Luis Personal Portfolio — Investment Thesis 2026

✨

AI-Driven Consumer Innovation MED

$1,490,355 · 18.9% of portfolio

ZETA	$791,724	10.1%
DUOL	$497,994	6.3%
SHOP	$200,636	2.6%

IR 2026 Theme 02 — Software platforms embedding AI to unlock pricing power. DUOL: AI tutors driving subscriber growth and ARPU. ZETA: AI-driven marketing cloud displacing legacy ad-tech. SHOP: AI merchant intelligence (Sidekick) expanding GMV attach rates.

📱

End-Game AI / On-Device HIGH

$341,202 · 4.3% of portfolio — UNDERWEIGHT vs IR 2026 target 10–15%

AAPL	$170,697	2.2%
GOOGL	$170,505	2.2%

IR 2026 Theme 03 — HIGH conviction. The device+OS+personal-data layer is where AI becomes ambient. AAPL: 1.5B+ devices, Apple Intelligence, Neural Engine, iPhone supercycle. GOOGL: Search+Gemini+Android+Cloud — the most capable multimodal AI stack. Both underweight vs IR 2026 10–15% target allocation.

🤖

AI Infrastructure & Compute HIGH

$802,629 · 10.2% of portfolio

SNDK	$371,387	4.7%
NVDA	$261,144	3.3%
AMZN	$170,098	2.2%

IR 2026 Theme 01 — HIGH conviction. SNDK: NAND flash storage + HBM memory — core AI infrastructure pick per updated framework; every AI training cluster needs petabytes of storage. NVDA: GPU backbone of the AI arms race, CUDA moat intact. AMZN: AWS is the largest hyperscaler; AI cloud revenue expanding. Note: missing MU (HBM3e champion) and CRWV (pure-play AI GPU cloud) per IR 2026 — priority adds.

🌎

LatAm Digital Finance HIGH

$1,638,737 · 20.8% of portfolio

NU	$1,218,618	15.5%
MELI	$420,119	5.3%

IR 2026 Theme 05 — HIGH conviction. ~200M unbanked adults across Brazil, Mexico, Colombia. NU: world's largest digital bank by user count, 110M+ customers, cross-sell barely begun. MELI: $200B+ annual payments TPV, logistics moat, fintech compounding. NU at 15.5% is above IR 2026 recommended cap — monitor concentration.

⚕️

Healthcare Disruption MED

$1,593,841 · 20.3% of portfolio

OSCR	$981,336	12.5%
UNH	$318,527	4.0%
HIMS	$176,188	2.2%
ZVRA	$117,790	1.5%

IR 2026 Gap Analysis theme — healthcare disruption layer (OSCR, HIMS) adjacent to Theme 06 GLP-1. OSCR: disrupting US health insurance with value-based care; heavy position at 12.5%. UNH: incumbent value + AI-driven cost management. HIMS: telehealth platform capturing GLP-1 compounding demand. ZVRA: rare disease biotech. Missing: LLY/NVO (GLP-1 Theme 06 proper).

🔩

Copper Supercycle MED

$552,348 · 7.0% of portfolio

COPX	$291,233	3.7%
VALE	$115,201	1.5%
CPER	$96,354	1.2%
TGB	$49,561	0.6%

IR 2026 Theme 07 — MED conviction. Copper is the indispensable metal for EVs (3–4x more than ICE), AI data center power grids, and electrification. Supply constrained — 15–20yr permitting timelines, grade depletion. COPX ETF (diversified miners basket) + CPER ETF (direct copper price exposure) per IR 2026 recommended ETFs. Well-positioned at 7% — within target range.

🔥

Natural Gas / Energy Transition MED

$490,223 · 6.2% of portfolio

CTRA	$266,051	3.4%
EQT	$224,172	2.8%

IR 2026 Theme 08 — MED conviction. Natural gas is the critical bridge fuel for AI data center power demand. EQT: largest US gas producer, Equitrans pipeline fully integrated. CTRA: Permian Basin operator with strong free cash flow. Consider adding FCG ETF (IR 2026 recommended) for diversified natural gas exposure. LNG (Cheniere) is the highest-quality name per IR 2026 — not yet held.

₿

Crypto & Digital Assets MED

$255,531 · 3.2% of portfolio

COIN	$136,619	1.7%
ETHA	$118,912	1.5%

IR 2026 Theme 10 — MED conviction. COIN: dominant US-regulated exchange, earns ETF custody fees and trading volume regardless of which assets win. ETHA: spot ETH ETF. BTC ETF (IBIT) not held — consider for direct BTC exposure. US Strategic Bitcoin Reserve discussions provide potential institutional demand layer.

