AI Drug Discovery Labs

Taking profit on the book's best performer (+37.5% from a $143.47 entry) and largest weight. Not an exit: MRNA stays a top-three position. But it is the loosest fit with AI drug discovery of anything in the big-pharma sleeve -- an mRNA-platform manufacturer, not a computational-discovery adopter -- and 16.1% in the least AI-native holding is not this mandate's risk profile. Trimming two shares funds the BMY initiation and the NVDA add.

Weakest fundamentals in the discovery sleeve: quarterly revenue growth of just +7.5% YoY (slowest of any holding and well below what a disruptive-innovation mandate should accept), -21% profit margin, and a $29.50 price against a $21.43 analyst target -- the market is 38% ahead of the street. The president sold $927,970 on 09-22 and the stock absorbed a 7.6% sector-wide drop. Physics-based simulation is still core to the thesis, so this is a trim rather than the exit its -3.9% drawdown alone would not justify.

De-risking a one-day +9.6% pop into a 52-week high ahead of a binary catalyst. Goldman Sachs resumed coverage at HOLD with a $13 target that the $13.92 price has already cleared, and Phase 2 ABCL635 data is imminent. AbCellera remains a genuine AI-native antibody discovery engine and exactly what this sleeve is for, so the readout exposure is kept at 4% -- but entering a binary print at the highs with the sell-side target behind us is asymmetric the wrong way.

The mandate names BMY in the Big Pharma AI Adopters sleeve and the book did not own it, leaving that sleeve 3.9% light (31.1% vs a 35% target) and carried by only MRNA, LLY and GILD. BMY trades at $63.88 on a constructive +1.6% tape and adds a large-cap, cash-generative counterweight to a discovery sleeve that is mostly pre-revenue. This is the cleanest available fix for the one genuine structural gap in the book.

Adding one share of the compute layer beneath every platform in the discovery sleeve. NVDA led the infrastructure sleeve today at +1.68% and is the lowest-variance way to own the AI-native drug discovery thesis: if RXRX, EXAI, SDGR and ABCL are right, they all train on this silicon. Position is only +2.4% from entry, so this is an add into strength rather than a chase.