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AI Buildout Index

130 constituents across 24 sectors tracking the Rubin → Feynman infrastructure cycle. Four index variants. Updated daily after market close.

Index levels as of · closing prices

Index values refresh after each US close.
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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.
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.
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).
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. Universe: 130 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). 130 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 at the 2026-06-30 reconstitution; four names joined at the 2026-09-30 rebalance. Data updates after US market close (~23:00 UTC). Full methodology →

Analysis Charts

Full charting with indicators, oscillators, and benchmark overlays. Murphy-framework toolset with three views.

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Sector Indices

Performance Heatmap

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
Ticker ↕ Name 30D Sector Price 1D 1M 3M Mom RBR Tags
EDA & Chip IP 3 stocks -14.06% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
CDNS Cadence Design Systems EDA $331.64 -1.45% -4.82% +2.63% — — largeus
SNPS Synopsys EDA $459.95 -1.50% -8.47% +11.55% — — largeus
ARM ARM Holdings EDA $181.49 -2.58% -28.89% -33.24% — — largeeurope
Architects (Chip Design) 5 stocks -11.97% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
NVDA NVIDIA ARCHI $168.89 -5.47% -25.38% -24.63% — — megaus
AVGO Broadcom ARCHI $331.98 +3.91% -6.41% -20.21% — — megaus
AMD AMD ARCHI $515.21 +1.30% -13.30% +6.68% — — largeus
QCOM Qualcomm ARCHI $173.53 +1.20% -0.52% +6.41% — — megaus
GUC Global Unichip ARCHI TWD 7170.00 +6.94% -14.23% +57.76% — — midasia-tw
Foundry & Integration 5 stocks -22.45% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
TSM TSMC FOUND $396.48 +2.02% -10.77% -7.61% — — megaasia-tw
ASX ASE Group FOUND $35.48 +3.26% -25.35% -9.67% — — largeasia-tw
GFS GlobalFoundries FOUND $40.62 +0.27% -15.97% -23.62% — — largeus
AMKR Amkor Technology FOUND $34.47 -1.51% -28.35% -37.99% — — midus
TSEM Tower Semiconductor FOUND $147.60 -3.08% -31.82% -43.30% — — midisrael
Lithography 4 stocks -13.06% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
ASML ASML LITHO $1507.85 -0.36% -13.85% -16.70% — — megaeurope
SMHN.DE SÜSS MicroTec LITHO EUR 47.80 +5.05% -25.31% -43.03% — — mideurope
7731.T Nikon LITHO JPY 1604.50 +3.78% -15.22% -18.80% — — midasia-jp
7751.T Canon LITHO JPY 4735.00 +0.08% +2.16% +6.19% — — largeasia-jp
Deposition, Etch & Process 9 stocks -23.13% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
8035.T Tokyo Electron DEPET JPY 9006.00 +6.05% -26.12% -23.09% — — largeasia-jp
LRCX Lam Research DEPET $222.39 +0.49% -28.16% -31.81% — — largeus
AMAT Applied Materials DEPET $372.53 +0.53% -25.12% -32.04% — — largeus
ASM.AS ASM International DEPET EUR 680.20 +1.07% -22.39% -25.07% — — largeeurope
AIXA.DE Aixtron DEPET EUR 31.75 +0.03% -10.69% -24.15% — — mideurope
VACN.SW VAT Group DEPET CHF 535.00 +0.87% -19.50% -17.94% — — mideurope
IFCN.SW INFICON DEPET CHF 156.40 +2.09% -19.21% -14.35% — — mideurope
COTN.SW Comet Group DEPET CHF 303.40 +1.61% -13.76% -20.74% — — mideurope
6525.T Kokusai Electric DEPET JPY 5576.00 +14.36% -43.18% -34.31% — — midasia-jp
Wafer Processing & Precision 2 stocks -25.82% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
6146.T DISCO Corp WAFER JPY 45320.00 +6.81% -25.88% -28.90% — — midasia-jp
6361.T Ebara WAFER JPY 3502.00 +7.99% -25.77% -41.82% — — midasia-jp
Advanced Packaging & Bonding 6 stocks -23.77% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
BESI.AS BESI PACKA EUR 150.80 +2.59% -14.12% -35.88% — — mideurope
0522.HK ASMPT PACKA HKD 96.20 +3.89% -40.36% -42.12% — — midasia-other
042700.KS Hanmi Semiconductor PACKA KRW 173400.00 +7.90% -30.22% -13.52% — — midasia-kr
KLIC Kulicke & Soffa PACKA $69.70 +1.06% -21.14% -26.75% — — midus
NDSN Nordson PACKA $325.10 +0.39% -1.62% +4.45% — — midus
LPK.DE LPKF Laser & Electronics PACKA EUR 8.98 -1.97% -35.16% -42.80% — — smalleurope
