AI Momentum Worries w/ TSMC $100B Capex Spend & SKS Plunging -6.1%. We Initiate on EMV

Paper Mandate Market & Portfolio Commentary | 20 July 2026

Fund Status:

• Bal Start: $1,133,061

• Bought EMV

• Sold: None

• Bal End: $1,122,617

• Cash: $96,627

Overnight Markets

The US finished lower on Friday. The Nasdaq slid -1.40%, alongside a -1.01% decline for the S&P 500. Tech sentiment remained under fire following TSMC’s capital expenditure hike, which has sparked global anxieties regarding near-term AI infrastructure returns. Alongside Moonshot announcing Kimi K3, a new AI model, exacerbating the selloff and pushing the chip index into a bear market on AI capex and pricing fears. Meanwhile, tensions in the Middle East saw another night of US airstrikes, exerting upward pressure on oil prices.

Australian Market

The ASX 200 finished down, hit by lower Materials, Financials and Tech Indices. Whereas Energy (+1.80%) rallied, following the oil price. Fortunately, Woodside Energy rose +1.45%.

Portfolio Commentary

The portfolio slid-0.90% as tech outweighed any rally in Financials or Industrials. SKS was the primary headwind, falling -6.10%. We are still in the money on the stock. But the pull back signals tech momentum is running its course. Luckily we halved the position when we did. Zip also lost ground (-3.69%), alongside Netwealth (-2.21%) and Xero (-2.08%). Luckily, Woodside jumped +1.44%, Coles added +0.73% and Symal bounced +1.87%. The last biggest gain was our newest position EMVision (EMV) which rallied +3.40%. We had a limit order trigger on the stock.

Investment Activity

Disclaimer: This is a paper portfolio. Content is for educational purposes only and does not constitute financial advice. Always do your own research.