Alphabet and Meta Rise on Potential Chip Partnership while Nvidia Drops on Possible Competition
Last week, the Opportunity Equity Strategy’s representative account climbed 5.37%, outperforming the S&P 500’s 3.74% rise. (Exhibit 1). The strategy ended the week up 24.16% YTD, 635 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 11/28/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (11/21-11/28) | 5.37% | 3.74% |
| MTD | 0.55% | 0.25% |
| QTD | 3.40% | 2.59% |
| YTD | 24.16% | 17.81% |
| 1 Year | 19.88% | 15.66% |
| 5 Year | 8.03% | 15.17% |
| 10 Year | 10.50% | 14.58% |
| Inception (annualized since 6/26/00) | 8.38% | 8.28% |
Source: Bloomberg, Patient Capital Management.
Alphabet Inc. (GOOGL) and Meta Platforms, Inc. (META) rose on headlines that Meta is in discussions to use Google TPUs, a more cost and energy efficient chip option.
QXO, Inc. (QXO) climbed through its 200-day moving average on positive headlines regarding a December rate cut.
Amazon.com, Inc. (AMZN) broke above its 50-day and 100-day moving average. JPM reaffirmed AMZN as a top pick, maintained their $305 price target (31% upside), and cited the recent pullback from their latest earnings as an attractive buying opportunity.
Dave & Buster's Entertainment, Inc. (PLAY) rose through its 50-day moving average on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 11/21/25 - 11/28/2025
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 6.2% |
| QXO, Inc. | Equity | 10.3% |
| Meta Platforms, Inc. | Equity | 9.0% |
| Amazon.com, Inc. | Equity | 5.7% |
| Dave & Buster's Entertainment, Inc. | Equity | 23.9% |
Source: Patient Capital Management. See below for additional information.
Precigen, Inc. (PGEN) fell on limited news.
Nvidia Corp (NVDA) fell on GOOGL and META chip discussions. Morningstar maintained their $240 price target (41% upside), noting that while Nvidia may lose some market share to Google TPUs and other ASICs (application-specific integrated circuits), it remains a key AI beneficiary due to its wide moat and leadership in chip technology. Unlike ASICs, which are optimized for specific tasks and lower power use, Nivida’s chips are valued for their flexibility and programmability, traits Morningstar believes will keep cloud providers relying on them as AI models continue to evolve.
S4 Capital plc (SFOR LN) fell after publishing a press release detailing weaker than expected FY25 guidance. The company now forecasts sales growth down ~10% and EBITDA of $75M, below street expectations of $81.6M. Deutsche Bank lowered their price target from 26GBp to 24GBp (40% upside) and maintained their hold rating.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 11/21/2025 - 11/28/2025
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -1.7% |
| Nvidia Corp | Equity | -1.1% |
| Precigen, Inc. | Equity | -1.3% |
| S4 Capital plc | Equity | -2.3% |
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.
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.
©2025 Patient Capital Management, LLC
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