HBM Memory 3 stocks -23.92% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
000660.KS SK hynix MEMOR KRW 1212000.00 +6.69% -24.49% -18.93% — — largeasia-kr
005930.KS Samsung Electronics MEMOR KRW 198900.00 +4.74% -20.60% -13.71% — — megaasia-kr
MU Micron Technology MEMOR $725.11 -1.10% -26.69% -20.43% — — largeus
Testing & Metrology 14 stocks -27.10% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
6857.T Advantest TESTM JPY 29690.00 +4.63% -27.46% -11.95% — — largeasia-jp
TER Teradyne TESTM $245.40 -0.24% -36.07% -39.07% — — largeus
6890.T Ferrotec Holdings TESTM JPY 6832.00 +11.36% -40.07% -27.09% — — midasia-jp
KLAC KLA Corp TESTM $152.99 +1.06% -19.53% -26.54% — — largeus
FORM FormFactor TESTM $85.63 +0.50% -34.27% -33.50% — — midus
ONTO Onto Innovation TESTM $197.51 +1.79% -27.85% -41.45% — — midus
CAMT Camtek TESTM $102.19 -2.71% -30.78% -41.34% — — midisrael
6920.T Lasertec TESTM JPY 34990.00 +7.73% -24.93% -25.04% — — midasia-jp
NVMI Nova Ltd TESTM $325.70 -2.26% -4.32% -19.76% — — midisrael
TPRO.MI Technoprobe TESTM EUR 21.16 +5.05% -38.09% -31.02% — — mideurope
COHU Cohu TESTM $43.57 +0.39% -33.19% -22.39% — — midus
6965.T Hamamatsu Photonics TESTM JPY 2056.00 +6.86% -13.43% -19.37% — — midasia-jp
PDFS PDF Solutions TESTM $39.16 -3.62% -25.68% -24.36% — — midus
AEHR Aehr Test Systems TESTM $59.57 -0.40% -23.80% -53.90% — — smallus
Substrates & Interposers 6 stocks -35.11% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
5201.T AGC Inc. SUBST JPY 4866.00 +2.21% -16.18% -15.59% — — midasia-jp
GLW Corning SUBST $112.13 -3.29% -23.87% -33.03% — — largeus
INTC Intel SUBST $58.13 -2.09% -42.64% -42.42% — — largeus
4062.T Ibiden SUBST JPY 6418.00 +8.19% -45.66% -36.86% — — midasia-jp
ATS.VI AT&S SUBST EUR 112.80 +1.26% -47.53% -31.72% — — mideurope
3037.TW Unimicron SUBST TWD 828.00 +9.38% -34.80% -13.30% — — midasia-tw
Power Semiconductors 8 stocks -12.28% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
IFX.DE Infineon POWER EUR 49.05 +0.87% -14.28% -21.52% — — largeeurope
STM STMicroelectronics POWER $44.70 +0.36% -11.45% -17.50% — — largeeurope
MPWR Monolithic Power Systems POWER $1357.60 -2.19% +2.91% -4.73% — — largeus
ON onsemi POWER $69.61 +0.72% -8.41% -16.45% — — largeus
6723.T Renesas Electronics POWER JPY 2743.00 +7.17% -26.85% -28.06% — — largeasia-jp
ALGM Allegro MicroSystems POWER $30.70 -0.71% -9.14% -27.71% — — midus
TXN Texas Instruments POWER $300.52 +1.62% +6.67% +8.65% — — megaus
VICR Vicor POWER $161.68 -1.12% -37.67% -28.50% — — midus
Grid & Power Infrastructure 3 stocks -21.13% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
SU.PA Schneider Electric GRID EUR 235.35 +0.41% -11.31% -23.90% — — largeeurope
ETN Eaton GRID $354.22 -1.11% -16.98% -22.99% — — largeus
2308.TW Delta Electronics GRID TWD 1275.00 +9.91% -35.11% -22.73% — — largeasia-tw
Thermal Management 9 stocks -17.05% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
VRT Vertiv THERM $194.22 -3.12% -18.86% -32.65% — — largeus
MOD Modine Manufacturing THERM $103.07 -2.90% -40.25% -48.34% — — midus
NVT nVent Electric THERM $112.48 -1.71% -30.90% -34.28% — — midus
6367.T Daikin THERM JPY 22930.00 +2.16% +9.24% +2.99% — — largeasia-jp
CARR Carrier Global THERM $53.01 -0.60% -4.35% -15.96% — — largeus
AAON AAON THERM $75.01 +19.31% -11.51% -11.99% — — midus
3017.TW Asia Vital Components THERM TWD 2790.00 +9.84% -18.90% +0.18% — — largeasia-tw
3653.TW Jentech Precision THERM TWD 5790.00 +2.75% -19.19% +32.19% — — largeasia-tw
3324.TWO Auras Technology THERM TWD 1235.00 +7.39% -18.75% +21.67% — — midasia-tw
High-Speed Interconnects 12 stocks -30.27% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
APH Amphenol INTER $79.95 -0.94% -7.24% -5.92% — — largeus
COHR Coherent INTER $214.66 -4.68% -25.47% -39.64% — — midus
LITE Lumentum INTER $585.57 -1.78% -41.17% -37.20% — — largeus
MRVL Marvell Technology INTER $154.39 -0.14% -41.93% -28.88% — — largeus
FN Fabrinet INTER $348.52 -4.76% -23.64% -39.06% — — midus
5801.T Furukawa Electric INTER JPY 2197.00 +9.85% -47.94% -43.94% — — midasia-jp
CRDO Credo Technology INTER $129.80 -2.33% -35.37% -51.60% — — midus
ALAB Astera Labs INTER $216.18 -0.32% -33.30% -32.19% — — midus
