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NVDA$215.6+2.18%TSM$426.2+1.83%SK hynix₩1,275,000−0.16%Samsung Electronics₩213,000−1.16%MU$906.1+3.26%ASML$1,603.0+1.98%AVGO$330.2+2.65%LITE$823.6+8.92%COHR$221.3+5.74%ANET$177.7+3.08%GEV$856.1+5.04%ETN$374.9+2.39%VRT$200.6+3.24%CEG$254.7+0.49%VST$143.1+2.11%PWR$568.8+4.09%HD Hyundai Electric₩447,000−4.89%MP$38.02−0.72%FCX$65.05−0.20%CCJ$79.31+0.90%MSFT$530.4+1.12%META$642.2−0.07%CRWD$260.3+1.04%SMH$541.9+2.78%SPY$765.6+0.74%
Home/Singularity Index
Public index · rebalanced monthly · live since Friday 23 October 2026

The Singularity Index

The 25 owners of the tightest bottlenecks in the AI build-out, held only while their stocks are in an uptrend. Equal-weighted, rebalanced on the first trading day of every month, with each change explained.

Index level3,434.0Base 1,000 at 2024-08-13
Live since launch0.00%vs SMH 0.00% · SPY 0.00%
Year to date+39.5%SMH +46.4% · SPY +12.3%
1 year+46.2%SMH +49.9% · SPY +13.8%
Holdings238% cash · next rebalance 1st trading day of next month

Performance vs benchmarks (rebased to 100)

Read this before the chart. The dashed line before 2026-10-23 is a simulation. It applies today's rules, today's tightness scores and today's stock list to past prices, so it benefits from hindsight and will look better than a real track record. The bright line from the "L" marker onward is live, and every live rebalance is saved permanently and cannot be changed. Returns are price-only in each stock's local currency, with no dividends, fees or FX.

Launch portfolio · 2026-10-23

34 stocks qualified

Holdings (23)

  • MU AI Memory (HBM & DRAM) tightness 88, 6-month momentum +109%, +18% above its 200-day average (rank 1).
  • UMC Leading-Edge Chipmaking (Foundry) tightness 84, 6-month momentum +88%, +12% above its 200-day average (rank 2).
  • ALAB AI Chips (GPUs & Custom ASICs) tightness 72, 6-month momentum +85%, +1% above its 200-day average (rank 3).
  • AMD AI Chips (GPUs & Custom ASICs) tightness 72, 6-month momentum +78%, +27% above its 200-day average (rank 4).
  • ASX Chip Packaging (CoWoS) tightness 80, 6-month momentum +40%, +17% above its 200-day average (rank 5).
  • META Hyperscalers & AI Cloud (the buyers) tightness 80, 6-month momentum +27%, +2% above its 200-day average (rank 6).
  • Auras Technology Liquid Cooling tightness 74, 6-month momentum +52%, +24% above its 200-day average (rank 7).
  • OKTA AI Cybersecurity tightness 62, 6-month momentum +181%, +75% above its 200-day average (rank 8).
  • MRVL AI Chips (GPUs & Custom ASICs) tightness 72, 6-month momentum +57%, +25% above its 200-day average (rank 9).
  • FCX Copper tightness 74, 6-month momentum +25%, +0% above its 200-day average (rank 10).
  • MSFT Hyperscalers & AI Cloud (the buyers) tightness 80, 6-month momentum +23%, +21% above its 200-day average (rank 11).
  • Asia Vital Components Liquid Cooling tightness 74, 6-month momentum +26%, +26% above its 200-day average (rank 12).
  • TSM Leading-Edge Chipmaking (Foundry) tightness 84, 6-month momentum +14%, +5% above its 200-day average (rank 13).
  • Hitachi Transformers & Switchgear tightness 86, 6-month momentum +13%, +10% above its 200-day average (rank 14).
  • FTNT AI Cybersecurity tightness 62, 6-month momentum +112%, +41% above its 200-day average (rank 15).
  • COHU Chip Testing & Burn-in tightness 70, 6-month momentum +35%, +2% above its 200-day average (rank 16).
  • CRWD AI Cybersecurity tightness 62, 6-month momentum +133%, +56% above its 200-day average (rank 17).
  • Ibiden Chip Substrates (ABF & Glass) tightness 64, 6-month momentum +66%, +8% above its 200-day average (rank 19).
  • AEP Grid Connection & Transmission tightness 88, 6-month momentum -13%, +2% above its 200-day average (rank 20).
  • Leaderdrive Precision Reducers tightness 64, 6-month momentum +27%, +4% above its 200-day average (rank 23).
  • Unimicron Chip Substrates (ABF & Glass) tightness 64, 6-month momentum +34%, +34% above its 200-day average (rank 24).
  • AMZN Hyperscalers & AI Cloud (the buyers) tightness 80, 6-month momentum -6%, +2% above its 200-day average (rank 25).
  • JCI Liquid Cooling tightness 74, 6-month momentum +0%, +3% above its 200-day average (rank 28).

