AI Buildout Index
125 constituents across 24 sectors tracking the Rubin → Feynman infrastructure cycle. Four index variants. Updated daily after market close.
Equal Weight
CL-RUBIN-EW
1962.86+0.81%1D
—
Cap Weight
CL-RUBIN-CW
1709.20+0.51%1D
—
Momentum
CL-RUBIN-MW
1978.82+0.81%1D
—
Active Momentum
CL-RUBIN-AM
1965.42+0.14%1D
—
How the Rubin Build-Out 100 Index Works
Equal Weight (EW)
Each constituent contributes equally (1/N). Rebalanced on the last trading day of each calendar quarter (Mar 31 / Jun 30 / Sep 30 / Dec 31) back to 1/N. Best gauge of average stock performance across the semiconductor supply chain.
Each constituent contributes equally (1/N). Rebalanced on the last trading day of each calendar quarter (Mar 31 / Jun 30 / Sep 30 / Dec 31) back to 1/N. Best gauge of average stock performance across the semiconductor supply chain.
Cap Weight (CW)
Weighted by last-known market capitalization (Option B+: price-scaled for backtest deterministically), 10% single-stock cap iterative, same quarterly cadence as EW. Reflects the economic reality where NVIDIA, TSMC, and Broadcom dominate.
Weighted by last-known market capitalization (Option B+: price-scaled for backtest deterministically), 10% single-stock cap iterative, same quarterly cadence as EW. Reflects the economic reality where NVIDIA, TSMC, and Broadcom dominate.
Momentum (MW)
Drift since inception: 1/N at base date with no scheduled rebalance — winners compound a heavier weight, laggards shrink. The market does the tilting through price action. First manual semi-annual rebalance scheduled 2026-06-30. The original 21d-Sharpe-monthly methodology is retired (active momentum tilt now lives in Rubin Sector Rotation).
Drift since inception: 1/N at base date with no scheduled rebalance — winners compound a heavier weight, laggards shrink. The market does the tilting through price action. First manual semi-annual rebalance scheduled 2026-06-30. The original 21d-Sharpe-monthly methodology is retired (active momentum tilt now lives in Rubin Sector Rotation).
Active Momentum (AM)
Selection overlay: on the first trading day of each month, constituents are ranked by 21-day Sharpe (lagged, no look-ahead); the top 60% are held equal-weight and the laggard 40% are dropped. Currently 75 of 125 names. Rules-based backcast from inception on the as-run universe (61 of 102 before the June 30 reconstitution).
Selection overlay: on the first trading day of each month, constituents are ranked by 21-day Sharpe (lagged, no look-ahead); the top 60% are held equal-weight and the laggard 40% are dropped. Currently 75 of 125 names. Rules-based backcast from inception on the as-run universe (61 of 102 before the June 30 reconstitution).
Inception: December 30, 2025 = 1,000. All prices converted to USD daily (JPY, EUR, KRW, CHF, TWD, HKD). 125 stocks across 24 sectors spanning the full AI build-out — from EDA design through memory, power, data-centre construction, and physical AI. Expanded from 102 in the 2026-06-30 reconstitution. Data updates after US market close (~23:00 UTC). Full methodology →
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Rotation Radar Directional Flow · daily
Flow changes inside Rubin 100 — from our daily Directional Flow scan. What is heating up, what is cooling down? Dimensions: sector · region · market-cap · thesis-role.
Directional-Flow scan refreshes after each US close.
