The First Few Days of May have been … Amazing
Future Compute is now more than 31% up YTD and an astonishing 10.8% up in May
Momentum may drive the week-to-week price action, but the long-term case rests on the fundamentals of AI infrastructure, compute demand and the monetisation shift moving up the stack.
The Week’s Gain
The week was exceptional: RPL rose 10.8% from the 1 May baseline to 129.35. That is the number to keep in plain sight. The move is extraordinary, but this pace is unlikely to be linear and should be expected to suffer pullbacks after sharp momentum-driven advances.
30 days 28.5%
From 8 Apr 2026
YTD 31.2%
From 31 Dec 2025
In the short run the stock market is a voting machine, but in the long run it is a weighing machine.
Benjamin Graham, popularised by Warren Buffett
Momentum may drive the week-to-week price action, but the long-term case rests on the fundamentals of AI infrastructure, compute demand and the monetisation shift moving up the stack.
Market Context
The backdrop was supportive but not straight-line: chip stocks pulled back on Thursday, then the S&P 500 and Nasdaq traded back in record territory on Friday 8 May. Monday 4 May was the UK Early May bank holiday; it is still included here because UBS supplied a 4 May valuation point.
Latest Positioning
The book remains deliberately concentrated. The top four holdings represent 44.8% of latest value, with exposure dominated by AI infrastructure and semiconductor beneficiaries.
| Holding | Weight | Value |
|---|---|---|
| MU UW | 12.9% | $1,143k |
| NVDA UW | 11.6% | $1,031k |
| GOOGL UW | 10.6% | $942k |
| TSM UN | 9.7% | $858k |
| CDNS UW | 8.3% | $733k |
| MRVL UW | 8.1% | $719k |
| NBIS UW | 6.3% | $555k |
| GTLB UW | 5.5% | $484k |
Source: UBS AMC valuation workbooks for CH1501159441 dated close of business 1, 4, 5, 6, 7 and 8 May 2026. The 8 May valuation was received by email on 9 May. Historical reference only; partial May period, not a full monthly report. Market context: Reuters/MarketWatch/Barron’s, 7-8 May 2026; quote attribution: Benjamin Graham, popularised by Warren Buffett; UK holiday context: Early May bank holiday, 4 May 2026.
Future Compute Growth Leaders AMC
ISIN CH1501159441 | 1 May baseline to 8 May 2026