Portfolio Update : June 2026
Beating the market. Across every portfolio.
A Quick Note Before The Numbers
Four months ago Springbok Finance did not exist. Today we have three published deep dives, two model portfolios, and individual stock picks - all publicly tracked, all with our names on them.
The numbers below are real. The buying prices are real. The returns are real. This is not backtested performance or hypothetical allocations. Both portfolios were initiated at the prices shown, on the dates shown, and tracked against the Nasdaq as our benchmark.
Here is where we stand at the end of June.
Portfolio 1 - The HBM Portfolio
Initiated: 9th March, 2026 · Benchmark: QQQ (Nasdaq)
The HBM portfolio has been the standout performer since inception. 130 percentage points of alpha in under four months is not a number we take lightly - and it is not a number we claim credit for without acknowledging what drove it.
The thesis was simple and stated publicly when we initiated. Three companies make virtually all of the High Bandwidth Memory that every AI chip on earth depends on. Supply was sold out. Prices were rising. And all three were trading at multiples appropriate for commodity businesses rather than the strategic infrastructure assets they had become.
The market has started to agree.
SK Hynix (+191.91%) has been the portfolio’s strongest performer - the reward for holding the company with the largest HBM market share at a time when every GPU generation requires exponentially more memory per chip.
Micron (+208.35%) has vindicated the thesis most completely. Our original deep dive initiated at $433 with a $606 price target. After Q2 FY26 results we upgraded to $683. After Q3 FY26 - which delivered $41.5 billion in revenue, 84.9% gross margins, and 16 Strategic Customer Agreements with $100 billion in minimum contracted revenue, we upgraded again to $1,871. The portfolio bought price of $374.34 now shows a 208% return. We believe the re-rating is not finished.
Samsung (+69.93%) is the portfolio’s laggard, and the one position where the thesis has been slower to play out. The HBM4 recovery story is real but the execution has been more gradual than SK Hynix and Micron. We maintain the position. When Samsung fully recovers its HBM competitive position, the discount to SK Hynix closes materially.
Portfolio 2 - The Neocloud Portfolio
Initiated: 30th March, 2026 · Benchmark: QQQ (Nasdaq)
76.58% in three months. 46.74 percentage points of alpha. The neocloud thesis - that the companies owning the physical infrastructure of the AI economy were being priced like commodity businesses has played out faster than modeled.
Nebius Group (+168.78%) is the portfolio’s standout. The $27 billion Meta agreement, Nvidia’s $2 billion strategic stake, and guidance of $7-9 billion in ARR by end of 2026 have done exactly what the thesis predicted, forced the market to reassess what a contracted AI infrastructure business is worth.
Digital Ocean (+88.51%) has surprised to the upside. The 600,000+ customer base and AI workload repositioning have resonated with the market more quickly than expected.
Cipher Digital (+72.90%) and Applied Digital (+53.94%) have both re-rated as the market began pricing the pivot premium we described, Bitcoin mining expertise converting to AI infrastructure at a fraction of the cost of building from scratch.
IREN (+27.63%) is the position that requires the most commentary. On an absolute basis, 27.63% in three months is a strong return. Against the thesis, a $9.7 billion Microsoft contract, Sweetwater now live on the ERCOT grid, a Nvidia strategic partnership, the Mirantis acquisition, and European expansion through Nostrum - the stock remains significantly undervalued in our view. Our price target is $86. We are long and adding on weakness.
CoreWeave (+30.39%) has been steady rather than spectacular, which is appropriate for the portfolio’s benchmark position. The Meta contract and OpenAI backlog provide revenue visibility that the market is only gradually pricing in.
Individual Stock Picks (We do not take these positions)
Tracked separately from portfolios ( the stocks for which we have published Deep Dives) · Benchmark: QQQ (Nasdaq)
Micron (+166.58%, +142.81% alpha) has been the defining individual pick of Springbok’s first four months. Initiated at $433 when it was trading at 6x forward earnings with a $606 price target, upgraded to $683 after Q2, and upgraded again to $1,871 after Q3’s landmark Strategic Customer Agreement announcements. The position has generated 142 percentage points of alpha since initiation.
IREN (-4.73%, -18.22% alpha) is the one position currently in the red - and the one we feel most strongly about. The initiation at $48 in April has been tested by broader market weakness and concerns about the ATM equity facility. None of that changes the fundamental picture: Sweetwater 1 is live, Nvidia has taken a strategic position at $70 per share, contracted ARR stands at $3.1 billion, and the Mirantis and Nostrum acquisitions have transformed IREN from a North American neocloud into a global AI infrastructure platform. We maintain our $86 price target.
SanDisk (+45.85%, +41.40% alpha) is the newest individual pick, initiated on 8th June at $1,559. In the three weeks since initiation, the stock has returned 45.85%, driven by Q3 results showing $5.95 billion in revenue, 78.4% gross margins, and the announcement of five long-term supply agreements with $42 billion in contracted revenue backlog. Our price target is $3,983.
What We Are Watching In July
Three things matter most heading into the next month:
Micron SCA expansion - Management indicated more Strategic Customer Agreements are planned. When all are executed, 40% of Micron’s revenue will be contracted. Every additional SCA is a re-rating catalyst.
IREN Sweetwater ramp - The site is live. The speed at which GPU commissioning translates to contracted revenue will be the key operational metric on the next earnings call.
SanDisk Q4 guidance - The company guided Q4 revenue at $8 billion. If delivered, it confirms the NAND shortage is sustaining into 2026 and validates our $3,983 price target.
The Springbok Philosophy
We publish deep dives, price targets, and portfolio updates publicly - with our names on them and our own money on the line.
When we are right, you see it. When we are wrong, you see that too.
IREN at -4.73% is in the update alongside Micron at +166.58%. That is what honest tracking looks like.
Know what you own. Know why you own it. Know when to sell.