Razvan Ceapa
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Weekly Portfolio Review (October 5-11, 2026): CapEx Inelasticity vs. Macro Volatility

Blogger edition published 12 October 2026. Original publication dates are preserved; the website import date is not used.

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Historical article. Figures, holdings and views reflect the original publication, not current conditions. Claims are preserved, not independently revalidated. Capital at risk.

 

 

Our portfolio generated a +27.87% YTD and +126.13% return since January 2024, registering a negligible -0.15% consolidation during the week of October 5 through October 11.

Original published article illustration
Global technology equities absorbed a severe macroeconomic stress test this week. The 10-year US Treasury yield crossed the 5.0% threshold, classically dictating multiple contraction across long-duration risk assets. The S&P 500 closed the period with a +1.05% gain, while the Nasdaq 100 effectively stalled at +0.09%. Our concentrated 16-asset portfolio held its ground effortlessly, protecting our massive structural alpha generation against January 2024 baselines.

[Insert Performance Chart Here]

The CapEx Inelasticity Reality

Traditional financial theory assumes that when borrowing costs jump, corporate capital expenditure contracts. Broad equity indices suffer because the average constituent faces severe margin compression.

Our strategy bypasses this flaw by concentrating capital exclusively in the structural monopolies of the digital economy. This week provided absolute numerical validation of this approach. Samsung published preliminary Q3 guidance pointing to a record $80 billion operating profit, driven relentlessly by high-bandwidth memory demand.

The mechanism is clear: hyperscaler infrastructure spending exhibits near-zero price elasticity of demand. Alphabet, Amazon, and Microsoft cannot delay their data center expansions without permanently forfeiting their platform moats. They must continue to procure silicon architectures, memory stacks, and lithography systems regardless of a 5% risk-free rate. Our portfolio entities extract economic rents from this arms race directly, completely insulated from macroeconomic tightening.

Structural Liquidity: The MRNA Index Inclusion

Beyond pure hardware compute, we actively exploit the mechanics of passive market flows. Entering October, we initiated a position in Moderna (MRNA), explicitly modeling it as a programmable biological compute platform.

On Friday, October 9, Moderna officially entered the Nasdaq-100 index. By recognizing this architectural chokepoint and allocating capital prior to inclusion, we front-ran the passive index funds. Billions of dollars in passive capital were mathematically forced to acquire shares at any price, injecting immediate liquidity into our holding and driving a +2.5% single-day surge against a flat market.

We enter the upcoming semiconductor earnings cycle fully deployed, relying on mathematical certainty and supply chain dominance rather than speculative software trends.

How to mirror this portfolio:

  • Step 1: Search for razvancd on eToro.

  • Step 2: Click Copy and check "Copy Open Trades".

  • Step 3: Recommend a $500 minimum allocation. Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future results.

eToro version · 12 October 2026

This published adaptation is preserved in full alongside the Blogger article.

Original eToro publication →

𝗪𝗲𝗲𝗸𝗹𝘆 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗥𝗲𝘃𝗶𝗲𝘄 (𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟱-𝟭𝟭): 𝗬𝗧𝗗 +𝟮𝟳.𝟴𝟳% | 𝗦𝗶𝗻𝗰𝗲 𝗝𝗮𝗻 𝟮𝟬𝟮𝟰 +𝟭𝟮𝟲.𝟭𝟯% Our portfolio holds a massive +27.87% YTD and +126.13% return since January 2024, absorbing this week's macro volatility with a negligible -0.15% consolidation. While the $SPX500 managed a +1.05% gain as the 10-year US Treasury yield moved past 5.0%, the $NSDQ100 closed relatively flat at +0.09%. We do not own broad index funds; we own the toll booths of the digital economy. This week provided two massive mathematical validations of our "Economics of Chokepoints" thesis: • 𝗖𝗮𝗽𝗘𝘅 𝗜𝗻𝗲𝗹𝗮𝘀𝘁𝗶𝗰𝗶𝘁𝘆: Samsung’s Q3 guidance revealed a historic $80 billion operating profit, driven almost entirely by the high-bandwidth memory boom. This confirms that infrastructure spending for entities like $NVDA and $ASML is completely inelastic. Hyperscalers are forced to buy hardware regardless of 5% interest rates. • 𝗜𝗻𝗱𝗲𝘅 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻 𝗙𝗹𝗼𝘄𝘀: On Friday, October 9, our newest portfolio addition, $MRNA, officially joined the Nasdaq-100. By positioning early into this biological compute platform, we captured the guaranteed liquidity from passive funds mathematically forced to buy shares, driving an immediate +2.5% single-day surge. As we approach earnings from TSMC next week, we remain 100% concentrated in the physical monopolies dictating terms to the global economy. 𝗖𝗼𝗽𝗶𝗲𝗿 𝗕𝗹𝘂𝗲𝗽𝗿𝗶𝗻𝘁: Click Copy to mirror this exact positioning. Check "Copy Open Trades". A $500 minimum allocation is recommended to capture our 16 core holdings precisely. Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future results.
Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future results. Full disclosures.