⚡

Nuclear Renaissance HIGH

$234,336 · 3.0% of portfolio — UNDERWEIGHT vs IR 2026 target 6–10%

EXE	$162,761	2.1%
SMR	$71,575	0.9%

IR 2026 Theme 04 — HIGH conviction. Nuclear is the only carbon-free baseload power for 24/7 AI data centers. EXE: regulated nuclear utility (formerly Exelon spinoff) — revenue visibility, dividend yield. SMR: speculative small modular reactor play; early stage. Missing per IR 2026: CEG (Constellation, landmark Microsoft Three Mile Island deal), CCJ (uranium miner). NLR and URA ETFs available for broader nuclear/uranium exposure without single-name risk.

🛍️

Consumer Brands

$226,400 · 2.9% of portfolio

CELH

$226,400

2.9%

Outside IR 2026 core themes. CELH: Celsius Holdings energy drinks — Gen-Z brand momentum, distribution through major retailers. Speculative consumer growth play; not a structural IR 2026 thesis position.

📊

Derivatives & Options

$241,934 · 3.1% of portfolio

NU270115C00010000	$174,168	2.2%
NU260320C00018000	$34,937	0.4%
OSCR270115C00015000	$31,200	0.4%
OSCR260320C00020000	$1,629	0.0%

Leveraged upside on core convictions. NU long-dated calls (2026 + 2027) — asymmetric upside on LatAm neobank thesis. OSCR speculative calls — high risk, sized small.

🔍 IR 2026 Framework — Theme Coverage

How this portfolio maps to the 12 Investment Research 2026 themes · Updated Feb 18, 2026

IR 2026 Theme	Conviction	This Portfolio	Coverage
🤖 AI Infrastructure & Compute	HIGH	NVDA (3.3%), SNDK (4.7%) — missing MU, CRWV, AVGO	⚠ PARTIAL
✨ AI-Driven Consumer Innovation	MED	DUOL (6.3%), ZETA (10.1%), SHOP (2.6%)	✅ COVERED
📱 End-Game AI / On-Device	HIGH	AAPL (2.2%), GOOGL (2.2%) — below 10–15% target	⚠ UNDERWEIGHT
⚡ Nuclear Renaissance	HIGH	EXE (2.1%), SMR (0.9%) — missing CEG, CCJ, NLR/URA ETFs	⚠ PARTIAL
🌎 LatAm Digital Finance	HIGH	NU (15.5%), MELI (5.3%)	✅ COVERED
💊 Healthcare / GLP-1 Revolution	MED	0% LLY/NVO — has OSCR/UNH/HIMS (adjacent disruption layer)	⚠ ADJACENT ONLY
🔩 Copper Supercycle	MED	COPX (3.7%), CPER (1.2%), VALE (1.5%), TGB (0.6%)	✅ COVERED
🔥 Natural Gas / Energy Transition	MED	EQT (2.8%), CTRA (3.4%) — missing LNG (Cheniere), FCG ETF	✅ COVERED
🛡 Defense & Geopolitics	MID	0% — no LMT, RTX	❌ MISSING (MID)
₿ Crypto & Digital Assets	MED	COIN (1.7%), ETHA (1.5%)	✅ COVERED
🎬 Streaming & Content	LOW	0% — LOW conviction, not required	— SKIPPED (LOW)
🏗 Data Centers & Infrastructure	HIGH	0% — no VRT, EQIX, DLR	❌ MISSING (HIGH)