MTSI MACOM Technology INTER $226.48 -1.53% -26.07% -27.12% — — midus
AAOI Applied Optoelectronics INTER $48.32 -7.26% -52.01% -65.01% — — midus
NOK Nokia INTER $8.25 +0.86% -16.67% -20.06% — — largeeurope
SPCX SpaceX / Starlink INTER $143.09 +0.72% -12.44% -2.09% — — megaus
Advanced Materials 8 stocks -30.64% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
4004.T Resonac MATER JPY 12000.00 +9.49% -31.17% -25.81% — — midasia-jp
4063.T Shin-Etsu Chemical MATER JPY 5658.00 +3.99% -7.56% -8.19% — — largeasia-jp
ENTG Entegris MATER $138.57 -1.06% -13.40% -13.97% — — midus
3436.T Sumco MATER JPY 1911.00 +6.61% -44.98% -49.12% — — midasia-jp
SOI.PA Soitec MATER EUR 96.80 -3.08% -37.35% -27.33% — — mideurope
6981.T Murata Manufacturing MATER JPY 5274.00 +6.91% -36.20% -32.64% — — largeasia-jp
WAF.DE Siltronic MATER EUR 53.65 +2.00% -28.66% -38.96% — — mideurope
6488.TW GlobalWafers MATER TWD 612.00 +8.70% -45.84% -29.82% — — midasia-tw
Photomasks & Mask Infrastructure 2 stocks -9.11% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
PLAB Photronics PHOTO $28.10 -2.84% -3.90% -16.09% — — midus
7911.T Toppan Holdings PHOTO JPY 2022.50 +3.80% -14.32% -13.95% — — midasia-jp
Fab Subsystems & Process Infra 4 stocks -18.62% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
MKSI MKS Instruments FABSU $213.47 +0.89% -14.58% -30.43% — — midus
AEIS Advanced Energy FABSU $221.69 +1.09% -21.04% -34.28% — — midus
6856.T Horiba FABSU JPY 19800.00 +6.39% -22.54% -28.74% — — midasia-jp
ACLS Axcelis Technologies FABSU $106.79 -0.79% -16.33% -24.87% — — midus
Gases, Chemicals & Consumables 4 stocks +0.58% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
LIN Linde GASCH $521.78 +0.28% +7.06% +8.83% — — megaus
AI.PA Air Liquide GASCH EUR 190.34 +0.46% +12.83% +12.53% — — largeeurope
Q Qnity Electronics GASCH $123.64 -1.16% +0.35% -12.98% — — largeus
2802.T Ajinomoto GASCH JPY 4345.00 -1.92% -17.91% -18.53% — — largeasia-jp
Storage 3 stocks -32.41% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
SNDK SanDisk STORA $1150.89 +29.82% -22.62% -14.39% — — largeus
285A.T Kioxia STORA JPY 9068.00 +9.23% -49.34% -49.90% — — largeasia-jp
WDC Western Digital STORA $289.20 -0.20% -25.26% -36.31% — — largeus
AI Factory Systems 5 stocks -25.50% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
DELL Dell Technologies SYSTE $334.38 -3.44% -42.02% -30.98% — — largeus
HPE Hewlett Packard Enterprise SYSTE $47.93 +0.82% -31.85% -18.47% — — largeus
0992.HK Lenovo Group SYSTE HKD 18.65 -0.85% -42.30% -35.69% — — largeasia-other
2382.TW Quanta Computer SYSTE TWD 298.50 +0.67% -8.29% +0.17% — — largeasia-tw
2317.TW Foxconn (Hon Hai) SYSTE TWD 241.50 +1.05% -3.01% -7.12% — — largeasia-tw
DC Power & Electrical 4 stocks -21.89% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
POWL Powell Industries DCPOW $138.21 -2.43% -25.45% -33.55% — — midus
GEV GE Vernova DCPOW $797.04 -3.89% -20.04% -23.35% — — largeus
PRY.MI Prysmian DCPOW EUR 106.80 -0.19% -12.78% -19.03% — — largeeurope
BE Bloom Energy DCPOW $185.42 -4.36% -29.30% -21.82% — — midus
DC Construction 4 stocks -26.99% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
EME EMCOR Group DCCON $645.39 -1.15% -17.17% -22.56% — — largeus
FIX Comfort Systems USA DCCON $1105.93 -0.66% -32.48% -36.40% — — largeus
STRL Sterling Infrastructure DCCON $289.56 -0.38% -42.23% -47.25% — — midus
PWR Quanta Services DCCON $583.14 -1.41% -16.07% -13.99% — — largeus
Robotics & Automation 3 stocks -14.79% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
ABBN.SW ABB ROBOT CHF 68.98 +0.55% -13.80% -17.13% — — largeeurope
ROK Rockwell Automation ROBOT $393.38 +1.03% -9.35% -12.85% — — largeus
6506.T Yaskawa Electric ROBOT JPY 3773.00 +5.42% -21.22% -29.90% — — midasia-jp
Machine Vision, Sensing & Edge 4 stocks -13.47% avg 1M
TickerName30DSectorPrice1D1M3MMomRBRTags
6861.T Keyence VISIO JPY 75200.00 +5.06% -6.00% -13.94% — — largeasia-jp
CGNX Cognex VISIO $50.80 +0.91% -17.83% -17.77% — — midus
AMS.SW ams-OSRAM VISIO CHF 15.76 +0.19% -20.60% -19.51% — — smalleurope
LSCC Lattice Semiconductor VISIO $111.25 -2.32% -9.44% -13.94% — — 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.

