EAP · Pulse 4 of 8 · Agentic Demand Family v3 · weekly composite
Enterprise Application Pulse
Who turns tokens into business value? The Pulse that measures the application layer of agentic AI — Salesforce Agentforce, ServiceNow Now Assist, Adobe Firefly, Palantir AIP, plus vertical splits for RPA (UiPath), Marketing/Customer (Twilio), Content/Commerce (Shopify) and Healthcare-AI (Tempus). Five sub-baskets, weekly composite, multi-basket equity-gap. The ultimate winners of the agentic token-to-revenue chain.
8 points · since 2026-05-27
Multi-Basket Equity Gaps
Each sub-basket is a separate value-capture-layer with its own 21-day basket-momentum reading. The cross-read is what matters: when one vertical accelerates while others stall, that's the alpha signal. Full equity-gap formula (composite-momentum vs basket-momentum) activates once ~3 months of EAP composite history accumulates.
| Sub-Basket | Vertical | Weight | 21d Basket Return | Module Score | Tickers |
|---|---|---|---|---|---|
| Pure-Play Core | Cross-sector App-Developers | 45% | -14.14% | 0.0 | PLTR · CRM · NOW · SAP · ADBE · WDAY · INTU · VEEV · HUBS · TEAM |
| RPA / Agentic Workflow | Automation platforms | 15% | -9.52% | 2.4 | PATH · PEGA |
| Marketing / Customer | Marketing & customer-facing agents | 10% | -8.02% | 9.9 | TWLO · BRZE |
| Content / Commerce | Content + commerce agents | 15% | +1.44% | 57.2 | SHOP · GTLB |
| Healthcare-AI | Bio + medical-imaging agents | 15% | +13.36% | 100.0 | TEM · RXRX |
Real-Spend Adoption — Ramp AI Index
The only module in the family built on actual spend rather than market pricing or management narrative: the share of 70,000+ US businesses with a paid AI transaction in a given month, from Ramp's card and bill-pay data. When this series accelerates while the equity baskets stall — or the reverse — the divergence is the read. Paid transactions only, so it understates free-tier usage; US sample only.
Vendor split (May 2026): Anthropic 41.0% (+2.5pp) · OpenAI 39.5% (-0.1pp) · Google 6.1% (-0.0pp) · xAI 3.1% (+0.1pp) · DeepSeek 0.3% (+0.1pp)
Substance Modules
Four sub-modules feed the 30% substance sleeve of the composite. Maturity-Score and Legacy-vs-Agent run on the Earnings-NLP pipeline (transcripts + structured extraction); Ramp-Adoption runs on the real-spend series above; Customer-Loss-Signal stays a neutral-50 placeholder until its polarity is defined (seat erosion can read as disruption-risk or as agents-displacing-incumbents).
- M1 · Maturity-Score-Distribution — quartile-tags T1 Demo / T2 Early Production / T3 Mass Production across basket. Status: live · 78.0
- M2 · Legacy-vs-Agent ARR Decomposition — net-agentic-growth minus legacy-decay per stock (where disclosed). Status: live · 78.0
- M3 · Customer-Loss-Signal Tracker — Klarna-pattern: customers replacing SaaS with in-house agents. Status: stub (50)
- M4 · Ramp-Adoption — 3-month momentum of the real-spend adoption rate (Ramp AI Index). Status: live · 83.9
Methodology
EAP is Pulse 4 of 8 in the Agentic Demand Family v3 (8-Pulse Multi-Basket Value-Capture-Layer Architecture, locked 2026-05-27). It is the most diversified Pulse because agentic AI permeates every application vertical. Five sub-baskets organized by vertical theme: Pure-Play Core (45% weight) anchors on broad SaaS-Agent builders; RPA/Workflow (15%) captures pure-play automation platforms; Marketing/Customer (10%) tracks customer-facing agents; Content/Commerce (15%) captures content + commerce agents; Healthcare-AI (15%) captures vertical bio + medical-imaging agents.
Weekly composite Monday 06:30 UTC. Stock-price layer pulls daily from the Closelook Data Lake at api.closelook.net/api/prices/<TICKER>. The substance sleeve (30% of the composite) averages four modules: Maturity-Score and Legacy-vs-Agent via the Earnings-NLP pipeline, Ramp-Adoption via the real-spend series scraped weekly from the Ramp AI Index (last-known values persist if a scrape fails), and Customer-Loss-Signal as a neutral placeholder. Full equity-gap (composite-momentum vs basket-momentum) activates once ~3 months of composite history accumulates.
Six tickers (HUBS, TEAM, PEGA, BRZE, GTLB, RXRX) are pending Lake-Universe expansion — they will be added to their respective sub-baskets once the Lake ingests their daily prices. Until then, the affected sub-baskets compute on the available subset.
Pulse reading is a diary entry on our process, not investment advice.