https://closelook.net/videos/2026-10-10-charts-divergence-now/ 2026-10-10 https://closelook.net/videos/2026-10-10/charts-divergence-now.jpg Records Without the Chips — the Divergence Now The S&P 500 and the Nasdaq 100 set records on 6 October and cloud funds hit new highs — but the chip funds are 10–19% below their June highs. Meanwhile staples, discretionary and financials bounced from their late-September lows. Next week’s earnings may give the clue. https://closelook.net/videos/2026-10-10/charts-divergence-now.mp4 56 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-10-charts-divergences-2026/ 2026-10-10 https://closelook.net/videos/2026-10-10/charts-divergences-2026.jpg Three Times the Charts Warned First in 2026 A divergence is when two charts that usually move together stop agreeing. In March Rubin held while the Nasdaq 100 made a new low — Rubin then gained 86% in the second quarter. In June the equal-weight chip fund failed to confirm the high. In spring software held its February low and cloud funds rose about 70%. https://closelook.net/videos/2026-10-10/charts-divergences-2026.mp4 60 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-10-ai-indices-ep5-halo/ 2026-10-10 https://closelook.net/videos/2026-10-10/ai-indices-ep5-halo.jpg HALO — Growth AI Can’t Touch The other end of the barbell: 100 growth companies in 12 themes, from defense and longevity to the grid and space, whose growth does not depend on the AI race. Down 2% this year — but since the June chip high Rubin fell 15% and HALO only 5%. https://closelook.net/videos/2026-10-10/ai-indices-ep5-halo.mp4 56 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-10-ai-indices-ep4-agentic-winners/ 2026-10-10 https://closelook.net/videos/2026-10-10/ai-indices-ep4-agentic-winners.jpg Agentic Winners 40 — Who Gets Paid Forty companies in four tiers that have to show they gain from AI agents. Down 4% this year but up 36% since the 25 June low — since the June chip high the application leaders are up 50% and the control plane 41%. https://closelook.net/videos/2026-10-10/ai-indices-ep4-agentic-winners.mp4 56 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-10-ai-indices-ep3-agentic-ecosystem/ 2026-10-10 https://closelook.net/videos/2026-10-10/ai-indices-ep3-agentic-ecosystem.jpg Agentic Ecosystem — The Rails That Run AI Rubin builds the AI factory; these 34 companies run it and get paid every time an AI agent runs. Up 81% this year with a record close on 9 October — since the June chip high the govern-and-secure layer is up 58% while Rubin fell 15%. https://closelook.net/videos/2026-10-10/ai-indices-ep3-agentic-ecosystem.mp4 56 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-10-ai-indices-ep2-rubin/ 2026-10-10 https://closelook.net/videos/2026-10-10/ai-indices-ep2-rubin.jpg Rubin — Inside the AI Factory Build-Out Rubin holds 130 companies in eight layers, from chip design software to robots, all equally weighted. It is up 104% this year but about 15% below its 22 June high — and in the last month the leadership moved from storage and memory to chip design software and interconnects. https://closelook.net/videos/2026-10-10/ai-indices-ep2-rubin.mp4 56 2026-10-10T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-09-ai-barbell-ep1/ 2026-10-09 https://closelook.net/videos/2026-10-09/ai-barbell-ep1.jpg The Barbell — Four Sides of the AI Trade Four indices, one picture of the AI trade: Rubin tracks what builds it, the Agentic Ecosystem what operates it, Agentic Winners 40 who captures the value, and HALO what AI can’t touch. The builders ran furthest this year — since the June chip high the order has flipped. https://closelook.net/videos/2026-10-09/ai-barbell-ep1.mp4 57 2026-10-09T12:00:00+00:00 yes no Thomas Look no https://closelook.net/videos/2026-10-09-ai-trade-capex-sold-apps-bought/ 2026-10-09 https://closelook.net/videos/2026-10-09/ai-trade-capex-sold-apps-bought.jpg Capex Sold, Apps Bought OpenAI’s revenue came in at $50 billion, not the $70 billion that had circulated. Chips fell and the software that uses AI rose — since the 22 June chip high, build is down, operate and use are up. https://closelook.net/videos/2026-10-09/ai-trade-capex-sold-apps-bought.mp4 52 2026-10-09T12:00:00+00:00 yes no Thomas Look no