AI Infrastructure Leaders
The compute, networking, memory, storage, and power layer of the AI buildout. Owners of the bottlenecks: accelerators, custom silicon, switching, optics, HBM, fab equipment, test, and the server/power chain that turns capex into installed compute.
Performance
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | +4.2% | +2.9% | -3.6% | -0.6% | +2.7% | +91.5% | +150.6% |
| vs FW 3000 | +4.6% | +2.6% | -3.2% | -6.5% | +2.2% | +68.9% | +110.5% |
Inside the basket · 27 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| SMCI | AI server/rack assembly | +4.5% | +6.8% | +27.2% | +35.2% | 2026-06-11 |
| MU | HBM supply oligopoly member | +6.1% | +9.0% | +15.8% | +256.4% | 2026-06-11 |
| DELL | AI server integration at scale | +1.5% | +14.9% | +15.5% | +320.1% | 2026-06-11 |
| ORCL | GPU cloud capacity buildout (OCI) | +3.1% | +5.3% | +8.0% | -17.7% | 2026-06-11 |
| WDC | Data-center hard-drive exabytes | +5.9% | +1.7% | +7.6% | +171.6% | 2026-06-11 |
| STX | Data-center storage | +6.3% | +2.4% | +4.5% | +209.1% | 2026-06-11 |
| VRT | Datacenter power and liquid cooling | +4.4% | +9.1% | +3.0% | +73.2% | 2026-06-11 |
| NVDA | Accelerator monopoly economics; CUDA moat | +0.8% | +5.9% | +2.9% | +23.7% | 2026-06-11 |
| ANET | AI cluster networking share gainer | +1.2% | -0.8% | +2.7% | +47.9% | 2026-06-11 |
| MRVL | Custom AI silicon and electro-optics — re-enters untagged after joining the S&P 500 | +7.0% | +3.2% | +2.2% | +163.4% | 2026-07-21 |
| MOD | Data-center liquid cooling (Modine) | +4.3% | +9.6% | -0.5% | +45.8% | 2026-06-11 |
| LRCX | Etch/deposition leverage to HBM and advanced packaging | +5.1% | +1.9% | -1.2% | +80.1% | 2026-06-11 |
| AMD | Credible #2 in merchant accelerators | +4.7% | +2.6% | -1.2% | +123.0% | 2026-06-11 |
| CRWV | GPU cloud — AI compute capacity (CoreWeave) | +5.7% | +6.1% | -1.4% | +24.8% | 2026-06-11 |
| TER | Semiconductor test equipment | +5.5% | +0.6% | -5.8% | +84.7% | 2026-06-11 |
| KLAC | Process control intensity rises with node complexity | +7.3% | +5.7% | -6.2% | +53.3% | 2026-06-11 |
| GLW | Optical fiber and interconnect | +5.7% | +3.8% | -6.7% | +77.5% | 2026-06-11 |
| ALAB | PCIe/CXL connectivity for AI servers (Astera) | +9.7% | +7.2% | -7.1% | +86.6% | 2026-06-11 |
| JBL | AI hardware manufacturing services | +1.5% | +3.0% | -9.0% | +36.3% | 2026-06-11 |
| Q | Advanced-node semiconductor materials (DuPont electronics spin-off) | +1.7% | +0.2% | -12.7% | +47.9% | 2026-06-11 |
| MPWR | Power management silicon for accelerators | +0.8% | -2.6% | -12.7% | +35.5% | 2026-06-11 |
| ONTO | Process control for advanced packaging | +6.2% | -1.0% | -13.1% | +69.8% | 2026-06-11 |
| MTSI | RF and photonic semiconductors | +3.5% | +1.4% | -13.5% | +57.0% | 2026-06-11 |
| AMAT | Fab equipment breadth for leading-edge + memory | +4.3% | -1.5% | -15.6% | +77.6% | 2026-06-11 |
| AVGO | Custom AI ASICs (hyperscaler co-design) + networking | +0.2% | -2.9% | -16.3% | +3.8% | 2026-06-11 |
| CIEN | Optical networking systems | +1.1% | -15.2% | -22.2% | +37.3% | 2026-06-11 |
| COHR | Optical transceivers for AI networking | +6.6% | +1.0% | -25.7% | +52.7% | 2026-06-11 |
Partial price histories: ALAB from 2024-03-20, CRWV from 2025-03-28, Q from 2025-10-27.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Reading the returns
Basket returns include dividends. “vs FW 3000” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against SMH. Daily return correlation: 0.95 across 1678 sessions. semiconductor-only proxy; the basket’s networking, storage, and power names sit outside it
Membership history & changes
- expand
MRVL joined the S&P 500 and moves from broad-only to both universes (reverse of the ZION/MOH/MHK pattern): broad entry closed, untagged entry added same-day. The S&P version gains a member; the FW 3000 version is unchanged.
- correction
FN and CRDO removed — never FW 3000 constituents (offshore-domiciled, screened out of the universe), so the 2026-06-12 broad pass added them in error; the pipeline has flagged both as missing/ex-universe since. Entries deleted outright rather than closed with a removed date: neither ever had tape, so no computed history is restated. Optics coverage continues via COHR, CIEN, GLW, MTSI and the new optics-memory basket.
- expand
FW 3000 pass: added MRVL, CRWV, ALAB, CRDO, MOD, ONTO, MTSI, FN — names outside the S&P 500 but inside our broad universe; they count only in the FW 3000 version of this basket. Effective-dated to creation so the broad backtest covers the full set. The S&P 500 basket is unchanged.
- expand
Widening pass: added the optics/networking leg (COHR, CIEN, GLW), storage (WDC, STX), test and materials (TER, Q), power silicon (MPWR), and server manufacturing (SMCI, JBL). Reference pinned to SMH — semis-only, so expect high but not perfect tracking. New members are effective-dated to basket creation so the backtest and the reference correlation cover the widened set (the basket was one day old, with no meaningful live history to restate).
- correction
MRVL removed: not an S&P 500 constituent (basket rule violation at creation); custom-silicon exposure remains via AVGO.
- create
Initial composition: 12 names across compute, networking, memory, equipment, power.