The desk note — Sunday, October 11, 2026

The note

NVIDIA and Uber move from Buy to Holding after a fresh review of cash collection, contingent credit support and acquisition funding. The other eight holdings and five research-bench names stay unchanged; no positions were opened or closed.

What would change our mind: Watch NVIDIA’s cash collection and Uber’s post-deal funding; stronger evidence could reopen the case for adding.

What changed

• NVDA moved to Holding (from the Buy Zone)
• UBER moved to Holding (from the Buy Zone)

By zone

Buy Zone

NVDA and UBER move to Holding: NVIDIA’s slower cash collection and contingent credit support, plus Uber’s acquisition-funding uncertainty, leave too little margin for fresh buying at the reviewed prices.

Holding

AMZN, GOOGL and TSM keep strong growth businesses, but heavy investment limits cash returns; AVGO and TDG add financing risk. APP, MU and RDDT still earn their places through cash generation, while NVDA and UBER now need stronger evidence before we add.