LikeFolio Weekly Roundup

The S&P 500 gained over 3% from Monday through Thursday, breaking out of a two-week slide as tech earnings and calmer trade headlines gave investors room to buy. The Nasdaq rose even more, with Alphabet’s strong Q1 results helping lead the move higher.

Alphabet beat expectations on both earnings and revenue, expanded profit margins, and announced a $70 billion buyback. That was a key turning point for sentiment, especially in a market that’s been hesitant around tech.

On the macro front, tariff fears didn’t escalate. Trump hinted at flexibility in trade talks, while China dismissed those comments—but markets shrugged it off. No new tariffs, no breakdown in talks, and no clear catalyst to reignite selling pressure.

Fed Governor Christopher Waller said the economic effects of tariffs haven’t hit yet and pushed back on immediate rate cuts. But his comments left room for flexibility if growth or jobs start to weaken.

Consumer sentiment ticked up from earlier April readings but remains lower than March. Inflation expectations are still elevated, with middle-income households expressing the most concern.

Overall: This week brought stability. No new negative shocks. Strong tech earnings helped shift momentum, and the market finally found footing after weeks of chop.

Here’s an overview of the biggest news and largest movers in our portfolio in the last week through close on Thursday, April 24:

Infinite Hold Update 

Tesla (TSLA): Tesla is up more than 20% this week, as investors look past weak Q1 results and focus on the company’s long-term autonomy thesis. Revenue fell 9% year over year to $21.3 billion, and earnings dropped 47%, with shrinking margins and falling deliveries weighing heavily on the quarter.

But instead of selling off, the stock surged. Elon Musk reiterated plans for a June launch of Tesla’s robotaxi service in Austin. Musk also said he’s stepping away from his White House advisory role to focus more fully on Tesla, a move interpreted as a renewed commitment to execution.

The rally picked up momentum Thursday after the Trump administration announced a new regulatory framework aimed at accelerating autonomous vehicle deployment. The changes streamline crash reporting and expand exemption programs, which removes obstacles for companies like Tesla (and AUR) pushing for commercial rollout.

Andy discussed the prospects of a Tesla relief rally this week on the Schwab Network ahead of the company’s earnings event. 

Bitcoin: Bitcoin is up over 12% this week, climbing past $95,000 as demand surged into spot ETFs. BlackRock’s iShares Bitcoin Trust brought in $643 million on Tuesday alone. That was its biggest single-day inflow since January and a clear sign that institutional interest is picking back up.

Momentum also accelerated as the U.S. dollar fell to a two-month low, pushing investors toward alternative stores of value. Risk-on sentiment returned across markets, with tech stocks and crypto rallying in tandem after several weeks of volatility. For Bitcoin, the breakout above $88,000 was a technical trigger. That level had capped multiple rallies since early April. Once it cleared, momentum traders piled in, and bulls began targeting a move toward $100,000.

Another major headline this week came from a group of well-known financial firms including Cantor Fitzgerald, SoftBank, Tether, and Bitfinex. They announced a $3.6 billion fund that will hold over 42,000 bitcoin. The fund, called Twenty One Capital, is now one of the largest direct holders of Bitcoin in the world. Unlike ETFs, this bitcoin will not be traded. It is being held on the balance sheet. That marks a shift toward treating Bitcoin as a long-term reserve asset instead of a short-term exposure tool.

We discussed Bitcoin’s emerging dual role as both a risk-on growth asset and a store of value on this week’s LikeFolio call — this week’s move reinforced that dual functionality in real time.

Amazon (AMZN): Amazon surged this week, reversing recent losses as investors started positioning ahead of its May 1 earnings report. The rally came alongside improving sentiment toward tech and retail names that had been weighed down by tariff concerns earlier this month.

Expectations are high heading into the report. Wall Street is looking for 8% revenue growth and a sharp jump in profitability. AWS and advertising remain the key growth engines, but commentary on AI infrastructure spend will be closely watched, especially as Amazon continues to scale investments in both chips and cloud.

The LikeFolio call this week pointed to a growing divergence between Amazon’s consumer strength and its stock performance. Earnings have continued to trend higher, while the stock has lagged, a setup that historically creates opportunity for long-term buyers.

Portfolio Update

Every name in our portfolio closed Thursday green on the week and many have earnings on deck soon. You can see a full portfolio overview below:

• SoundHound AI (SOUN): +25% — Earnings May 8

• Robinhood Markets (HOOD): +21% — Shares surged alongside Bitcoin's rally past $90,000 – Earnings April 30

• Aurora Innovation (AUR): +19% — Earnings May 8, AV regulations eased

• Reddit (RDDT): +19% – Earnings May 1

• Viant Technology (DSP): +15% — Earnings May 6

• Tesla (TSLA): +14%* — Robotaxi launch confirmed; AV regulations eased *(stock up 14% through close on Thursday, rally continued on Friday)

• Marathon Digital (MARA): +14% — Shares surged alongside Bitcoin's rally past $90,000 – Earnings May 8

• FiscalNote Holdings (NOTE): +12% — Launched Tariff Tracker last week (Earnings in June)

• The Trade Desk (TTD): +12% — Earnings May 8

• Amazon (AMZN): +11% — Earnings May 1

• Magnite (MGNI): +10% — Unveiled new SpringServe platform for CTV and programmatic ad delivery – Earnings May 7

• MicroStrategy (MSTR): +10% — Shares surged alongside Bitcoin's rally past $90,000, Earnings May 1

• Snap Inc. (SNAP): +9% – Earnings April 29

• Hims & Hers Health (HIMS): +8% — Earnings May 5

• Dutch Bros (BROS): +7% – Earnings May 7

• Stride (LRN): +4% – Earnings April 29

• Costco Wholesale (COST): +1% (Earnings in June)