June was marked by a Fed shock and a rotation away from the winners of the previous months. On June 17, the Fed, under its new chair Kevin
Warsh , the Fed kept interest rates at 3.50–3.75%, the dot plot signaled a possible rate hike rather than a cut—after months of hopes for easing —a real blow to the markets. On top of that came a bombshell regarding defense stocks: The Ministry of Defense scrapped the multi-billion-euro F126 frigate program, and Rheinmetall $RHM (-4,64%) subsequently lost over 16% —one of the stock’s worst trading days in decades. While speculative and cyclical stocks were sold off, investors fled to quality: defensive large-cap stocks and established software stocks held up significantly better.

In line with this more selective market environment, my portfolio slipped slightly into the red but held up more robustly than the DAX and Nasdaq:

📊 Monthly performance: -0.39%

📊 Portfolio value: ~€43,298

📊 Peak performance (Jan. 6, 2022): +39.16%

📊 YTD performance: ~+7.68%

Performance & Comparison 🚀

June was a month of contrasts: While the DAX and Nasdaq suffered from the Fed shock and the rotation out of risk assets, the S&P 500 and FTSE All-World held up significantly better thanks to their broader, more defensive composition. My portfolio was in the middle of the pack at -0.39%—more stable than the DAX and Nasdaq, but weaker than the two broad U.S. and global indices.

Performance Comparison (June 1–June 30, 2026, end of day):

My portfolio: -0.39%

FTSE All-World: +1.24%

S&P 500: +0.85%

DAX: -0.53%

NASDAQ 100: -0.96%

Purchases, Sales & Allocation 💶

In June, €300.00 was invested in the MSCI ACWI USD (Acc) $ACWI and €50.00 into the MSCI World Small Cap $WSML via the ongoing savings plans. The following were added via buy orders: Solaria Energia $SLR (€250.97), BE Semiconductors (€501.00), a Euro Overnight Rate Swap ETF (€101.00), and Tempus AI $TEM (€101.00).

On the selling side, I took profits on two positions in which I’ve been a shareholder for a good two years: In Datadog $DDOG (+1,9%) , I closed out the entire position after the stock had performed strongly in recent months. With Snowflake $SNOW (-0,65%) , I sold about a quarter of the position and am holding onto the rest. Both were purely profit-taking after a strong run; there has been no fundamental change in my assessment of the companies.

Top Movers in June 🟢

Despite the generally nervous sentiment, there were a few stocks that bucked the rotation trend and benefited from the flight to quality.

Tempus AI $TEM (-4,2%) posted the strongest gain at +19.99% (+37.02 €)—AI diagnostics remain in demand, even as more speculative stocks were sold off. TSMC $2330 followed with a gain of +15.56% (+€72.12): Demand for chips related to AI expansion remains consistently high, regardless of the interest rate debate. Ferrari $RACE (-3,48%) rose by +9.63% (+€78.63)—luxury goods proved resilient in the face of macroeconomic concerns. Berkshire Hathaway $BRK.B (-1,97%) benefited significantly from the flight to defensive quality, rising +7.37% (+€142.01), while Crowdstrike $CRWD (-2,06%) posted the largest euro gain in the portfolio with a +6.97% (+161.62 €) rise—cybersecurity remains structurally in demand. Cloudflare $NET (+1,94%) rounded out the list of winners with a gain of +4.92% (+€105.74).

June’s Biggest Losers 🔴

The losers in June were almost exclusively the stocks that had performed the strongest in previous months or are particularly sensitive to interest rates.

IREN was hit the hardest $IREN (+7,69%) , down -26.48% (-€316.39): Falling Bitcoin prices and ongoing disagreement among analysts regarding the company’s transition from a Bitcoin miner to an AI cloud provider weighed on the stock. Rheinmetall $RHM (-4,64%) lost -23.36% (-€376.76) after the Ministry of Defense scrapped the F126 frigate program, which affected the entire defense sector. Alibaba $BABA (+11,01%) fell by -21.25% (-€158.86)—Chinese tech remains under pressure due to general risk aversion toward Chinese stocks. American Lithium fell -21.21% (-€64.45), weighed down by persistently weak commodity prices and higher interest rate expectations, which particularly affect unprofitable growth stocks. BYD $1211 (+2,33%) fell by -18.40% (-254.16 €) amid the ongoing price war in the Chinese electric vehicle market. Solaria $SLR (-1,67%) rounded out the list of top losers with a -15.86% drop (-€63.35)—the hawkish Fed is weighing noticeably on interest-rate-sensitive solar and renewable energy stocks.