Updated 2026-05-10

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.

FAQ · from the current data · as of 2026-11-10

Quick answers

What is the Rubin Build-Out 100 index?

A Closelooknet functional equity index tracking the physical infrastructure buildout powering NVIDIA's Rubin and Feynman platforms — 130 constituents across 8 layers and 24 sectors spanning EDA, foundry, lithography, packaging, memory, power, thermal, interconnects, and data-centre construction.

How many constituents and sectors does Rubin 100 track?

130 constituents across 24 sectors, expanded from 102 at the 2026-06-30 reconstitution and grown at the quarterly rebalances since. Base date December 30, 2025 = 1,000, with prices converted to USD daily across JPY, EUR, KRW, CHF, TWD and HKD.

What are the four Rubin 100 weighting variants?

Equal Weight (EW, 1/N, quarterly rebalance), Cap Weight (CW, market-cap weighted with a 10% single-stock cap; sector sub-indices below ten names are equal weight, because the cap cannot be met), Momentum (MW, drift since inception with no scheduled rebalance) and Active Momentum (AM, a monthly 21-day-Sharpe selection overlay holding the top 60% of names equal-weight).

What is the Rubin Build-Out 100 index level right now?

As of 2026-11-10, CL-RUBIN-EW (Equal Weight) closed at 1592.13 (+1.44% 1D, YTD +54.89%); CL-RUBIN-CW (Cap Weight) closed at 1468.59; CL-RUBIN-MW (Momentum) closed at 1610.63; CL-RUBIN-AM (Active Momentum) closed at 1566.56.