I’ve decided to exit a small part of my investment in $APP (-1,17 %) .

Up 1.292% since my initial investment, this is one of the longest holdings in my portfolio (not that I’m very active selling), and the most succesful one.

Just like I’ve been doing with $CLS (+1,67 %) , I’m trimming my position as it got too big (over 8%) in my diversified portfolio. Both companies are still in my top3 holdings, but both of them got too fat, too fast. Valuations at this point are rich and optimistic. I’m ok with exposure and risk but I don’t see any more explosive growth ahead, and possible corrections are in sight if momentum fades away.

That said, $APP (-1,17 %) is one of a kind and I do think they have a moat that will grow over time as they keep collecting more and more data to work and improve their algorithm and platform, while entering new markets and boarding new clients. I think there is still room to grow, so eventhough I sold a small piece of it and plan to do it again if it keeps going up on the short therm, it is a company that I want in my portfolio and I would buy if a correction takes place.

🔹 $APP (-1,17 %) +7.4%

🔹 $HOOD (+1,13 %) +7.2%

🔹 $EME (-2,48 %) +2.2%

They will replace MarketAxess, Caesars Entertainment and Enphase Energy.

Meanwhile, Caesars fell -0.5%, Enphase -1.8%, and MSTR dropped -3% after disappointment of not being included.

📊 Joining the S&P 500 is a major milestone — it increases demand from ETFs and institutional investors, improves liquidity, and strengthens a company’s market profile.

I’ve been holding on for a bit on new investments. On the last few days:

• I started again with a 50€ weekly investment plan into $O (-0,44 %) . I don’t see it going more down, the company is rock solid, and the macro environment is pointing on rate cuts so it could be more atractive soon. It has been punished for its big size and their portfolio lower quality, and a high interest environment that makes bonds very atractive.

• I bought a bit of $K (-3,09 %) . Good environment for gold, their numbers look very nice and momentum is also excellent. I wanted some exposure in Gold mining and eventhough I obviously lost the best moment to buy, I still think it can give me good returns.

• I trimed (again) my exposure on $CLS (+1,67 %) after its recent run (up more than 300%). Still keeping it as my biggest 3rd position, close to $APP (-1,17 %) and $GOOG (-1 %) . I don’t like anymore its valuation, but it is in the center of the AI revolution with an amazing momentum. When the growth stops being that strong, its valuation should normalize. I think $CLS (+1,67 %) was regular stock that has been transformed into cylcical stock strongly linked to AI capex, and I don’t want to have a position too big in it.

• I'm thinking of trimming $APP (-1,17 %) (up more than 1.000%) as I also think it got too expensive, but I've kept it all for now as I see it as a non cyclical long term investment and if they keep delivering the run could continue. I acknowledge this is a risky move, as any small underperformance could crush the stock, and they depend on expanding its services into different add segments (as they’re doing), I know first hand that on the mobile gaming they are unbeatable. I'll see in the next days if I sell a small part of it.

• I have 49 positions, with 10 being 50% of my portfolio. I’m heavy on tech, finance and travel. My last investments have been in different segments. Not planing to have more than 50 positions.

$APP (-1,17 %)

🔹 Revenue: $1.26B (Est. $1.28B) 🔴; UP +77% YoY

🔹 EPS: $2.39 (Est. $1.95) 🟢; UP +22% YoY

Q3 Guidance

🔹 Revenue: $1.32B–$1.34B (Est. $1.31B) 😐

🔹 Adjusted EBITDA: $1.07B–$1.09B

🔹 Adjusted EBITDA Margin: ~81%

Other Q2 Metrics:

🔹 Net Income: $820M; UP +164% YoY

🔹 Adjusted EBITDA: $1.02B; UP +99% YoY

🔹 Adjusted EBITDA Margin: ~81%

🔹 Net Cash from Ops: $772M

🔹 Free Cash Flow: $768M

Strategic Updates

🔸 Completed $400M sale of Apps business to Tripledot Studios (cash + 20% equity stake)

🔸 Results from Apps business reported as discontinued operations

🔸 Repurchased 0.9M shares in Q2 for $341M (Class A common)

🔸 Total outstanding shares: 339M (Class A + B)