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NVDA$166.2−4.34%TSM$405.5−1.90%SK hynix₩1,254,000−1.80%Samsung Electronics₩208,000+0.97%MU$798.4−1.59%ASML$1,497.1−2.43%AVGO$364.4+5.54%LITE$624.6−3.61%COHR$232.1−1.04%ANET$206.6+5.06%GEV$818.5+1.27%ETN$359.0−0.44%VRT$209.6+1.52%CEG$282.4+2.79%VST$134.5+0.79%PWR$606.2−0.29%HD Hyundai Electric₩421,000+3.95%MP$37.45+1.96%FCX$60.45−2.69%CCJ$71.78−3.42%MSFT$523.0+0.36%META$623.6−0.82%CRWD$229.9+0.35%SMH$501.7−1.03%SPY$757.1−0.35%
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 level2,772.3Base 1,000 at 2024-09-03
Live since launch−12.27%vs SMH −4.83% · SPY −0.38%
Year to date+22.5%SMH +39.3% · SPY +11.9%
1 year+35.6%SMH +48.4% · SPY +14.4%
Holdings2116% 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.

This month’s changes · 2026-11-02

33 stocks qualified

Out (9)

  • UMC Fell below its 200-day average (-4.5%).
  • ALAB Fell below its 200-day average (-11.2%).
  • META Fell below its 200-day average (-3.7%).
  • MRVL Fell below its 200-day average (-8.3%).
  • FCX Fell below its 200-day average (-3.3%).
  • TSM Fell below its 200-day average (-0.6%).
  • Hitachi Fell below its 200-day average (-2.2%).
  • FTNT Fell below its 200-day average (-3.0%).
  • Leaderdrive Fell below its 200-day average (-4.5%).

In (7)

  • Jentech Precision Thermal Management (Cold Plates & Vapor Chambers) tightness 70, 6-month momentum +87%, +44% above its 200-day average (rank 2).
  • Walsin Technology MLCC & Passive Components tightness 62, 6-month momentum +133%, +30% above its 200-day average (rank 6).
  • Nan Ya PCB Chip Substrates (ABF & Glass) tightness 64, 6-month momentum +71%, +28% above its 200-day average (rank 10).
  • Zhen Ding Technology AI PCBs & Laminates (CCL) tightness 70, 6-month momentum +41%, +17% above its 200-day average (rank 11).
  • Samsung Electro-Mechanics MLCC & Passive Components tightness 62, 6-month momentum +73%, +7% above its 200-day average (rank 14).
  • PANW AI Cybersecurity tightness 62, 6-month momentum +94%, +29% above its 200-day average (rank 18).
  • TECK Copper tightness 74, 6-month momentum +6%, +3% above its 200-day average (rank 21).

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 · 10Power & Cooling · 5Hot AI Themes · 5Materials · 1

Holdings

Since 2026-11-02 rebalance
#StockBottleneckTightness6-1M momentumWeightSince rebalance1DMkt cap
1MU Micron Technology AI Memory (HBM & DRAM)88+44% 4.0%−4.2%−1.6%$903B
3ASX ASE Technology Chip Packaging (CoWoS)80+40% 4.0%−7.3%−4.0%$80.11B
43324.TWO Auras Technology Liquid Cooling74+43% 4.0%−16.1%−10.0%$3.33B
53017.TW Asia Vital Components Liquid Cooling74+42% 4.0%−9.3%−8.7%$33.07B
7MSFT Microsoft Hyperscalers & AI Cloud (the buyers)80+25% 4.0%+3.1%+0.4%$3.88T
8COHU Cohu Chip Testing & Burn-in70+48% 4.0%−7.0%−2.1%$2.13B
9OKTA Okta AI Cybersecurity62+152% 4.0%−1.3%+0.2%$31.91B
12AMD Advanced Micro Devices AI Chips (GPUs & Custom ASICs)72+39% 4.0%+25.4%+5.9%$960B
133037.TW Unimicron Chip Substrates (ABF & Glass)64+60% 4.0%−20.6%−8.3%$39.56B
154062.T Ibiden Chip Substrates (ABF & Glass)64+56% 4.0%−21.1%−8.3%$22.65B
16AEP American Electric Power Grid Connection & Transmission88−7% 4.0%−0.3%−0.2%$70.19B
17CRWD CrowdStrike AI Cybersecurity62+105% 4.0%−4.9%+0.3%$235B
22AMZN Amazon Hyperscalers & AI Cloud (the buyers)80−8% 4.0%+8.9%+0.5%$2.89T
23JCI Johnson Controls Liquid Cooling74+13% 4.0%−2.7%−1.4%$86.35B
23653.TW Jentech Precision Thermal Management (Cold Plates & Vapor Chambers)70+88% 4.0%−11.3%−10.0%$25.04B
62492.TW Walsin Technology MLCC & Passive Components62+133% 4.0%−23.6%−5.6%$4.01B
108046.TW Nan Ya PCB Chip Substrates (ABF & Glass)64+71% 4.0%−18.0%−10.0%$19.06B
114958.TW Zhen Ding Technology AI PCBs & Laminates (CCL)70+41% 4.0%−11.7%−6.7%$14.78B
14009150.KS Samsung Electro-Mechanics MLCC & Passive Components62+73% 4.0%−25.7%−4.0%$50.14B
18PANW Palo Alto Networks AI Cybersecurity62+94% 4.0%−8.3%−3.5%$264B
21TECK Teck Resources Copper74+6% 4.0%−2.5%−3.9%$30.04B

Live rebalance log

Permanent record
2026-11-02 monthly 21 holdings · +7 / −9
In: 3653.TW, 2492.TW, 8046.TW, 4958.TW, 009150.KS, PANW, TECK · Out: UMC, ALAB, META, MRVL, FCX, TSM, 6501.T, FTNT, 688017.SS
2026-10-23 launch 23 holdings · +23 / −0

Simulated rebalances (before launch)

Illustrative only
2026-10-01 25 holdings
In: 3324.TWO, SU.PA, BHP · Out: ETN, NVT, FIX
2026-09-01 25 holdings
In: 285A.T, ALAB, STX, ETN, UMI.BR, NVT, FIX, BE, MSFT, TECK · Out: AAOI, MYRG, STRL, COHR, POWL, CIEN, VRT, 6324.T, 688017.SS, GOOGL
2026-08-03 25 holdings
In: INTC, ABBN.SW, 3017.TW, 6324.T, AMZN, 688017.SS, GOOGL · Out: LITE, MTZ, FIX, LYC.AX, UMI.BR, BHP, TECK
2026-07-01 25 holdings
In: UMC, STRL, UMI.BR, BHP, TECK · Out: 042700.KS, ENR.DE, 5713.T, USAR, CRWV
2026-06-01 25 holdings
In: USAR, NBIS, CRWV · Out: PPTA, FCX, BHP
2026-05-01 25 holdings
In: 010120.KS, LYC.AX, VRT, BHP · Out: 298040.KS, 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 2026-11-12 22:22 UTC; prices are delayed. Machine-readable version: /api/singularity-index.