Constituents
EDA & Chip IP
3 stocks
-5.56% avg 1M
Architects (Chip Design)
5 stocks
+2.67% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA | ARCHI | $218.29 | -0.03% | -2.59% | +6.55% | — | — | megaus | |
| AVGO | Broadcom | ARCHI | $361.99 | +0.32% | -12.99% | -6.12% | — | — | megaus | |
| AMD | AMD | ARCHI | $516.13 | +2.49% | +6.87% | +5.67% | — | — | largeus | |
| QCOM | Qualcomm | ARCHI | $181.97 | +2.88% | +11.59% | -10.34% | — | — | megaus | |
| GUC | Global Unichip | ARCHI | TWD 6120.00 | -1.69% | +10.47% | +27.10% | — | — | midasia-tw |
Foundry & Integration
5 stocks
-7.19% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| TSM | TSMC | FOUND | $433.24 | +1.22% | +0.95% | +2.89% | — | — | megaasia-tw | |
| ASX | ASE Group | FOUND | $39.47 | -0.98% | +0.48% | +7.26% | — | — | largeasia-tw | |
| GFS | GlobalFoundries | FOUND | $46.95 | +2.15% | -11.71% | -41.85% | — | — | largeus | |
| AMKR | Amkor Technology | FOUND | $51.73 | +4.44% | -6.94% | -32.07% | — | — | midus | |
| TSEM | Tower Semiconductor | FOUND | $211.52 | +1.66% | -18.74% | -18.12% | — | — | midisrael |
Lithography
4 stocks
-10.41% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| ASML | ASML | LITHO | $1698.30 | +0.64% | -6.17% | -10.59% | — | — | megaeurope | |
| SMHN.DE | SÜSS MicroTec | LITHO | EUR 71.40 | -1.18% | -14.90% | -26.92% | — | — | mideurope | |
| 7731.T | Nikon | LITHO | JPY 1702.50 | -1.10% | -16.30% | -15.78% | — | — | midasia-jp | |
| 7751.T | Canon | LITHO | JPY 4380.00 | +0.97% | -4.26% | +2.50% | — | — | largeasia-jp |
Deposition, Etch & Process
9 stocks
-10.17% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| 8035.T | Tokyo Electron | DEPET | JPY 51460.00 | -2.56% | -13.47% | -24.32% | — | — | largeasia-jp | |
| LRCX | Lam Research | DEPET | $298.22 | +0.07% | -8.55% | -17.74% | — | — | largeus | |
| AMAT | Applied Materials | DEPET | $456.49 | +0.55% | -16.72% | -17.40% | — | — | largeus | |
| ASM.AS | ASM International | DEPET | EUR 830.20 | +1.17% | -8.55% | -15.95% | — | — | largeeurope | |
| AIXA.DE | Aixtron | DEPET | EUR 37.54 | +1.87% | -10.32% | -33.23% | — | — | mideurope | |
| VACN.SW | VAT Group | DEPET | CHF 614.40 | +0.62% | -5.77% | -7.66% | — | — | mideurope | |
| IFCN.SW | INFICON | DEPET | CHF 167.40 | +0.84% | -8.32% | -0.59% | — | — | mideurope | |
| COTN.SW | Comet Group | DEPET | CHF 343.20 | +0.82% | -10.34% | -11.86% | — | — | mideurope | |
| 6525.T | Kokusai Electric | DEPET | JPY 8162.00 | -7.47% | -9.46% | -8.03% | — | — | midasia-jp |
Wafer Processing & Precision
2 stocks
-24.56% avg 1M
Advanced Packaging & Bonding
6 stocks
-7.93% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| BESI.AS | BESI | PACKA | EUR 189.25 | +2.80% | -19.54% | -36.68% | — | — | mideurope | |
| 0522.HK | ASMPT | PACKA | HKD 161.80 | -1.94% | -7.96% | -11.54% | — | — | midasia-other | |
| 042700.KS | Hanmi Semiconductor | PACKA | KRW 231000.00 | -8.70% | +6.21% | -36.01% | — | — | midasia-kr | |
| KLIC | Kulicke & Soffa | PACKA | $86.13 | +3.81% | -9.48% | -22.97% | — | — | midus | |
| NDSN | Nordson | PACKA | $314.47 | +2.28% | +1.03% | +10.10% | — | — | midus | |
| LPK.DE | LPKF Laser & Electronics | PACKA | EUR 12.90 | +0.00% | -17.83% | -41.63% | — | — | smalleurope |
HBM Memory
3 stocks
+9.69% avg 1M
Testing & Metrology
14 stocks
-11.12% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| 6857.T | Advantest | TESTM | JPY 31720.00 | -6.49% | -11.74% | +16.08% | — | — | largeasia-jp | |
