May Portfolio Update (#2)

The portfolio compounded +69% in May

April was a fireworks show — the best month on record for the portfolio. The AMD leaps did roughly 90% of the work and the account crossed seven figures.

May answered it — and beat my expectations.

The portfolio grew +69.68% and finished the month north of $1.3M — the AMD leaps again carried roughly 90% of the portfolio gains. The leaps are now deep in the money and I am thinking about taking profits here over the summer. Still waiting for the San Francisco Advancing AI 2026 Summit.

Quick note before we get into it: this is the last monthly portfolio update going out to everyone. Starting next month, the full breakdown will be available only to paid supporters of ThePrivatePublicInvestor.

Founding member pricing locks in at a discounted price for life and is now live for a limited time. More at the end.

Let’s get into it.

As always, I would really appreciate if you shared this post and subscribed to ThePrivatePublicInvestor, as I try my hardest each week to give you custom, in-depth analysis on stock investments, market insights and portfolio strategies.

With that, enjoy this piece and let me know if you have any questions!

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May Compounded at +69.68%

The portfolio returned +69.68% in May.

I added meaningfully to Celsius during the month and started exiting the last of my Micron, as the memory trade is louder than ever and I believe expectations are being steeply priced into the market. And when a downtrend begins in memory, it will be quickly and aggressively red.

The rest of the portfolio did not move much except one new add which I will discuss below.

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Portfolio Holdings Update

I sold a piece of my December 2026 AMD calls this month and rolled the proceeds into shares. This is just me deliberately stepping down in leverage to be more conservative as the leaps are up +500-700% across the board.

“You don’t fold a winning hand, but you can slide a few chips back to your stack while it’s still your hand to play.”

What I’m not doing is selling the thesis.

I’m still holding 29 contracts across the 2026 and 2027 expirations, and the plan is to carry them into late July or later.

AMD’s Advancing AI 2026 Summit in San Francisco is exactly the kind of event where historic partnership announcements and a next-gen roadmap reveal make sense

It gives the company / stock some time to cool down after the massive run-up as well.

The only thing that pulls me out earlier is a genuinely silly move — think $700+, where the math forces me to close most of the options contracts.

And to be clear about where we actually are: even after this run, AMD’s GPU business is nowhere close to priced in.

The April move was data-center strength and the market waking up to a GPU-to-CPU ratio in AI buildouts approaching 1:1.

The bigger thesis, in conjunction now with the massive CPU shortage and identity shift, is the Helios-rack architecture rollout and the MI400 ramp in shipments.

None of these have pulled through the P&L just yet.

More partnership announcements and more transparency at the July event are the next catalysts.

Separately, the software space has been a graveyard this year.

I own 3 separate SaaS exposures in my portfolio, with one added in May.

I started a position in ServiceNow and believe it is one of the most undervalued SaaS companies in the entire market with a wide moat.

I trimmed a slice of Adobe to free up some temporary cash for opening a position in ServiceNow.

I intend to hold these 3 SaaS plays for years, and I’ll rank them here by the durability of their moat:

1. Veeva Systems

2. ServiceNow

3. Adobe

Veeva is the FDA-validated operating system for life sciences. ServiceNow is becoming the enterprise workflow engine. Adobe is the enterprise document and creative standard.

I’m spreading exposure across all three rather than betting on one. I know this may go against my core thesis around concentration, but I genuinely think all 3 of these names will do well for years to come.

Everything else is largely as it was. Coinbase, Nike, and the other core long-term holds — Estée Lauder, Amazon, Meta, BitMine, ASP Isotopes — are unchanged in size.

The thesis on each is intact and none moved enough this month to earn a fresh write-up.

Just a quick note that I’m looking at reallocating my Estée Lauder position toward a different, overlooked beauty company with strong growth potential. If you’re interested in the ‘why’ behind that trade, I’ll be covering it in depth for my paid subscribers.

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A Record Year of Realized Gains: +$145K

YTD, the portfolio is up +174.54%.

Extremely grateful for such a tremendous year so far, and thank all of you for supporting me along the way!

But the number I want to flag here isn’t the headline return — it’s the realized one.

Realized gains hit $145,240 YTD, against $15,240 in losses.

That’s more than double the figure from the April update, BUT it’s mostly the product of deliberate rebalancing: taking profits on AMD options and rolling into stock.

I also sold more shares of Micron and have been focused on recycling that capital into positions with more road ahead of them.

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2025 in Review

For context, 2025 closed at +51.78% with a 95% gain/loss ratio at +$94K.

A choppy three quarters were carried by a Q4 rally that peaked near +100% in mid-October before consolidating into year-end.

That 2025 chart is the reminder that drawdowns happen and consolidation occurs, but staying patient with your conviction pays off. And sometimes the market is very sudden.

And to clarify this point:

April 2026 was a moment, NOT a baseline.

2025 is more reflective of a normal year in the market.

My annual goal, on average over time, is two-fold.

• Beat the market and/or

• Achieve 15%+ annual return

If both happen, I’m a happy camper.

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Where My Next Big Dollars are Going

Here’s what’s on my mind as AMD runs.

When I do trim that position in size, it throws off a large pile of cash, and that cash will need a home.

So I’ve been spending my research hours on the next thing, and I keep landing in the same two places: grid infrastructure and robotics.

Grid modernization is the physical hardware and the distribution-edge software that let aging utilities carry the massive AI compute load. Much of it serves the small and rural operators the giants overlook. The clearest expression of that on my watchlist is Tantalus (TGMPF).

Regarding the robotics sector, my preliminary Humanoid Market Mapping is already live, with a first look at the thesis below:

Below are other names I am keeping my eye on.

None of these are positions yet.

My watchlist will be continually updated for Paid Supporters.

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Paid Subscription Detail

As mentioned in the April portfolio update, this is the last monthly portfolio update going out to all subscribers.

After that, the full breakdown moves to paid only — cost basis on every position, % gain per name, sizing as a percent of portfolio, real-time alerts when I add or trim, and where I am looking next to add to my portfolio.

Deep dives and other select posts have already gone paid.

Founding member pricing is still available, which locks you in for life as a discounted rate.

Subscribe now to keep your spot: https://theprivatepublicinvestor.substack.com/0b128dba

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Macro Catalysts this Month in June

• Wednesday, June 10: May CPI data (the most critical inflation report of the month) and Wholesale Inventories

• Thursday, June 11: Producer Price Index (PPI), Initial Jobless Claims, and EIA Natural Gas Inventories

• Friday, June 12: University of Michigan Consumer Sentiment report

• Tuesday, June 16 - Wednesday, June 17: FOMC Interest Rate Decision & Press Conference

• Thursday, June 18: Continuing Claims and Initial Jobless Claims

• Tuesday, June 23: New Home Sales data for May

• Thursday, June 25: Final Q1 GDP Revision and Corporate Profits data

Prefer the polished PDF version? LINK HERE

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Disclaimer: The information provided in this publication is for informational and educational purposes only and does not constitute investment, financial, or other professional advice. ThePrivatePublicInvestor and its authors are not registered investment advisors or broker-dealers. All opinions expressed reflect personal views as of the date published and are subject to change without notice. While efforts are made to ensure accuracy, no guarantee of completeness or reliability is given. Past performance is not indicative of future results. The author may hold positions in securities discussed. Use of this content is at your own risk.