18 Fed minutes showed policymakers were near‑unanimous about holding rates at 3.50%–3.75%, but split on what comes next (including “several” open to hikes if inflation stays elevated), keeping markets sensitive to each incremental inflation/growth headline.

Crowd vs. price

Market volatility continues to cause volatility in relative investor interest.

Holdings & Watchlist Notes

Amazon.com (AMZN): +5.7%

The move was driven primarily by (1) a tariff-relief rally after the U.S. Supreme Court struck down Trump-era global tariffs, lifting tariff-sensitive consumer stocks including Amazon, and (2) a renewed bid for mega-cap AI-linked technology shares, which supported Amazon alongside other large platform names. The strength also reflected a rebound from the earlier-February drawdown tied to investor concerns about Amazon’s elevated 2026 AI-related capex plans, with lighter holiday-week volume likely magnifying the upside.

• Relative crowd interest: Trend: downwards. Momentum: bullish.

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