| TER | Teradyne | TESTM | $379.72 | +2.57% | -5.72% | -0.44% | — | — | largeus | |
| 6890.T | Ferrotec Holdings | TESTM | JPY 8620.00 | -6.30% | -6.61% | -5.27% | — | — | midasia-jp | |
| KLAC | KLA Corp | TESTM | $180.64 | +1.95% | -13.26% | -25.10% | — | — | largeus | |
| FORM | FormFactor | TESTM | $114.95 | +2.52% | -10.73% | -11.74% | — | — | midus | |
| ONTO | Onto Innovation | TESTM | $281.26 | +4.59% | -16.63% | -7.34% | — | — | midus | |
| CAMT | Camtek | TESTM | $147.97 | +2.58% | -15.06% | -19.65% | — | — | midisrael | |
| 6920.T | Lasertec | TESTM | JPY 34570.00 | -4.82% | -14.62% | -21.43% | — | — | midasia-jp | |
| NVMI | Nova Ltd | TESTM | $371.81 | +1.58% | -8.40% | -33.56% | — | — | midisrael | |
| TPRO.MI | Technoprobe | TESTM | EUR 28.75 | +1.16% | -6.28% | -19.06% | — | — | mideurope | |
| COHU | Cohu | TESTM | $57.08 | +4.29% | +1.67% | -2.54% | — | — | midus | |
| 6965.T | Hamamatsu Photonics | TESTM | JPY 2193.00 | -1.79% | -13.92% | -12.12% | — | — | midasia-jp | |
| PDFS | PDF Solutions | TESTM | $47.77 | +1.29% | -7.73% | -25.18% | — | — | midus | |
| AEHR | Aehr Test Systems | TESTM | $94.69 | +0.94% | -26.73% | -8.09% | — | — | smallus |
Substrates & Interposers
6 stocks
-3.05% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| 5201.T | AGC Inc. | SUBST | JPY 5537.00 | +0.09% | -7.22% | -21.16% | — | — | midasia-jp | |
| GLW | Corning | SUBST | $166.40 | +2.01% | -0.62% | -5.75% | — | — | largeus | |
| INTC | Intel | SUBST | $102.94 | +2.61% | +1.97% | -11.99% | — | — | largeus | |
| 4062.T | Ibiden | SUBST | JPY 19560.00 | -5.42% | -9.28% | +2.38% | — | — | midasia-jp | |
| ATS.VI | AT&S | SUBST | EUR 166.40 | -2.46% | -0.83% | -15.10% | — | — | mideurope | |
| 3037.TW | Unimicron | SUBST | TWD 977.00 | -1.71% | -2.30% | +1.77% | — | — | midasia-tw |
Power Semiconductors
7 stocks
-9.36% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| IFX.DE | Infineon | POWER | EUR 58.56 | +4.95% | -6.30% | -26.14% | — | — | largeeurope | |
| STM | STMicroelectronics | POWER | $51.51 | +1.52% | -4.93% | -34.06% | — | — | largeeurope | |
| MPWR | Monolithic Power Systems | POWER | $1234.46 | +4.08% | -13.37% | -22.34% | — | — | largeus | |
| ON | onsemi | POWER | $76.14 | +8.51% | -8.62% | -34.34% | — | — | largeus | |
| 6723.T | Renesas Electronics | POWER | JPY 3192.00 | -3.86% | -14.97% | -26.70% | — | — | largeasia-jp | |
| ALGM | Allegro MicroSystems | POWER | $36.31 | +2.95% | -14.50% | -24.29% | — | — | midus | |
| TXN | Texas Instruments | POWER | $268.70 | +3.82% | -2.85% | -9.56% | — | — | megaus |
Grid & Power Infrastructure
3 stocks
-9.15% avg 1M
Thermal Management
6 stocks
-6.52% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| VRT | Vertiv | THERM | $257.06 | +3.60% | -10.85% | -13.70% | — | — | largeus | |
| MOD | Modine Manufacturing | THERM | $189.30 | +5.60% | -5.13% | -30.28% | — | — | midus | |
| NVT | nVent Electric | THERM | $162.38 | +4.65% | -5.13% | -1.30% | — | — | midus | |
| 6367.T | Daikin | THERM | JPY 20780.00 | -0.34% | -2.74% | -9.77% | — | — | largeasia-jp | |
| CARR | Carrier Global | THERM | $57.46 | +1.45% | -8.91% | -17.61% | — | — | largeus | |
| AAON | AAON | THERM | $79.80 | +4.28% | -6.38% | -37.97% | — | — | midus |
High-Speed Interconnects
12 stocks
-9.14% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| APH | Amphenol | INTER | $83.92 | +4.57% | -1.25% | +10.25% | — | — | largeus | |
| COHR | Coherent | INTER | $305.37 | +4.16% | -14.14% | -16.01% | — | — | midus | |