Conclusion 💡

June was a month of rotation: away from the more speculative winners of previous months, toward quality and established names. The Fed shock and the Rheinmetall slump showed how quickly sentiment can shift—a good reminder of why diversification across sectors and regions remains important.

❓ Question for the Community

That was my month in numbers—how did your portfolio fare through the Fed shock? Did you buy more Rheinmetall shares, or did you pull the plug?

👇 Let us know in the comments!

➡️ Follow @codeandcapital26 for transparent portfolio updates!

🔗 Link in bio: Wikifolio, Getquin & Parqet Portfolio

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

I checked my watchlist again this morning. Among others, there are $IREN (+7,69%) and $RKLB (-1,75%) have dropped significantly from their ATHs.

How are things looking for you guys? Are you buying at these prices, selling, and still confident in the company, or is certain news getting you down?

P.S.: I’m not invested, but I’m seriously considering it.

$IREN (+7,69%) soared today. The reason was a potential partnership with Anthropic.

IREN’s stock soared 12.5% to $43.69 in morning trading today. The move was triggered by reports that the company has been shortlisted for Anthropic’s $15 billion data center project. This news served as a strong company-specific catalyst for the stock, which had previously been under significant selling pressure for nearly two weeks.

The move was significantly amplified by the momentum of a technical short squeeze. Short interest in IREN had risen to about 18.7% of the free float, and the put/call ratio in the options market reached its highest level of the year—conditions that, based on experience, typically precede sharp upward corrections following positive news. Over the previous five trading days, the stock had lost about 28% of its value, leaving it heavily oversold and thus ripe for a rebound.

The broader market also provided a supportive environment: The Nasdaq Composite rose 0.9% in today’s trading, and the S&P 500 gained 0.4%. This reflected a risk-on sentiment from which high-beta stocks in the AI infrastructure sector benefited. Competitors in the AI data center and Bitcoin mining segments, such as CoreWeave and Nebius, operate in the same market environment and have also benefited in recent weeks from rising expectations regarding hyperscaler spending. Analyst sentiment toward IREN remains clearly bullish, with a consensus “Buy” rating and an average price target of $81.75, which is significantly above the current trading level.

The combination of the report that Anthropic had shortlisted the company, a high short interest with potential for short covering, and a positive overall market environment thus led to today’s above-average price movement. This has offset part of the steep decline that had pushed the stock well below key moving averages—despite an unchanged long-term growth thesis based on significant contracts with Microsoft, Nvidia, and Dell.

$NVDA (+3,58%)

Nvidia announced a new partnership model for Neoclouds (specialized GPU cloud providers): Nvidia acts as a financial backstop and commits to leasing back unused GPU capacity at a fixed price. In return, Nvidia receives a share of its partners’ cloud revenue in addition to hardware revenue.

• First partners: Firmus (170,000 GPUs in Indonesia) and Sharon AI (40,000 GB300 GPUs)
• Predecessors: similar deals with $CRWV (+7,91%) (6.3 billion $, 2025) and Lambda (1.5 billion $)

$NBIS (+10,56%)$USCTF (+5,36%)$CIFR (+5,97%)$WULF (+11,67%)$APLD (+1,48%)$KEEL (+1,87%)$CORZ (+11,19%)$HIVE (+1,61%)$BTDR (-3,28%)$CLSK (-0,82%)$MARA (-0,84%)$HUT (+10,49%)$RIOT (-1,12%)

$IREN (+7,69%) has so far not named as a participant—but has had a strategic partnership with Nvidia since May covering up to 5 GW of AI infrastructure, a $3.4 billion cloud contract , and Nvidia holds the right to purchase up to 2.1 billion IREN shares .

Adopting this model seems like a very logical step, since IREN will require extremely high investment costs (>$100 billion) to expand its entire pipeline.

In my view, this would be very positive in the short to medium term.

The biggest risk with $IREN (+7,69%) and other Neocloud providers is not demand, but rather the financing of their expansion plans, which run into the billions. A backstop from Nvidia would mitigate precisely this risk: Banks are much more willing to grant loans when the world’s largest chipmaker guarantees capacity utilization—this would provide significant security and more favorable, virtually lower-risk financing. However, the revenue share would directly impact the profit margin . In the long term, companies would thereby cede part of their overall potential to Nvidia—essentially trading long-term profitability for medium-term security.

