Alphabet Jumps on Earnings Blowout While Meta Falls Despite Strong Results
Last week, the Opportunity Equity Strategy’s representative account gained 0.70%, underperforming the S&P 500’s 0.92% rise. (Exhibit 1). The strategy ended the week up 6.29% YTD, 27 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 05/01/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (04/24 - 05/01) | 0.70% | 0.92% |
| MTD | 0.09% | 0.30% |
| QTD | 13.00% | 10.82% |
| YTD | 6.29% | 6.02% |
| 1 Year | 55.58% | 30.62% |
| 3 Year | 30.47% | 21.82% |
| 5 Year | 4.30% | 13.21% |
| 10 Year | 13.75% | 15.29% |
| Inception (annualized since 6/26/00) | 8.61% | 8.39% |
Source: Bloomberg, Patient Capital Management.
Alphabet Inc. (GOOGL) ripped to a new all-time high after announcing earnings that surpassed high expectations. The company generated net revenue of $94.7B (+24% y/y) vs. $91.6B expected and adjusted EPS of $3.21 vs. $2.81 expected. Additionally, Alphabet’s cloud segment posted revenue of $20B (+63% y/y) vs. $18B expected. JP Morgan increased its price target from $395 to $460 (19% upside) and reiterated GOOGL as its top large-cap internet pick. JPM highlighted exceptional cloud momentum, early returns on AI investment, a differentiated vertically integrated tech stack, strong consumer AI demand, and significant margin expansion potential. CVS Health Corp. (CVS) reached a new 52-week high. UBS maintained its $97 price target ahead of the print (18% upside), reiterating its confidence in the company's ability to hit its targets given the strength seen across managed care organizations' earnings thus far.
Energy Transfer LP (ET) climbed to a new 52-week high after Morgan Stanley increased its price target from $19 to $21 (5% upside).
Illumina, Inc. (ILMN) reclaimed its 100-day moving average after reporting a beat and raise quarter. The company delivered revenue of $1,091M vs. $1,073M expected and adjusted EPS of $1.15 vs. $1.05 expected. Additionally, Illumina raised its full-year revenue guide by $20M at the midpoint and lifted adjusted EPS guidance from $5.05–$5.20 to $5.15–$5.30. Leerink raised its price target from $160 to $175 (29% upside), impressed by the company's ability to beat and raise in a tightened government funding environment.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 04/24/2026 - 05/01/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 12.0% |
| UnitedHealth Group | Equity | 3.9% |
| CVS Health Corp | Equity | 5.3% |
| Energy Transfer LP | Equity | 4.5% |
| Illumina, Inc. | Equity | 5.4% |
Source: Patient Capital Management. See below for additional information.
Meta Platforms, Inc. (META) dropped through its 50-day and 100-day moving averages despite announcing strong earnings. The company printed revenue of $56.3B (+33% y/y) vs. $55.5B expected and adjusted EPS of $7.31 vs. $6.69 expected. Meta increased its FY26 CAPEX guidance from $125B at the midpoint (65% y/y) to $135B at the midpoint (78% y/y) due to higher memory prices. Evercore increased its price target from $900 to $930 (53% upside), flagging a fourth consecutive quarter of accelerating advertisement impressions and improving monetization.
QXO, Inc. (QXO) fell below its 200-day moving average, continuing its slide following the company's $17B acquisition of TopBuild the week prior. Oppenheimer increased its price target from $30 to $32 (61% upside).
Bank of America maintained its $300 price target (51% upside) and top sector pick on Nvidia Corp (NVDA), arguing the stock is undervalued relative to its Mag-7 peers, as Nvidia trades at ~30% discount to Apple and Microsoft’s combined $7T market cap yet is expected to generate a similar amount of free cash flow as both companies combined.
Coinbase Global, Inc. (COIN) fell after Robinhood reported a significant decrease in crypto-related revenue. Additionally, JP Morgan reported that the broader Bitcoin exchange-traded product market was tracking for its worst week of net outflows since March.
SoFi Technologies, Inc. (SOFI) broke below its 50-day moving average after announcing an earnings beat coupled with a weaker than expected Q2 guide and reiterated FY26 guide. The company posted revenue of $1,087M vs. $1,049 expected and inline EPS of $0.12. SoFi guided Q2 EBITDA margins to 30% vs. 34% expected and EPS of $0.10–$0.11 vs. $0.14 expected. Jefferies lowered its price target from $27 to $25 (52% upside) and maintained its buy rating.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 04/24/2026 - 05/01/2026
| Name | Type | Net Return |
| Meta Platforms, Inc.. | Equity | -9.8% |
| QXO, Inc | Equity | -5.5% |
| Nvidia Corp | Equity | -4.7% |
| Coinbase Global, Inc. | Equity | -4.3% |
| SoFi Technologies, Inc | Equity | -10.9% |
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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
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
Share