| LITE | Lumentum | INTER | $927.03 | -0.93% | -0.58% | +4.21% | — | — | largeus | |
| MRVL | Marvell Technology | INTER | $236.10 | +4.03% | +8.76% | -15.89% | — | — | largeus | |
| FN | Fabrinet | INTER | $414.58 | +2.63% | -27.51% | -28.80% | — | — | midus | |
| 5801.T | Furukawa Electric | INTER | JPY 3981.00 | -1.07% | -3.16% | -5.42% | — | — | midasia-jp | |
| CRDO | Credo Technology | INTER | $162.95 | +1.65% | -39.23% | -38.45% | — | — | midus | |
| ALAB | Astera Labs | INTER | $291.22 | +2.35% | -8.65% | -20.75% | — | — | midus | |
| MTSI | MACOM Technology | INTER | $274.90 | +0.91% | -11.54% | -26.65% | — | — | midus | |
| AAOI | Applied Optoelectronics | INTER | $105.36 | +2.00% | -23.70% | -39.02% | — | — | midus | |
| NOK | Nokia | INTER | $11.13 | +4.80% | +7.85% | -21.01% | — | — | largeeurope | |
| SPCX | SpaceX / Starlink | INTER | $151.21 | +2.04% | +3.46% | -21.45% | — | — | megaus |
Advanced Materials
8 stocks
-11.82% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| 4004.T | Resonac | MATER | JPY 14295.00 | -10.68% | -15.91% | -15.66% | — | — | midasia-jp | |
| 4063.T | Shin-Etsu Chemical | MATER | JPY 5738.00 | -0.42% | -10.03% | -20.17% | — | — | largeasia-jp | |
| ENTG | Entegris | MATER | $140.37 | +2.16% | -12.86% | -3.14% | — | — | midus | |
| 3436.T | Sumco | MATER | JPY 2959.00 | -3.24% | -23.06% | -19.00% | — | — | midasia-jp | |
| SOI.PA | Soitec | MATER | EUR 141.15 | +3.37% | +5.97% | +9.72% | — | — | mideurope | |
| 6981.T | Murata Manufacturing | MATER | JPY 7352.00 | -2.30% | -11.54% | -14.07% | — | — | largeasia-jp | |
| WAF.DE | Siltronic | MATER | EUR 74.60 | +1.63% | -15.13% | -20.64% | — | — | mideurope | |
| 6488.TW | GlobalWafers | MATER | TWD 902.00 | -1.64% | -12.00% | -5.05% | — | — | midasia-tw |
Photomasks & Mask Infrastructure
2 stocks
-13.35% avg 1M
Fab Subsystems & Process Infra
4 stocks
-15.41% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| MKSI | MKS Instruments | FABSU | $267.31 | +2.09% | -12.88% | -22.59% | — | — | midus | |
| AEIS | Advanced Energy | FABSU | $287.25 | +4.94% | -14.84% | -15.61% | — | — | midus | |
| 6856.T | Horiba | FABSU | JPY 21490.00 | -2.76% | -13.73% | -15.54% | — | — | midasia-jp | |
| ACLS | Axcelis Technologies | FABSU | $113.43 | +0.11% | -20.20% | -34.65% | — | — | midus |
Gases, Chemicals & Consumables
4 stocks
-6.77% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| LIN | Linde | GASCH | $466.22 | +1.00% | -2.76% | -9.55% | — | — | megaus | |
| AI.PA | Air Liquide | GASCH | EUR 166.52 | -0.16% | -1.55% | -0.51% | — | — | largeeurope | |
| Q | Qnity Electronics | GASCH | $126.40 | +2.50% | -11.04% | -15.24% | — | — | largeus | |
| 2802.T | Ajinomoto | GASCH | JPY 4974.00 | -1.21% | -11.75% | -3.57% | — | — | largeasia-jp |
Storage
3 stocks
+8.09% avg 1M
AI Factory Systems
5 stocks
+2.12% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| DELL | Dell Technologies | SYSTE | $567.29 | +11.98% | +17.09% | +44.92% | — | — | largeus | |
| HPE | Hewlett Packard Enterprise | SYSTE | $62.09 | +12.44% | +5.61% | +33.06% | — | — | largeus | |
| 0992.HK | Lenovo Group | SYSTE | HKD 31.30 | -2.98% | -10.32% | +40.11% | — | — | largeasia-other | |
| 2382.TW | Quanta Computer | SYSTE | TWD 336.50 | +0.15% | +3.54% | -9.05% | — | — | largeasia-tw | |
| 2317.TW | Foxconn (Hon Hai) | SYSTE | TWD 248.00 | -1.20% | -5.34% | -7.29% | — | — | largeasia-tw |
DC Power & Electrical
4 stocks
