Portfolio weekly update (070626) - Major Changes Simulated portfolio value: $10,237 (down from $11,613, −11.8% on the week, 2.4% since 160626) Top 5 positions (desc. order): $BRUN, $MRLN, $IQE, (redacted), $AMPG. Brutal week. Today alone was −20%, mostly $BRUN giving back. This was the most active weeks I've had. I exited 14 positions and rotated into 4 new names, plus scaled three existing ones aggressively. The port went from 18 tickers to 9, but more concentrated. Let me walk through the themes because the portfolio character has genuinely changed. Compute Infrastructure - 47% $BRUN is still my largest position by a mile, the warrant carries the weight. Added equity here too, not trimming. (redacted, will publish thesis on Monday) Defense and Autonomy - 17% $MRLN is autonomous flight, $EOS is directed energy and space optical for defense. The thesis is sovereign defense spending and autonomy is a multi-year structural tailwind that doesn't care about AI capex cycles. It's diversification away from the compute concentration. Quantum - 10% $INFQ is the obvious one. $AMPG is the new add and what I want to talk about. AmpliTech makes cryogenic low-noise amplifiers, the things that sit inside quantum computers reading out qubit signals at near absolute zero. Optical Interconnects - 10% Scaled $IQE 3x to make it a real position. The optical thesis still works but I've concentrated it in one name instead of five. I also like that its business is more diversified, but it's a personal preference here. Extremely bullish on $IQE. Data Center Cooling - 10% $SHT (7H6 on Frankfurt, Smart High Tech on Stockholm), $AIRJ. This is a new layer I'm building. The story is that AI data centers are running into thermal walls, GPUs at 1-3kW each, and the cooling problem is becoming as important as the compute problem. $SHT makes graphene-enhanced thermal interface materials for server cooling. $AIRJ does atmospheric water harvesting for data center liquid cooling. Detailed updates Added: $AMPG: AmpliTech, cryo LNAs for quantum computers $7H6 / $SHT: Smart High Tech, graphene thermal materials for AI compute cooling $AIRJ: AirJoule, atmospheric water for data center cooling $IQE: scaled 3x to make it a real 10% position $MRLN: scaled 3x to make it a 10% position $EOS: scaled 5x to 6% $BRUN: added equity and sold puts Sold: $SIVE: my number 2 position for months. $NBIS: doubled up with $BRUN on the same GPU cloud thesis, freed up sizing $LPK: at-target core position, fully exited $AAOI: optical pure-play exit $SEYE: exited $AEHR: chip testing exit $LWLG, $ALMU, $AWX, $BMM, $IPWR, $ASPI, $DGXX: smaller positions cleaned up Thanks to @accounting_ds for introducing $AIRJ to me, to @chinoalemano and @rk8215 for $AMPG, to @Ren_aramb for $SHT. These are all new holdings in the port which I believe will benefit greatly in months to come. How did you guys do this week?