Ok thanks.

Nvidia now hold approved Purchase Orders from China customers and intend to restart H200 production. Quote from Jensen Huang. Interesting as the company holds 400K chips in stock so one can only assume the orders are for more than this. Analysts expect teh Chinese market to be worth at least $25B so another nice earner which is not accounted for, presently.

.... and it's down nearly 30%! Another rubbish day in the markets.

Fantastic results

Hi Jason, Tweaks at the last rebalance(yesterday). It's more a case at the moment of looking at some holdings, Meta for example and determining that given its growth the market is discounting it unjustly. If you look at what is happening lately money is flowing into some areas, leaving others out of favour which is fine if that is based on fundamentals however in MSFT/Meta's case I would take the view that growth is up, EPS is up but the stock is down. All we have to do is(if correct) add more weight to these and reduce a bit elsewhere. I'm always looking at new ideas but it takes time to get comfortable with the business. Often the best opportunity is the one you currently hold. Stocks are almost always mispriced-some too high, some too low. Look at Micron, from 450 to 319(30 march) and today it's $650. That is an unusual situation however the principles are solid. If the evidence says hold, you do so. Never let a score board (tail) wag the dog(investor). We have been talking about its ridiculously cheap price for 6-9 months- we didn't get lucky. We did the work and it paid off handsomely. If anyone wants to discuss they are welcome to contact me. Regards Adam

It's a pretty consistent pattern of late. Strong intra quarter and sell the news. The bottom line is the MSFT result was solid, circa 20% growth. I'm happy enough. The tech portfolio so far today is weathering the bumps well imo. And we sit at an all time high so a bit of volatility is manageable . Unlike some tech portfolios I know which are getting thumped One other thing-quality always comes back!

Just had a look at my numbers and I’m pretty much back to where I was at the start of the year, including >10% in the past two weeks. So, whatever sorcery it is you’re up to over there - keep it up!

Anyone who holds a portfolio and has questions can contact either myself and or Nik. Many have. Discussions around suitability are very individual specific due to goals, age, risk appetite and time to retirement/time to draw down.

Over 50% of the value of the company is AWS-maybe 65% AWS generates approx 28.7b and earns 10.5(quarter) Azure generates about 24.5b(less than AWS) but also earns 10.5b Similar money makers similar growth. Msft earns significantly more money overall-circa 50%+ more.

Thank you Nik. Perhaps you could propose giving the client the option to abandon the small change remaining in funds since it costs the company more to withdraw than the amounts themselves. This would help expedite the process. Frank

Oracle has expanded its partnership with Bloom Energy to secure up to 2.8 gigawatts (GW) of Bloom’s fuel cell systems to support the growth of its AI data centre infrastructure. For perspective, 2.8GW is enough to power 7 million UK homes! A staggering amount of energy.

In a blog post today Meta Platforms (META) has increased the investment for its data centre campus in El Paso, Texas, to $10B from $1.5B. They aren't playing.

And some say AI isn't being monetised Anthropic has reportedly agreed to spend around $200 billion over five years on cloud infrastructure and AI chips from Google, highlighting the intensifying race for computing power in the artificial intelligence sector. According to the report, this deal would position Anthropic as one of the largest customers of Google Cloud, potentially representing more than 40% of its revenue backlog. The scale of this commitment reflects rapidly growing demand for high-performance computing, driven by the expansion of Anthropic’s Claude AI models and increasing enterprise adoption of generative AI tools. Businesses are relying more heavily on such systems for automation, analytics and customer-facing applications, which in turn requires vast processing capacity. The agreement, signed in April, also includes access to advanced tensor processing units, with contributions from partners such as Broadcom. Deployment is expected to begin around 2027, signalling long-term strategic investment in AI infrastructure.

When the 'news'(fake) dropped I was highly sceptical...also the rumour Nvidia was buying DELL-makes no sense at all. DELL is a low margin capital intensive business -the exact opposite environment that Nvidia operates in. JPM says reports that MRVL won Google TPU business are false, arguing Google is talking to multiple parties while AVGO remains the clear incumbent.

Thanks. I did yesterday. Will wait or try to call. Thanks

To wrap this up: BIG thanks to @Nik-Burrows for helping kick Quai/IM into sorting things, the task is complete Note to selves - we will do our sums earlier next year to avoid stress, & hopefully the process will be slick with everyone having learned something!

Great to hear Ron. That portfolio has been very productive. I’m very proud of it and very pleased for anyone who put their hard earned money into it.

Quick update: with thanks to Nik, I've effected all the movements suggested and am hoping that the new investments in IM will grow as bountifully as the last ones have done! Thanks chaps.

You're keen trying that on a phone screen

ExIM, No problem, no intention of engaging but im not about to let intentional misinformation go unchecked.