-2.47% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| POWL | Powell Industries | DCPOW | $182.50 | +3.17% | -12.25% | -37.18% | — | — | midus | |
| GEV | GE Vernova | DCPOW | $957.27 | +3.61% | -7.95% | +5.62% | — | — | largeus | |
| PRY.MI | Prysmian | DCPOW | EUR 123.60 | -2.64% | -5.94% | -15.08% | — | — | largeeurope | |
| BE | Bloom Energy | DCPOW | $275.75 | +6.68% | +16.27% | +10.80% | — | — | midus |
DC Construction
4 stocks
-5.01% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| EME | EMCOR Group | DCCON | $780.66 | +4.32% | -6.33% | -3.80% | — | — | largeus | |
| FIX | Comfort Systems USA | DCCON | $1690.82 | +6.29% | -2.76% | -8.28% | — | — | largeus | |
| STRL | Sterling Infrastructure | DCCON | $511.04 | +5.40% | -6.91% | -39.06% | — | — | midus | |
| PWR | Quanta Services | DCCON | $650.58 | +5.15% | -4.05% | -4.79% | — | — | largeus |
Robotics & Automation
3 stocks
-10.70% avg 1M
Machine Vision, Sensing & Edge
4 stocks
-5.85% avg 1M
| Ticker | Name | 30D | Sector | Price | 1D | 1M | 3M | Mom | RBR | Tags |
|---|---|---|---|---|---|---|---|---|---|---|
| 6861.T | Keyence | VISIO | JPY 76000.00 | -0.65% | -12.27% | +4.65% | — | — | largeasia-jp | |
| CGNX | Cognex | VISIO | $63.65 | +3.19% | +3.03% | +2.49% | — | — | midus | |
| AMS.SW | ams-OSRAM | VISIO | CHF 18.25 | +0.72% | -6.79% | -2.82% | — | — | smalleurope | |
| LSCC | Lattice Semiconductor | VISIO | $119.76 | +4.92% | -7.36% | -16.17% | — | — | midus |
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Build-Out Series · Dossier 01
Rubin: The Next AI Gold Rush
A 6-minute video, an 8-minute audio deep-dive, 11 slides, and 15 flashcards. Power, packaging, networking — the picks-and-shovels of the 2026 AI build-out, mapped end-to-end.
Quick check
Test your understanding
15 flashcards · click to reveal each answer
01 In the context of AI infrastructure, which two processes define the focus of the "Power" sector?
Delivery and conversion.
02 What specific trend characterizes the current state of the "Cooling" sector in data center hardware?
The liquid adoption curve.
03 The primary objective driving the "Networking/optics" sector is _____.
Cluster scaling.
04 What are the two critical performance and production metrics for the "Advanced packaging" area?
Capacity and yield.
05 Concept: Complexity tax
Definition: The increasing cost and difficulty associated with the "Test & inspection" phase of hardware production.
06 Within the macro-investment landscape of AI, "Grid hardware" is described as representing the _____.
Macro capex layer.
07 Which two companies are specifically identified as key players in the connectivity and networking space?
Astera Labs and Credo.
08 In what year is the "Rubin" technology scheduled to begin shipping?
2026.
09 Excluding Nvidia, which specific group is identified as the primary "winners" of the Rubin product cycle?
Tech companies (non-users).
10 Which sector's primary challenge is defined by the relationship between capacity and yield?
Advanced packaging.
11 Astera Labs and Credo fall under the broader infrastructure category of _____.
Other connectivity plays.
12 The "liquid adoption curve" is a metric used to evaluate progress in which specific infrastructure area?
Cooling.
13 Within the "Networking/optics" area, cluster scaling is the primary driver for _____.
Connectivity plays.
14 What term is used to describe the financial and technical burden on the "Test & inspection" sector?
Complexity tax.
15 Power infrastructure in data centers is divided into delivery and _____.
Conversion.