The first index measuring Europe's irreplaceable position in the global AI supply chain. 50 investable companies. 11 legacy transformers on RI watch. 4 small-cap next heroes. 13 countries. 7 sectors. Three weighting methods. Proprietary Revenue Intelligence scoring — the same analytical depth institutions pay seven figures to access, published transparently.
—
Core NAV
50
20 Tier 1 + 30 Tier 2
Full Universe
65
+11 T3 Legacy · +4 T4 Watch
Combined MC
€2.4T
13 countries
Sectors
7
Semi to Defense
Base Value
1,000
October 1, 2024
The Thesis
Europe doesn't build frontier AI models. It doesn't run hyperscale clouds. But every AI chip on Earth passes through European machines, European valves, and European optics before it computes a single token.
ASML's EUV lithography has no substitute. VAT Group's vacuum valves seal every advanced fab chamber. BE Semiconductor's hybrid bonding stacks the memory that makes AI possible. Schneider and Eaton distribute the power. Munters cools the racks.
The Euro-AI Sovereign 50 measures this. Not by market cap alone, but by Revenue Intelligence — a proprietary score quantifying how much of each company's business is AI-linked. The result: an investable signal that no STOXX, MSCI, or US-centric index captures.
"Europe builds the atoms. America runs the bits. This index measures what Europe still owns."
Alignment with Rubin Build-Out 100: The Euro-AI Sovereign 50 is the European complement to the global Rubin Build-Out 100. Where Rubin maps the entire AI infrastructure supply chain (US, Asia, Europe), this index isolates Europe's sovereign contribution. 12 of the Euro-AI 50 constituents also appear in the Rubin 100 — validating the selection from a global supply-chain perspective while surfacing 38 companies invisible to US-centric AI indices.
Three Weighting Variants
Same 50 companies. Three lenses. The divergence between them is the product.
RI-Weighted (Flagship) Market cap × Revenue Intelligence score. 10% single-stock cap. Rewards companies with the highest AI revenue exposure at scale.
Capped Market Cap Free-float market cap with 8% cap. Institutional-grade diversification for European AI infrastructure.
Equal Weight 2% per stock, no cap. Maximum diversification across all 50 constituents. Best gauge of average European AI stock performance.
Base date: October 1, 2024 = 1,000. All prices in EUR. 50 European-listed stocks across 7 sectors: Semi Equipment, Power Grid & Cooling, Enterprise AI, Industrial AI, Defense, MedTech, and Chip Architecture. RI scores updated quarterly. Full RI methodology ↓
7 Sectors
Semi Equipment
14 constituents · 28%
Power Grid & Cooling
10 constituents · 20%
Enterprise AI & Data
8 constituents · 16%
Industrial AI & Robotics
7 constituents · 14%
Defense & Aerospace
5 constituents · 10%
MedTech & Bio-AI
4 constituents · 8%
Chip Architecture & Cloud
2 constituents · 4%
Revenue Intelligence (RI) Score
The backbone of the index. RI quantifies how much of a company's economic activity — revenue, backlog, and R&D — is directly AI-linked. Updated quarterly with earnings.
Benchmark every Euro-AI sector and variant against European and US indices. Does the European AI story outperform the broad market? Does our semi sector beat SMH? Does defense AI beat ITA?
Euro-AI Sovereign 50 · Closelooknet Functional IndicesBase 1,000 = October 1, 2024 · Daily in EUR
The Divergence Signal
Where RI-weight and cap-weight diverge reveals what Europe's AI economy looks like versus what market cap says it looks like. This is the editorial engine.
↑ RI Overweights — AI Purity Rewarded
ARM Holdings
7.73%→10.00%+2.27
ASML
8.00%→10.00%+2.00
SAP
8.00%→10.00%+2.00
Infineon
2.38%→2.94%+0.56
Nebius
0.53%→1.08%+0.55
VAT Group
0.65%→1.20%+0.55
↓ RI Underweights — Low AI % Penalized
Siemens AG
8.00%→5.61%−2.39
Safran
4.16%→1.87%−2.29
Atlas Copco
3.86%→2.60%−1.26
Dassault
3.27%→2.57%−0.70
Vestas
1.19%→0.67%−0.52
Tier 1 gets 53.1% of RI-weighted capital vs 44.2% in cap-weight — a 9 percentage point conviction shift toward the companies you can't build AI without. When EURAI-RI and EURAI-MC converge, Europe's largest companies are becoming its most AI-relevant. When they diverge, legacy size and AI purity are telling different stories.
Benchmark Universe
Every constituent benchmarkable against the index. Every index variant benchmarkable against European and US indices. Same framework as Rubin Build-Out 100.
European Indices
STOXX 600, DAX 40, Euro Stoxx 50, CAC 40, SMI, OMX 30, STOXX 600 Technology / Health / Industrials
ITA (iShares A&D), PPA (Invesco A&D), DFEN (Direxion 3X Bull)
Cross-reference with Rubin Build-Out 100: 12 Euro-AI constituents overlap with the Rubin 100 (ASML, ASM, Besi, VAT, Infineon, Nebius, UiPath, ABB, SAP, Schneider, Siemens Energy, ARM). Benchmarking Euro-AI sectors against Rubin sectors validates whether European AI infra outperforms or lags the global supply chain.
Relevance Index Heatmap
Tile size reflects market cap weighting. Color intensity reflects the Closelook Relevance Index (RI) — how directly a company benefits from the European AI build-out. Grouped by sector.
RI ≥ 0.60 (Core) RI 0.40–0.59 RI < 0.40
All 50 Constituents
Euro-AI Sovereign 50 — Full Roster
#
Tier
Ticker
Company
30D
Sector
Price
MC €B
RI Score
RI-Wt%
Cap-Wt%
Tier 3 — Legacy Transformers
€425B in European industrial giants pivoting to AI. Not in the NAV — but tracked quarterly for RI trajectory. When their AI revenue share crosses thresholds, they promote into the Core 50. The editorial companion to the investable index.
11 Legacy Transformers · Quarterly RI WatchNOT IN NAV — Editorial Companion
#
Ticker
Company
Sector
MC €B
RI Score
AI Pivot Story
Promotion rule: A Tier 3 company promotes to Tier 2 when its RI score exceeds 0.22 for two consecutive quarters AND market cap remains above €1.2B. Maximum 3 promotions per quarterly rebalance to limit turnover. The RI trajectory chart for each Tier 3 company is the leading indicator — rising RI on stable or growing revenue means the AI pivot is working.
Tier 4 — Watchlist · Small-Cap Next Heroes
Pre-eligibility radar. Sub-€1.2B market cap companies with high RI scores and structural positions in the AI supply chain. These are the names that could 3–5× into Tier 2 eligibility. The small-cap discovery engine.
Why Tier 4 Matters
Every current Tier 1 pure-play was once a small-cap unknown. SUSS MicroTec (€1B) is the smallest Tier 1 today — it was sub-€300M two years ago. VAT Group was a Swiss niche play before AI fabs made vacuum valves critical.
Tier 4 is where the next SUSS, the next VAT, the next Munters lives. These companies have the RI scores but not yet the market cap. The moment they cross €1.2B with RI ≥ 0.22, they enter the promotion pipeline.
Combined Tier 4 MC: €2.3B — smaller than a single mid-cap, but structurally positioned at bottleneck nodes.
Access
Institutional-grade methodology published with full transparency. The same analytical depth and rigor, without the access barrier.
Institutional-grade methodology published with full transparency. The same analytical depth and rigor, without the access barrier.