QXO Rises on Capital Raise while Nvidia Announces Six New Chips
Last week, the Opportunity Equity Strategy’s representative account gained 4.96%, outperforming the S&P 500’s 1.58% rise. (Exhibit 1). The strategy ended the week up 6.42% YTD, 462 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 1/09/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (1/02- 1/09) | 4.96% | 1.58% |
| MTD | 6.42% | 1.80% |
| QTD | 6.42% | 1.80% |
| YTD | 6.42% | 1.80% |
| 1 Year | 34.19% | 19.23% |
| 5 Year | 7.40% | 14.41% |
| 10 Year | 13.82% | 15.73% |
| Inception (annualized since 6/26/00) | 8.73% | 8.32% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) jumped to a new 52-week high after announcing a $1.2B Apollo-led convertible preferred raise to fund future acquisitions. The preferreds yield 4.75% with a $23.25 strike (-7% below Friday’s close) and are contingent on a deal being announced by July 15, 2026.
Amazon.com, Inc. (AMZN) rose through its 50-day and 100-day moving average after extending Alexa, its generative AI assistant, to the web. Jefferies raised their price target from $275 to $300 (21% upside).
Norwegian Cruise Line Holdings Ltd. (NCLH) and Precigen, Inc. (PGEN) rose on limited news.
Alphabet Inc. (GOOGL) reached a new all-time high. Canaccord increased their price target from $330 to $390 (19% upside), citing high conviction in Gemini’s scalability and cost advantages from vertically integrated TPUs.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 1/02/2026 - 1/09/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | 26.8% |
| Amazon.com, Inc. | Equity | 9.2% |
| Norwegian Cruise Line Holdings Ltd. | Equity | 7.7% |
| Precigen, Inc. Warrant 2034 | Derivative | 10.7% |
| Alphabet Inc. | Equity | 4.3% |
Source: Patient Capital Management. See below for additional information.
Nvidia Corp (NVDA) broke below its 50-day moving average despite CEO, Jensen Huang, announcing six new chips slated for 2H26 at this year’s Consumer Electronics Show (CES). Evercore reiterated the name as their top pick and maintained their $352 price target (90% upside).
Crocs, Inc. (CROX) fell on limited news.
Jefferies lowered their price target on Alibaba Group Holding Ltd (BABA) from $231 to $225 (49% upside) but reiterated the name as their top pick. Jefferies expects strong secular tailwinds in the company’s core marketplace business and continued leadership in cloud computing.
Jefferies lowered their price target on JD.com Inc ADR (JD) from $60 to $49 (66% upside). Jefferies expects margin improvement driven by scale advantages as the company gains market share.
Barclays raised their price target on SoFi Technologies, Inc. (SOFI) from $23 to $28 (2% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 1/02/2026 - 1/09/2026
| Name | Type | Net Return |
| Nvidia Corp | Equity | -2.1% |
| Crocs, Inc. | Equity | -1.0% |
| Alibaba Group Holding Ltd | Equity | -3.1% |
| JD.com Inc ADR | Equity | -0.3% |
| SoFi Technologies, Inc. | Equity | -0.2% |
Source: Patient Capital Management. See below for additional information.
1The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses. For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance.
Past performance is no guarantee of future results.
2Significant Contributors and Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. The net return shown above for each individual security represents the change in market price of the security during the week, according to a third-party pricing service, or for the partial period held in the portfolio during the week. Net returns also include any purchases or sales that were made during the week. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us.
Any views expressed are subject to change at any time, and Patient Capital Management disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. Content may not be reprinted, republished or used in any manner without written consent from Patient Capital Management.
©2026 Patient Capital Management, LLC
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