How it trades the theme

  1. Own the shortage. Only stocks whose bottleneck has a tightness score of 60+ and isn't easing. A shortage gives suppliers pricing power.
  2. Respect the trend. Only stocks trading above their 200-day average, so we don't fight a falling stock.
  3. Rank. Half on tightness and half on 6-month momentum, skipping the last month to avoid buying a one-week spike.
  4. Spread across the chain. Top 25 at 4.0% each, at most 3 per bottleneck and 10 per sector. Market cap must be above $2B.
  5. Trade monthly, and not too much. A holding stays while it ranks inside the top 40. Spots nobody qualifies for sit in cash, so the index de-risks by itself in a sell-off.
Chips & Networking · 10Hot AI Themes · 6Power & Cooling · 5Materials · 1Physical AI · 1

Holdings

Since 2026-10-23 rebalance
#StockBottleneckTightness6-1M momentumWeightSince rebalance1DMkt cap
1MU Micron Technology AI Memory (HBM & DRAM)88+109% 4.0%0.0%+2.5%$993B
2UMC United Microelectronics Leading-Edge Chipmaking (Foundry)84+88% 4.0%0.0%+1.9%$47.37B
3ALAB Astera Labs AI Chips (GPUs & Custom ASICs)72+85% 4.0%0.0%−0.3%$44.61B
4AMD Advanced Micro Devices AI Chips (GPUs & Custom ASICs)72+78% 4.0%0.0%+1.7%$844B
5ASX ASE Technology Chip Packaging (CoWoS)80+40% 4.0%0.0%+2.5%$85.07B
6META Meta Platforms Hyperscalers & AI Cloud (the buyers)80+27% 4.0%0.0%—$1.64T
73324.TWO Auras Technology Liquid Cooling74+52% 4.0%0.0%0.0%$3.89B
8OKTA Okta AI Cybersecurity62+181% 4.0%0.0%+5.8%$37.25B
9MRVL Marvell Technology AI Chips (GPUs & Custom ASICs)72+57% 4.0%0.0%—$205B
10FCX Freeport-McMoRan Copper74+25% 4.0%0.0%+0.9%$93.60B
11MSFT Microsoft Hyperscalers & AI Cloud (the buyers)80+23% 4.0%0.0%+0.7%$3.89T
123017.TW Asia Vital Components Liquid Cooling74+26% 4.0%0.0%0.0%$37.90B
13TSM Taiwan Semiconductor Leading-Edge Chipmaking (Foundry)84+14% 4.0%0.0%—$2.17T
146501.T Hitachi Transformers & Switchgear86+13% 4.0%0.0%−4.4%$158B
15FTNT Fortinet AI Cybersecurity62+112% 4.0%0.0%+4.0%$132B
16COHU Cohu Chip Testing & Burn-in70+34% 4.0%0.0%+3.7%$2.27B
17CRWD CrowdStrike AI Cybersecurity62+133% 4.0%0.0%+8.2%$264B
194062.T Ibiden Chip Substrates (ABF & Glass)64+66% 4.0%0.0%−1.0%$30.79B
20AEP American Electric Power Grid Connection & Transmission88−13% 4.0%0.0%—$70.60B
23688017.SS Leaderdrive Precision Reducers64+27% 4.0%0.0%+12.1%$7.98B
243037.TW Unimicron Chip Substrates (ABF & Glass)64+34% 4.0%0.0%0.0%$54.65B
25AMZN Amazon Hyperscalers & AI Cloud (the buyers)80−6% 4.0%0.0%−0.9%$2.68T
28JCI Johnson Controls Liquid Cooling74+0% 4.0%0.0%+0.7%$87.20B

Live rebalance log

Permanent record
2026-10-23 launch 23 holdings · +23 / −0

Simulated rebalances (before launch)

Illustrative only
2026-10-01 25 holdings
In: MRVL, 3324.TWO, BHP · Out: LITE, FIX, PANW
2026-09-01 25 holdings
In: ALAB, AMD, ETN, 3017.TW, UMI.BR, NVT, BE, MSFT, PANW · Out: MYRG, AAOI, COHR, POWL, ENR.DE, STRL, 6324.T, 688017.SS, GOOGL
2026-08-03 25 holdings
In: INTC, STRL, ABBN.SW, 6324.T, 688017.SS, AMZN, GOOGL · Out: 298040.KS, MTZ, LYC.AX, 042700.KS, UMI.BR, BHP, TECK
2026-07-01 25 holdings
In: UMC, UMI.BR, BHP, TECK · Out: 5713.T, AMKR, USAR, CRWV
2026-06-01 25 holdings
In: GEV, USAR, NBIS, CRWV · Out: PPTA, FCX, 7011.T, BHP
2026-05-01 25 holdings
In: 010120.KS, LYC.AX, BHP · Out: 267260.KS, SCCO, 600111.SS

The Singularity Index is a model index published for research and education. It is not a fund, you cannot invest in it, and it is not investment advice. Principals of Singularity Research may hold positions in its constituents. Data as of 2026-10-23 23:05 UTC; prices are delayed. Machine-readable version: /api/singularity-index.