Amazon Surges on AWS Acceleration While Meta Slides on Earnings Miss
Last week, the Opportunity Equity Strategy’s representative account gained 3.05%, outperforming the S&P 500’s 1.06% rise. (Exhibit 1). The strategy ended the week up 12.60% YTD, 246 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 07/31/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (07/24-07/31) | 3.05% | 1.06% |
| MTD | 2.17% | -0.06% |
| QTD | 2.17% | -0.06% |
| YTD | 12.60% | 10.14% |
| 1 Year | 29.99% | 19.56% |
| 3 Year | 23.41% | 19.32% |
| 5 Year | 6.71% | 12.86% |
| 10 Year | 14.36% | 15.08% |
| Inception (annualized since 6/26/00) | 8.77% | 8.46% |
Source: Bloomberg, Patient Capital Management.
Amazon.com, Inc. (AMZN) ripped through its 50-day, 100-day, and 200-day moving averages after announcing strong earnings with significant Amazon Web Services (AWS) acceleration. The company posted revenue of $201B (20% y/y) versus $197B expected and operating income of $27.5B (43% y/y) versus $23.6B expected. AWS revenue accelerated to 38% y/y from 28% in Q1, marking its fastest growth in 18 quarters. Goldman Sachs increased its price target from $335 to $375 (38% upside), pointing to expanding operating margins as supportive evidence the company is earning an attractive return on its AI investments. Goldman Sachs reiterated its view that Amazon remains one of the most compelling names in its coverage, offering exposure to long-term secular growth opportunities.Alphabet Inc. (GOOGL) reclaimed its 100-day and 200-day moving averages after pulling back the prior week on a higher-than-expected capital expenditure (CAPEX) outlook. Loop maintained its $490 price target (38% upside), arguing that Street estimates for 2027 cloud revenue are far too conservative.
Precigen, Inc. (PGEN) reached a new 52-week high, and Adobe Inc. (ADBE) broke above its 50-day and 100-day moving averages on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 07/24/2026 - 07/31/2026
| Name | Type | Net Return |
| Amazon.com, Inc. | Equity | 17.0% |
| Alphabet Inc. | Equity | 11.4% |
| Precigen, Inc. Warrant 2034 | Derivative | 15.4% |
| Precigen, Inc. | Equity | 16.1% |
| Adobe Inc. | Equity | 11.2% |
Source: Patient Capital Management. See below for additional information.
Alphabet Inc. (GOOGL) broke Meta Platforms, Inc. (META) fell after announcing mixed earnings and a softer than expected 3Q26 guide. The company printed revenue of $61B vs. $60B expected and EPS of $6.18 vs. $7.15 expected. Additionally, Meta guided 3Q26 revs to $62.5B at the midpoint versus $63B expected and tightened their FY26 capital expenditure (CAPEX) guidance from $125B-$145B to $130B-$145B. Citi lowered its price target from $850 to $800 (53% upside) on elevated spending, but maintained its buy rating, citing AI-driven engagement gains, expanding adoption of new AI tools, and potential monetization opportunities across new product offerings.
Crocs, Inc. (CROX) fell despite announcing a beat and raise quarter. The company delivered revenue of $1,179M vs. $1,148M expected and adjusted EPS of $4.55 vs. $4.35 expected. Additionally, the company raised its FY26 adjusted EPS guidance from $13.20-$13.75 to $13.70-$14.00. Crocs retired 2.3M shares during the quarter (~5% shares outstanding) and approved an additional $1.5B in repurchase authorization, bringing their total authorization to $2B (~31% of its current market cap). Baird increased its price target from $150 to $163 (27% upside).
Coinbase Global, Inc. (COIN) fell on disappointing earnings. The company generated revenue of $1.2B vs. $1.3B expected and EBITDA of $208M vs. $322M expected. Citi lowered its price target from $235 to $210 (44% upside) on near-term crypto weakness, but maintained its buy rating, noting Coinbase’s category leadership and growth potential as blockchain adoption and tokenization expand.
Norwegian Cruise Line Holdings Ltd. (NCLH) broke below its 50-day and 100-day moving averages despite reporting in-line revenue and an earnings beat. The company posted revenue of $2.6B and adjusted EPS of $0.48 versus $0.39 expected. The selloff was likely driven by management’s weaker than expected 3Q net yields guide of -8.9% versus -7.5% expected. Additionally, management narrowed its FY26 EPS outlook from $1.45-$1.79 to ~$1.50. Stifel lowered its price target from $26 to $25 (35% upside), reiterating that the company remains in turnaround mode and the investment thesis requires patience.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 07/24/2026 - 07/31/2026
| Name | Type | Net Return |
| New Security* | Derivative | -31.9% |
| Meta Platforms, Inc. | Equity | -6.5% |
| Crocs, Inc. | Equity | -5.0% |
| Coinbase Global, Inc. | Equity | -7.6% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -4.3% |
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. 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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
©2026 Patient Capital Management, LLC
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