AI Fade — Health and IT Services Lead

The AI trade has been fading since 22 June. On that day the Rubin 100, our index of the companies that build AI hardware, closed at its high of 2,478.59; on Wednesday it closed at 1,638.05, 33.9% lower, and this morning Asia sold its chip makers again. If the fade runs longer, the question is where money goes instead. Our two indices outside AI hardware — HALO Growth 100 and AI Users — have already answered part of it: health care, IT services, exchanges and everyday consumer names have risen through the fade. Power, space and the fastest growers have fallen with Rubin.

Rubin's 40 worst days — who rose anyway

The period since June is one stretch. A harder test is the single day. This year the Rubin 100 fell 2% or more on 40 sessions, on average by 4.06%. On those days IT services rose 31 times and food companies 29 times. Nuclear rose on 5 of them and space on 4.

Table as text

Sector group	Index	Avg. on Rubin's 40 worst days	Days it rose (of 40)	Avg. on Rubin's 57 best days
Implementation & Service Delivery	AI Users	+1.41%	31	−0.67%
Better Food, Clean Label & Functional	HALO	+0.78%	29	+0.29%
Payments & Financial Infrastructure	HALO	+0.42%	26	−0.28%
Surgical, Med Devices & Animal Health	HALO	+0.44%	23	+0.12%
Supply Chain & Fulfilment	AI Users	+0.39%	23	+0.13%
Research, Design & Development	AI Users	+0.38%	22	+0.30%
Commerce & Customer Growth	AI Users	+0.37%	21	+0.14%
Longevity & Healthspan	HALO	−0.02%	19	+0.37%
HALO Growth 100 (all)	HALO	−0.69%	9	+0.82%
Energy Transition & Clean Power	HALO	−2.60%	6	+2.31%
Nuclear & Uranium	HALO	−2.74%	5	+2.06%
Space & Satellite	HALO	−2.66%	4	+2.18%

Worst days: the 40 sessions from 30 December 2025 to 4 November 2026 when the Rubin 100 (equal-weight) fell 2% or more, average −4.06%. Best days: the 57 sessions with a gain of 2% or more, average +3.27%. Source: Closelook index workers, equal-weight sector groups.