⚠️ Portfolio Gaps vs IR 2026 Framework

🏗 Data Centers — VRT / EQIX / DLR (0%) — HIGH conviction gap — The physical AI layer is completely unrepresented. Vertiv (VRT) is the dominant power and thermal management provider for every GPU cluster; liquid cooling is mandatory for Blackwell density. EQIX and DLR are data center REITs with multi-year leasing backlogs. IR 2026 target: 10–14%. This is the most significant structural gap.
🤖 AI Infra incomplete — Missing MU + CRWV — Has NVDA/SNDK but per IR 2026, Micron (MU) is the US HBM3e champion (every NVIDIA Blackwell GPU requires HBM; MU captures this directly). CoreWeave (CRWV) is the pure-play AI GPU cloud — picks-and-shovels of the AI cloud layer. Both are explicitly named in IR 2026 Theme 01.
⚡ Nuclear underweight (3.0% vs 6–10% target) — missing CEG, CCJ — Constellation Energy (CEG) secured the landmark Microsoft Three Mile Island deal; CCJ is the uranium miner with long-term contracted pricing. NLR (nuclear ETF) and URA (uranium ETF) are IR 2026 recommended ETFs for diversified exposure without single-name risk. Consider adding $200–300K here.
💊 GLP-1 / Healthcare missing LLY + NVO (0%) — IR 2026 Theme 06 (MED conviction) specifically covers Eli Lilly and Novo Nordisk — the tirzepatide/semaglutide duopoly. OSCR/HIMS cover the disruption layer but not the drug pipeline thesis. LLY at $1,019 is the preferred entry per IR 2026.
🛡 Defense — LMT / RTX (0%) — MID conviction per IR 2026 — NATO rearmament cycle is structural and bipartisan. LMT F-35 backlog $165B+; RTX Patriot systems in high demand. At MID conviction, a 4–7% allocation provides a geopolitical hedge with 2%+ dividend yield. Not urgent but missing entirely.
📱 On-Device underweight (4.3% vs 10–15% target) — Both AAPL and GOOGL are HIGH conviction per IR 2026, yet combined they're only 4.3% of the portfolio. The device+OS layer is where AI becomes personal and ambient. Priority add on any pullback.
🔥 NatGas — missing LNG (Cheniere) — EQT and CTRA cover domestic production; LNG (Cheniere Energy) is the highest-quality LNG exporter per IR 2026 with $7–8B contracted annual EBITDA. FCG ETF also available for diversified natgas exposure.

✅ Priority Actions to Align with IR 2026

VRT $200K · 2.5% → target 3–4% Buy ≤ $260

HIGH PRIORITY — IR 2026 Theme 12. Vertiv is the dominant power and thermal management provider for AI data centers. Liquid cooling TAM expanding from $14B → $35B by 2028 as GPU density grows. Every Blackwell/Rubin cluster needs VRT systems. The biggest structural gap in this portfolio.

MU $150K · 1.9% Buy ≤ $105

HIGH PRIORITY — IR 2026 Theme 01. Micron is the US HBM3e champion. Every NVIDIA Blackwell GPU requires $2–3K of HBM memory — MU captures this directly. Explicitly named as core AI Infrastructure play alongside SNDK in updated IR 2026. Completes the memory stack (SNDK=storage, MU=HBM).

AAPL + GOOGL Add to $700K combined · target 9% AAPL ≤ $270 / GOOGL ≤ $310

HIGH PRIORITY — IR 2026 Theme 03. On-Device is HIGH conviction but only 4.3% of portfolio vs 10–15% target. AAPL: Apple Intelligence iPhone supercycle, Services $100B+ annualized. GOOGL: Gemini, Search defense, Cloud 25%+ growth. Both positions need to roughly double.

NLR + CEG NLR $100K + CEG $100K · 2.5% NLR any / CEG ≤ $310

MED PRIORITY — IR 2026 Theme 04. Nuclear is HIGH conviction and portfolio is at 3% vs 6–10% target. NLR ETF (nuclear energy basket) provides diversified exposure — recommended by IR 2026 alongside URA (uranium). CEG is the highest-quality operator with hyperscaler PPAs already signed. SMR/EXE held — add the quality core.

LMT $80K · 1.0% Buy ≤ $670

MED PRIORITY — IR 2026 Theme 09 (MID conviction). Defense is a geopolitical hedge with structural rearmament tailwind. LMT: F-35 international orders accelerating, $165B+ backlog, 2%+ dividend yield. Ballast for the portfolio against macro shock scenarios. Size appropriately — this is MID not HIGH conviction.

LLY $100K · 1.3% Buy ≤ $1,050

MED PRIORITY — IR 2026 Theme 06. Tirzepatide (Zepbound) is capturing the obesity + diabetes market. Next-gen molecule retatrutide shows superior weight loss. Healthcare is already 20% of portfolio via disruption plays — a small GLP-1 position completes the theme properly per IR 2026.

CRWV $80K · 1.0% Buy ≤ $55 — speculative sizing

SPECULATIVE — IR 2026 Theme 01. CoreWeave is the AI-native GPU cloud — renting NVIDIA H100/H200 clusters to enterprises and AI labs. Pure-play AI cloud economics with higher margins than AWS/Azure blended rates. Newly public, debt-heavy, customer concentration risk (~40% Microsoft ecosystem). Size small.

📋 Thesis Breakdown

🔍 IR 2026 Framework — Theme Coverage

⚠️ Portfolio Gaps vs IR 2026 Framework

✅ Priority Actions to Align with IR 2026