'Be greedy when others are fearful'

You may have noticed that the stock market is down this week! My £203k Trading 212 accounts are down £25k. 

This is a temporary blip as far as I can see. 

AI says this...

For the S&P 500, the correction looks more like a valuation and rates reset than a broad economic panic. The index has been pressured by higher bond yields, which make expensive stocks less attractive, and by rising doubts about how long the AI spending boom can keep supporting profits. That said, solid earnings from a lot of non-tech companies have kept the S&P steadier than the Nasdaq.

For the Nasdaq, it’s more direct: AI and chip names have been the main source of the weakness. Investors are rethinking whether the huge capex, borrowing, and valuations around AI can keep paying off quickly enough, so the most crowded winners have been hit hardest.

For Korea, the move is sharper because the market is heavily concentrated in semiconductors, especially Samsung Electronics and SK hynix. So when global chip stocks sell off, the KOSPI gets hit hard too. The pressure there has come from the same AI-financing concerns, plus weaker U.S. tech sentiment, higher borrowing costs, and added worries about competition from China.

As I see it, this is all based of sentiment, fear and doubt. Tech results have not been bad (table generated from AI so treat the figures with a pinch of salt) ...

Company	Result date	Next expected result date	Main % takeaways
Microsoft	Jul 29, 2026	Oct 28, 2026	Revenue +18%, operating income +18%, net income +31%, EPS +32%.
Alphabet	Jul 22, 2026	Oct 28, 2026	Revenue +24.2%, EPS +294%, Google Cloud +82%.
Meta	Oct 21, 2026	Not yet announced	Revenue +26%; costs and expenses +68%.
Apple	Jul 30, 2026	Nov 2, 2026	Revenue +16%, EPS +29%.
Amazon	Jul 30, 2026	Oct 29, 2026	Net sales +20%, AWS +37%, operating income +43%.
Qualcomm	Jul 29, 2026	Nov 4, 2026	Revenue -4%, GAAP EPS -23%, non-GAAP EPS -20%.
Nvidia	Aug 26, 2026	Mid-Nov 2026,	Revenue +106% y/y, EPS +128% y/y.
Broadcom	Sep 2, 2026	Dec 9–10, 2026	Revenue +86% y/y, AI semiconductor revenue +221% y/y, Q4 AI revenue expected +236% y/y.
Micron	Sep 30, 2026	Dec 16, 2026	EPS beat by 6.1%; same-quarter EPS versus last year was much higher.

So after next week we will see the next quarter results. Does it look like Tech is losing money?

The problem is that a lot of money has been poured into OpenAI and Anthropic and these companies are not yet profitable and in competition with each other. Microsoft, Amazon and many other companies have invested in these companies. Anthropic should be filing for IPO this month. OpenAI should be next year. Anthropic has very large investors/customers/contracts including Amazon, Google, Microsoft, Micron and AMD. A lot of money has been borrowed, interest needs paying, assets are depreciating and many AI Data Centers are still not up and running due to regulation problems and power shortages, etc.

I found a good info source for these IPOs here.

Could it be that many investors are cashing in so they can buy the Anthropic IPO?

What am I doing?

I don't invest in IPOs - it's too risky for me.

At the moment, gold and copper/metals are going down but I am holding my miners.

Data centres will eventually all get built. AI is extremely useful and improving all the time. Anyone who uses a computer will be an AI user and customer in 2027. This will require computer components, computer infrastructure (cables, fibre, racks, cooling, etc.) and software (LLMs, cyber security, firewalls, etc.). Large companies like Accenture (ACN) advise businesses on how AI can enhance their company and install AI + Agents to make their workforce more efficient.

I still see the 'nuts and bolts' companies as a good investment. I look for companies with a full order book that are expanding but are still cheap - and just now, there is a Sale on!

So I have transferred some more of my savings (£5k) from my bank to my T212 account where it will earn almost 4% interest instead of 1%. I will wait for the market to show signs of a recovery (which could be this afternoon or anytime in the next 4 weeks) and then buy more stocks (depending on value).

Currently, I like Micron (MU) but I want to reduce my individual company holdings and go for a distributing ETF in my Invest account - WCBR acc. (cyber) has been doing well and so is tempting but peaking probably due to current sentiment, but my IWVG World Value ETF has a top holding of 14% Micron as well as 390 other companies. IWVG is up 40% over the last 12 months but down 6% over the last 4 weeks, so it is looking cheap. I already hold £13k so may top up. I also like IITU as a future buy.

 

UKCGT.xyz, HMRC and Taxes!

I have been doing a lot of work, using Codex, to improve the free tools on my UKCGT.xyz website. I have made a few tweak to the main calculator home page and also greatly improved the ERI_Lookup page.

I have two share brokers that have taxable accounts that I actively trade from - Trading 212 and Interactive Investor. So for my HMRC report, here is what I do...

1. First I download all transactions (CSVs) from both T212 and ii. This will comprise of multiple files because for some odd reason, you can only download 12 or 24 months at a time. The calculator needs to see all trades from the very first trade up to at least 5 May 2026 (yes, I mean May not April) to calculate the 2025/2026 tax year results.

2. Load all the CSV files at once using the UKCGT calculator page's 'Choose file(s)' button.

3. Copy the Trades list (click 'Copy trades' button) from the calculator and paste into the ERI_Lookup page on UKCGT - click on Analyse.

4. Check for any missing ERI Lookup data - if there are any lookups missing, the user can download a local 'overides' xlsx sheet, lookup the ERI manually (KPMG lookup buttons are provided) and past the KPMG page into the editor window and it will automatically add the ERI info into your spreadsheet. See instructions at the top of the ERI_Lookups page.

5. Set the tax year to ALL and click Analyse again

6. Click the 'Add to UKCGT trades' button to add the ERI as dividends to your trades on the main calculator page. This adds to the cost basis and thus decreases your capital gains tax bill as you should not pay both capital gains and dividend/income tax on the ERI.

7. Go to the main UKCGT page and click 'Calculate' again to include the ERI dividends and thus reduce your capital gains.

8. Generate a pdf report for HMRC using the 'Save HMRC report' button. On the ERI_Lookup page, set the tax year and then save a pdf report using the 'Save as PDF' button. You can attach these PDFs to your online Self-Assessment submission.

For me, all the ERI data is found automatically. I have no need to create an ERI auxilliary xlsx file, but your trades will of course be different. There are always complications like stock splits or you cannot find any published ERI rates for some of your ETFs or missing ERI rates for some past years!

Please give my UKCGT site a try. I hope it's not too daunting. My main aim was to improve on the popular free cgtcalculator.com site and also to add ERI to save myself tax (which is what you are supposed to do). Use the Forum on the site or email me directly if you have any issues. My intention is that the site is always 100% free to use.

Stay cool!

Steve