AMD

I exited the position because the narrative had moved ahead of the underlying story, and valuation had become less attractive, particularly relative to NVIDIA.

After a very large move the odds of a consolidation period looked high, and the same capital seemed better used elsewhere. The company did not become worse; the expected return at that price did.

The trims did what they were supposed to do. AMD hit 11.45% in May 2026, above my band, and I cut it back over several sessions on size rather than on view. That is the policy working, and AMD still ended up the largest realized contributor in the account.

The part I would question is the gap between May and July. In May I said explicitly that the trim was not a thesis reversal. By late July I exited the rest on valuation. If the thesis was intact in May, something should have changed in the two months between, and I cannot point to what did. The honest read is that the July exit was partly a reaction to a position that had already been shrinking.