Is my concentrated portfolio a serious attempt to beat the S&P 500, or just disguised speculation?

Hi all,

I’m looking for a portfolio review from a value-investing perspective. And to pretext on why the portfolio is quite tech heavy, im an elder millennial software engineer :)

I’m trying to build a concentrated individual-stock portfolio with the goal of outperforming the S&P 500 over the long term.
I understand that this may be foolish, especially because concentrated portfolios can easily become a mix of story stocks, themes, and overconfidence.

Current portfolio, approximate weights:
RKLB / Rocket Lab — 27.2%
ZETA / Zeta Global — 25.5%
NOK / Nokia ADR — 13.5%
FIG / Figma — 10.8%
APLD / Applied Digital — 8.0%
UUUU / Energy Fuels — 5.3%
OUST / Ouster — 5.2%
TEM / Tempus AI — 4.6%

My rough thinking:

**RKLB:** I see this as a long-duration infrastructure/space systems bet, not just a launch company. My concern is valuation, execution risk, dilution, and whether I’m underestimating how hard this industry is.
**ZETA:** I see this as a data/software/marketing-tech compounder candidate. My concern is whether the business quality is actually as strong as I think, or whether this is more cyclical/fragile than it looks.
**NOK:** This is more of a turnaround/value/telecom infrastructure position. I know it is not a glamorous compounder. The question is whether the valuation compensates for slow growth, competition, and mediocre historical execution.
**FIG / Figma:** I like the product quality, brand, user love, and software margins. My concern is valuation and whether I’m paying too much for a great business.
**APLD:** AI/data-center infrastructure exposure. I’m aware this may be more speculative and capital-intensive than classic value investing. My concern is debt, execution, and whether the AI infrastructure theme is already overcrowded.
**UUUU:** Uranium/critical minerals exposure. I see it as a commodity-linked strategic asset play, but I know this comes with cycle risk and less predictable intrinsic value.
**OUST:** Lidar/sensor technology bet. This may be one of the more speculative positions. I’m interested in whether there is a credible path to durable economics or if this is mostly hope.
**TEM:** Healthcare/AI/data angle. I like the theme, but I’m unsure whether the valuation and business model justify the risk.

The thing I’m most worried about is that I may be confusing “interesting companies” with “good investments.”
Any feedback is welcome. I’m not looking for validation; I’d rather hear the uncomfortable truth.