THE PORTFOLIO
OUR WEEKLY PORTFOLIO ROUNDUP
| Hi! We hope you had a steady week! Markets paused their September sprint as attention turned to AI, with Nvidia and large compute deals reshaping chip demand, data-center buildouts and sector leadership. Gold climbed to record highs, and housing surprised on the upside. |
| Final bell verdict: our portfolio stands at $67,277.20, up to +$841.35 (+1.27% WTD) versus the S&P 500 at -0.30% WTD. Top performer: NextEra Energy; biggest laggard: GitLab. Utilities and AI news carried the market this week while high-multiple software faded as yields crept up, and traders who chased momentum found themselves checked by valuation reality. |
STORY OF THE WEEK
$100B NVIDIA–OpenAI INFRASTRUCTURE DEAL
Nvidia has announced it intends to invest up to $100 billion in OpenAI - one of the largest infrastructure bets in tech. The partnership will deliver at least 10 gigawatts of AI data center capacity, powered by millions of Nvidia GPUs, with the first gigawatt slated for the second half of 2026 on Nvidia’s Vera Rubin platform.
This collaboration fits into OpenAI’s broader “Stargate” build-out with Oracle and SoftBank, which has
expanded to nearly 7 gigawatts of planned compute. Taken together, commitments from Nvidia, Oracle, SoftBank, and CoreWeave are approaching the $500 billion mark, underscoring the vast scale of the AI build-out.
The deal also spotlights the risks of “circular” financing - partners funding one another in ways that blur competitive lines and invite antitrust scrutiny. Nvidia holds a stake in CoreWeave, a major OpenAI infrastructure partner, which has a $6.3 billion hardware order arrangement with Nvidia that includes a clause for Nvidia to buy unused capacity. With build costs estimated at $50–$60 billion per gigawatt, the financial and regulatory pressures around these mega-deals are only likely to intensify.
QUICK HITS
THIS WEEK, ON OUR DESK
US Housing: August existing-home sales slipped 0.2% to a 4.00 million annual pace, a small step down as affordability stayed tight. The 30-year fixed averaged 6.30% for the week ended September 25, up from 6.26% a week earlier.
Jobless Claims / Growth : Initial claims fell 14k to 218k for the week ended September 20, pointing to a labor market that’s cooling but still resilient. The BEA’s third estimate put Q2 GDP at 3.8% annualized, revised up from 3.3%.
Powell / Valuations: The Fed Chair said equities look “fairly highly valued,” comments made this week that lined up with a mid-week dip as traders positioned for the PCE report.
Trump Tariffs: Washington announced new import duties: 100% on branded pharmaceuticals (exempt if production is located in the U.S. or a U.S. plant is underway), 25% on heavy trucks starting October 1, 30% on upholstered furniture, and 50% on kitchen cabinets/vanities.
Gold: Spot set a record at $3,790.82/oz earlier this week, then eased to $3,735–$3,750 by Friday midday ET, still around +1.6% week-to-date. Big picture: gold is up more than 40% in 2025, on pace for its strongest year since 1979.
Lithium American (LAC): Shares jumped approximately 90% on Wednesday, September 24, after reports that Washington may take up to a 10% equity stake, tied to U.S. supply-chain goals at Thacker Pass.
Kenvue (KVUE): Shares rebounded around 6% on Tuesday, September 23, after a record low, as analysts noted no new scientific evidence behind claims linking Tylenol use in pregnancy to autism. Later this week, appeals filings referenced White House comments, keeping litigation risk in focus.
That’s the wrap for this week’s market movements. We’ll be back next week with more updates on our live portfolio.
Until then, happy investing!
— The
Investogy Team, Kätlin & Siimon