AI Users
The fifth question in our AI index family: whose existing business gets more valuable because AI makes it run better? Rubin follows who builds AI capacity, the Agentic Ecosystem who rents it out, the Agentic Winners who sells AI products. AI Users follows the companies that put AI to work — starting with the implementers that sell adoption to everyone else. Price strength never decides membership.
Close of 22 Oct 2026 · base 1,000 on 30 Sep 2026 · USD · back-calculation until go-live
The AI ladder since 30 September
All four layers rebased to 1,000 on the same close. The further a company sits from the hardware budget, the better its October: the users stand 41.8 percentage points ahead of the build-out.
- AI Users — Implementers AI adoption — who gets paid to put it to work 1,246.0 +24.6%
- Agentic Winners (EW) AI applications — what gets sold 1,077.1 +7.7%
- Agentic Ecosystem (EW) AI opex — what gets rented 924.1 -7.6%
- Rubin Build-Out (EW) AI capex — what gets built 827.5 -17.2%
Implementers by region
18 of 18 members are up since the base; the median member is +24.4%, the strongest DXC Technology at +48.5%. The US-listed consultancies lead — the Indian majors and the French pair follow with smaller moves.
Americas
CL-AIU-IMP-AM-EW · 1,318.7 · +31.9%India
CL-AIU-IMP-IN-EW · 1,178.3 · +17.8%Europe
CL-AIU-IMP-EU-EW · 1,156.3 · +15.6%Not priced in this run: NTT Data — taken private by NTT and delisted — no longer priced · LTIMindtree — not yet in the price lake — joins after onboarding.
Where AI pays first — the sector maturity atlas
The core index starts with sectors, then companies. This is the quantitative first pass over 1,931 companies above $5 billion, information date 30 Sep 2026: how far each sector's leaders pull ahead on decoupling — revenue that grows faster than headcount. The evidence layer (disclosed AI programmes, dated) is still being built, so no company is selected yet.
| Sector | Companies | Quant leaders | Leader premium | Trend | Reading |
|---|---|---|---|---|---|
| Media & Entertainment | 36 | 5 | 2.9 pp | +1.2 pp | Leaders pulling away |
| Banks | 151 | 8 | 2.9 pp | +1.0 pp | Leaders pulling away |
| Telecommunication Services | 45 | 4 | 2.4 pp | -0.7 pp | Sector catching up |
| Consumer Durables & Apparel | 46 | 3 | 2.3 pp | +0.7 pp | Leaders pulling away |
| Consumer Services | 49 | 3 | 2.1 pp | -3.3 pp | Sector catching up |
| Pharmaceuticals, Biotechnology & Life Sciences | 79 | 11 | 2.0 pp | -2.6 pp | Sector catching up |
| Transportation | 71 | 0 | 2.0 pp | -4.5 pp | Sector catching up |
| Capital Goods | 250 | 18 | 1.9 pp | +0.4 pp | Leaders pulling away |
| Health Care Equipment & Services | 80 | 7 | 1.9 pp | +0.8 pp | First leaders |
| Financial Services | 120 | 11 | 1.9 pp | -0.8 pp | Broad-based |
| Consumer Discretionary Distribution & Retail | 53 | 5 | 1.8 pp | +1.9 pp | First leaders |
| Automobiles & Components | 29 | 1 | 1.7 pp | +0.5 pp | First leaders |
| Insurance | 87 | 8 | 1.6 pp | +0.1 pp | No clear pattern |
| Commercial & Professional Services | 43 | 4 | 1.5 pp | +2.2 pp | First leaders |
| Household & Personal Products | 16 | 0 | 1.3 pp | — | No clear pattern |
| Food, Beverage & Tobacco | 71 | 3 | 1.2 pp | +0.2 pp | No clear pattern |
| Consumer Staples Distribution & Retail | 31 | 3 | 0.2 pp | +1.9 pp | First leaders |
Decoupling: annual growth of net revenue minus growth of headcount — revenue that scales without matching hiring. Leader premium = top quartile minus median of each sector; trend = change of that premium against the universe. Price-driven sectors carry no AI reading and are left out: Energy, Equity Real Estate Investment Trusts (REITs), Utilities, Materials, Real Estate Management & Development.
Early Adopters — the core index, in build
20–30 companies whose own operations demonstrably improve with AI, chosen in two steps — sector first, then the companies with the strongest dated evidence. Every company carries one of four stages, and the migration between them is the product:
Equal weight, sector cap 25%, quarterly reviews after each reporting season; base 1,000 on 30 September 2026 with point-in-time rules for the back-calculation. Companies whose business model is exposed to AI agents may be included but are visibly marked.
FAQ · from the current data · as of 2026-10-22
AI Users — quick answers
What does the AI Users index measure?
Whose existing business gets more valuable because AI makes it run better. The family starts with the implementers — the IT-services companies that sell AI adoption — which stand at 1,246.0 (+24.6%) since the 30 September 2026 base.
How is it different from Rubin, Agentic Ecosystem and Agentic Winners?
Rubin tracks who earns from building AI capacity, the Ecosystem who earns from renting it out, the Winners who earns from AI products. AI Users tracks who earns from using it. Since 30 September the users stand 41.8 percentage points ahead of the Rubin build-out.
Why start with the implementers?
Their membership is rule-based — the listed IT-services firms that sell AI adoption — so the index needs no selection step. The core early-adopter index selects companies by evidence and needs a signed-off evidence register first.
When does the core early-adopter index go live?
After the evidence register and the stage engine are signed off; it is then back-calculated to the same 30 September base under point-in-time rules. The first regular quarterly review is 20 November 2026.
Does price performance decide membership?
No. Price strength is an observation, never an inclusion criterion — the stage engine sees evidence and fundamentals, not share prices.
Closelooknet C+ Portfolio
$25 / month or $250 / year — founding rate
A research diary, not investment advice.
Not ready? Join the Look — free