Saturday 30 May 2026 · 2 min read
Gains held, with one AI footnote.
A broadly positive week, though NVIDIA's dip deserves a quiet watch.
Two positions carried most of the week's work. Taiwan Semiconductor moved up +3.4%, coinciding with commentary from a senior executive placing power constraints at the centre of future chip strategy, a signal that TSMC's role in the AI supply chain looks to be deepening rather than plateauing. Tesla added +2.3%, though the week closed with some noise around governance and a SpaceX merger conversation that remains, as I understand it, speculative.
NVIDIA was the one drag, slipping −1.9%, coinciding with wider Wall Street hedging activity in Big Tech credit. The position absorbed the move without meaningfully denting the week. The other holdings did enough to offset it.
“The week's gains were earned quietly, from the infrastructure layer up.”
The calendar ahead carries weight: US CPI data lands on 10th June and touches three of your four largest holdings directly. NVIDIA also goes ex-dividend on 4th June. Neither event demands action, but the inflation print, given elevated Treasury yields observed earlier in May, is worth keeping in view as the next briefing approaches.
Three developments
01TSMC centres chip strategy on AI power limits
A senior TSMC executive flagged power constraints as the defining challenge shaping the company's forward chip architecture, according to reports.