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 level2,954.9Base 1,000 at 2024-08-20

Live since launch−3.78%vs SMH −0.89% · SPY −0.56%

Year to date+34.4%SMH +45.1% · SPY +11.7%

1 year+36.9%SMH +49.3% · SPY +11.8%

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

Own the shortage. Only stocks whose bottleneck has a tightness score of 60+ and isn't easing. A shortage gives suppliers pricing power.
Respect the trend. Only stocks trading above their 200-day average, so we don't fight a falling stock.
Rank. Half on tightness and half on 6-month momentum, skipping the last month to avoid buying a one-week spike.
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.
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

#	Stock	Bottleneck	Tightness	6-1M momentum	Weight	Since rebalance	1D	Mkt cap
1	MU Micron Technology	AI Memory (HBM & DRAM)	88	+109%	4.0%	+0.8%	−5.3%	$1.00T
2	UMC United Microelectronics	Leading-Edge Chipmaking (Foundry)	84	+88%	4.0%	−11.7%	−7.5%	$41.83B
3	ALAB Astera Labs	AI Chips (GPUs & Custom ASICs)	72	+85%	4.0%	+0.6%	−10.9%	$44.88B
4	AMD Advanced Micro Devices	AI Chips (GPUs & Custom ASICs)	72	+78%	4.0%	−2.3%	−10.9%	$824B
5	ASX ASE Technology	Chip Packaging (CoWoS)	80	+40%	4.0%	+2.1%	−11.3%	$87.20B
6	META Meta Platforms	Hyperscalers & AI Cloud (the buyers)	80	+27%	4.0%	−4.3%	−1.5%	$1.57T
7	3324.TWO Auras Technology	Liquid Cooling	74	+52%	4.0%	−2.2%	−9.2%	$3.80B
8	OKTA Okta	AI Cybersecurity	62	+181%	4.0%	−2.3%	−6.1%	$36.40B
9	MRVL Marvell Technology	AI Chips (GPUs & Custom ASICs)	72	+57%	4.0%	−14.1%	−10.1%	$177B
10	FCX Freeport-McMoRan	Copper	74	+25%	4.0%	−4.2%	−5.5%	$89.71B
11	MSFT Microsoft	Hyperscalers & AI Cloud (the buyers)	80	+23%	4.0%	−0.5%	−1.6%	$3.88T
12	3017.TW Asia Vital Components	Liquid Cooling	74	+26%	4.0%	−1.6%	−0.3%	$37.26B
13	TSM Taiwan Semiconductor	Leading-Edge Chipmaking (Foundry)	84	+14%	4.0%	−3.0%	−6.0%	$2.11T
14	6501.T Hitachi	Transformers & Switchgear	86	+13%	4.0%	−8.4%	+0.5%	$144B
15	FTNT Fortinet	AI Cybersecurity	62	+112%	4.0%	−24.4%	−2.2%	$99.84B
16	COHU Cohu	Chip Testing & Burn-in	70	+34%	4.0%	+5.9%	−4.9%	$2.40B
17	CRWD CrowdStrike	AI Cybersecurity	62	+133%	4.0%	−2.8%	−4.1%	$256B
19	4062.T Ibiden	Chip Substrates (ABF & Glass)	64	+66%	4.0%	−1.8%	−15.2%	$30.11B
20	AEP American Electric Power	Grid Connection & Transmission	88	−13%	4.0%	+0.4%	+0.7%	$70.90B
23	688017.SS Leaderdrive	Precision Reducers	64	+27%	4.0%	−12.4%	−9.6%	$7.01B
24	3037.TW Unimicron	Chip Substrates (ABF & Glass)	64	+34%	4.0%	−8.8%	−4.9%	$49.84B
25	AMZN Amazon	Hyperscalers & AI Cloud (the buyers)	80	−6%	4.0%	−3.1%	−1.4%	$2.60T
28	JCI Johnson Controls	Liquid Cooling	74	+0%	4.0%	+3.5%	−5.8%	$90.27B

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: 3324.TWO, SU.PA, BHP · Out: FIX, ETN, NVT

2026-09-01 25 holdings

In: 285A.T, ALAB, ETN, 3017.TW, UMI.BR, NVT, BE, MSFT, TECK · Out: AAOI, MYRG, STRL, COHR, POWL, VRT, 6324.T, 688017.SS, GOOGL

2026-08-03 25 holdings

In: INTC, ABBN.SW, 6324.T, 688017.SS, AMZN, GOOGL · Out: LITE, MTZ, 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 2026-10-30 21:22 UTC; prices are delayed. Machine-readable version: /api/singularity-index.