Ignition Portfolio Update #1
Changes, thoughts, and everything from last week.
Sunday, July 5, 2026 · No trades last week.
Two of my top-three positions dropped more than 15% this week. A third caught the one of its biggest single-week volume spikes of the year. I didn’t trade a share.
The point of publishing a portfolio isn’t to run victory laps after great weeks, it’s to show what my thesis does under all conditions
Micron gave back 15% for the week. The semiconductor complex, which had rallied through the first half of 2026 without much resistance, finally cooled a little bit. Michael Burry disclosed a fresh short position Thursday, and by the close of the abbreviated week Micron was trading below $1,000 for the first time since mid-June.
Nebius gave back 11%. Bloomberg reported Wednesday morning that Meta is building an internal cloud unit called “Meta Compute” to sell excess AI capacity to third parties. Nebius’s largest customer, in other words, is planning to become its direct competitor. The stock cratered roughly 17% intraday, bled another 6% Thursday, and closed the shortened week at $215.
Rocket Lab was the counterweight. Monday morning, before the tape had absorbed the Meta story that was coming, Rocket Lab announced an $8 billion all-stock acquisition of Iridium Communications — a satellite operator with recurring subscription revenue and a major player in the constellation wars. Analyst price targets stepped up across the board. The stock ran 16% on the day and held the gain through the shortened week.
Nothing on the sheet moved without a reason. And nothing on the sheet moved because a thesis broke. That’s the difference between the tape being loud and the portfolio needing to change.
Below: where the sheet stands, position by position, plus the watchlist and the calendar.
1. The Free View
Thirteen positions, seven themes. No mega-cap AI on the sheet by design.
Power — $GEV (GE Vernova)
AI Infrastructure — $MU (Micron), $NBIS (Nebius)
Space & Defense — $KRMN (Karman Holdings), $RKLB (Rocket Lab)
Nuclear & Materials — $CCJ (Cameco), $UUUU (Energy Fuels), $SMR (NuScale), $HGRAF (HydroGraph)
Software & Ad-Tech — $APP (AppLovin)
Fintech — $PGY (Pagaya), $ADYEY (Adyen)
Biotech — $RXRX (Recursion)
The top three — $GEV, $NBIS, $MU — carry roughly 37% of the weight. The last three — $HGRAF, $RXRX, $SMR — each sit under 2%.
2. Performance
The Ignition Portfolio is up 91% year-to-date through Thursday’s close. The S&P 500 is up 9.98%. That’s a lead of 81 percentage points — built, importantly, not on this week’s tape but on the closed-position wins earlier in the year:
