Video
Short videos from the research diary — subtitles instead of a voice, so they work on a phone with the sound off. Each one ends where the data lives on the site.
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.
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.
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.
Research diary, not investment advice. More reading: Daily Pulse · our indices · the newsletters.