Closelook@AI Indices · Episode 3
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%.
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Transcript
0:00 Rubin builds the AI factory. This index runs it.
0:04 Episode 3: the Agentic Ecosystem — the operating cost of AI.
0:10 34 companies: compute renters, data and memory, runtime, monitoring, identity and security.
0:15 They get paid every time an AI agent runs, not when a chip is built.
0:20 This year the index is up 81%.
0:24 On Friday it closed at a record, almost double its February low.
0:28 Since the June chip high, govern and secure +58%, execution +44%.
0:32 The substrate layer, closest to the hardware, fell 8%. Rubin fell 15%.
0:37 Last month security led: agentic security +29%, identity and trust +27%.
0:41 The compute renters fell 7%.
0:46 Next: Agentic Winners 40 — who gets paid.
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Research diary, not investment advice. Figures as stated in the video, to the date shown.