Source: https://www.datacenterdynamics.com/en/news/nvidia-acts-as-backstop-for-customer-gpus-in-return-for-cut-of-cloud-revenue/

$IREN (+7,69%) has the founders and co-CEOs Daniel and Will Roberts, respectively, 9,099,328 RSUs (Restricted Stock Units—shares that are transferred only after a vesting period). Together, this amounts to approximately 18.2 million shares worth approximately $700–800 million —depending on the share price on the valuation date—and represents approximately 5% dilution for existing shareholders.

Key facts:

• Vesting: in four equal annual installments over 4 years, beginning around July 2026
• Hold period: An additional 2-year holding period following each vesting—the final tranche will therefore not be freely available until the 2033 fiscal year
• Condition: Continued employment only— no performance targets (neither share price nor operational thresholds)
• Neither of them is to receive any further stock awards until the fiscal year 2031

The FinX community is reacting to this extremely critically —and the core criticism is justified: The package is purely time-based. Previous grants to the same CEOs were tied to share price targets, whereas this time, all that’s required is to remain in office for four years. The two-year lock-up period per tranche effectively ties the founders to the stock price until 2033. While this does motivate the founders to drive up the stock price—since they profit directly from its level—it is significantly less effective than genuine performance-based thresholds. From a governance perspective, this is a clear drawback, and existential for the fundamental investment case .

Source:
https://finance.yahoo.com/markets/stocks/articles/iren-nasdaqgs-iren-approves-800-231421785.html

$IREN (+7,69%) under pressure from $META (-1,99%). That said, the NeoCloud market is large enough. $IREN (+7,69%) A specialist would be $META (-1,99%) a generalist. Specialists have greater opportunities but also face greater risk. The level of $IREN (+7,69%) is interesting for follow-on purchases, in my opinion

Hey everyone,

First post on this occasion:

The board of $IREN (+7,69%) is simply giving the two co-CEOs 18.2 million RSUs worth nearly 800 million dollars. While the stock is under pressure due to Meta Cloud rumors, the Roberts brothers are cashing in big time.

I’m not a fan of this at all—what do you think?

A very weak signal at this stage.

July 1, 2026: Bloomberg reports that $META (-1,99%) a cloud infrastructure business to provide external customers with access to AI computing power and AI models . The plans are still in the works and could change. These statements are based on information from insiders; META has not yet commented on the matter.

The stock has risen by +12%, while Neocloud shares are simultaneously falling by as much as -15% at the same time ($IREN (+7,69%)$NBIS (+10,56%)$CRWV (+7,91%)).

According to the report, two options are on the table:

• Models as a Service: Developers pay to use AI models hosted on Meta’s infrastructure—including Meta’s own Muse-Spark models.
• Raw computing power: Meta is also considering directly renting out pure AI computing capacity—similar to Neocloud providers—as part of an internal initiative called “Meta Compute.”

What could this news mean?

The move would be a new source of revenue for Meta—today, nearly all of its revenue comes from advertising. The initiative could reduce Meta’s dependence on advertising revenue and put it in competition with $AMZN (-0,95%) AWS, $MSFT (-1,64%) Azure, $GOOGL (-1,46%) Cloud, $IREN (+7,69%) , $NBIS (+10,56%) , $CRWV (+7,91%) and other Neocloud providers.

The idea is obvious: Zuckerberg said in May that entering the cloud market was “definitely an option” if they were to overbuild—and SpaceX and xAI have recently paved the way by selling computing capacity.

In the short term, this could mean that Meta actually has excess computing power due to overprovisioning, which could be interpreted as a sign that capital expenditures are nearing a peak. On the other hand, in the short term, it could also be more lucrative for $META (-1,99%) to resell the highly sought-after GPU computing power at a substantial profit.

Source:

https://www.bloomberg.com/news/articles/2026-07-01/meta-is-building-a-cloud-business-to-sell-excess-ai-compute

Even bad months are part of the process.

June was the weakest month of the year, with a return of -9.99%. 📉

This was driven by the following stocks, which not only had a very bad month but are also among the largest positions in the portfolio:

$ONDS (+1,78%) down 37% 📉

$IREN (+7,69%) at -27% 📉

$PNG (-0,27%) down 21% 📉

$ETH (-2,22%) down 19% 📉

$BTC (-2,1%) down 17% 📉

…and a few others. The list of losers is long in June.

The following stocks, in particular, saved me from a double-digit negative return: $DE000LS9VVV3 (+3,47%) from @Krush82 as well as my own EU AI Backbone strategy.

Hopefully, the coming month will be better.