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.
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 | +2.5% | -3.0% | -11.0% | +3.2% | -10.8% | +78.6% | +88.6% |
| vs S&P 500 | +2.0% | -3.5% | -11.6% | -1.4% | -12.2% | +57.0% | +62.8% |
1y · 2025-10-21 – 2026-10-21 · 252 / 252 sessions
Basket total returns · Annualized using 252 trading sessions · 0% risk-free rate and downside target. As of 2026-10-21 · close.
Sharpe: average daily simple return divided by its sample standard deviation, multiplied by √252. The risk-free rate is assumed to be 0%; this is not a cash-adjusted ratio.
Sortino: average daily simple return divided by downside deviation, multiplied by √252. Downside deviation is the square root of the average squared shortfall below 0%, counting all sessions, including zeros for gains.
Historical volatility: √(252 × average squared daily log return), matching the Vol page’s realized-volatility convention. This differs from the sample standard deviation used in Sharpe.
Each period requires complete history and at least 5 sessions. MTD and YTD follow the calendar; 1y is 252 sessions. Missing data or an undefined ratio displays — with a reason. Short periods can produce unstable ratios; intraday snapshots include a partial session. History before this basket’s creation is backtested. If a new basket has no stored daily return series yet, estimates from its rounded published chart levels are marked ≈.
Current members and the reasoning behind each inclusion. Returns are for individual holdings.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| CIENCiena Corporation | Optical networking systems | +5.7% | +0.5% | +1.5% | +54.5% | 2026-06-11 |
| NVDANvidia | Accelerator monopoly economics; CUDA moat | +2.5% | +0.3% | -1.6% | +19.3% | 2026-06-11 |
| QQnity Electronics, Inc. | Advanced-node semiconductor materials (DuPont electronics spin-off) | +1.5% | -1.2% | -3.5% | +47.5% | 2026-06-11 |
| AVGOBroadcom | Custom AI ASICs (hyperscaler co-design) + networking | +1.0% | -2.4% | -4.8% | -1.9% | 2026-06-11 |
| MPWRMonolithic Power Systems | Power management silicon for accelerators | +2.8% | +3.2% | -5.2% | +42.3% | 2026-06-11 |
| MRVLMarvell Technology, Inc. | Custom AI silicon and electro-optics — re-enters untagged after joining the S&P 500 | +1.8% | -0.2% | -6.2% | +188.5% | 2026-07-21 |
| JBLJabil | AI hardware manufacturing services | +1.4% | -4.4% | -9.0% | +23.3% | 2026-06-11 |
| ANETArista Networks | AI cluster networking share gainer | +1.7% | -5.7% | -9.4% | +40.7% | 2026-06-11 |
| AMDAdvanced Micro Devices | Credible #2 in merchant accelerators | +3.4% | -3.2% | -10.1% | +158.1% | 2026-06-11 |
| ORCLOracle Corporation | GPU cloud capacity buildout (OCI) | -1.6% | -1.1% | -10.4% | -32.9% | 2026-06-11 |
| TERTeradyne | Semiconductor test equipment | +2.6% | -3.9% | -11.2% | +78.7% | 2026-06-11 |
| DELLDell Technologies | AI server integration at scale | +5.3% | -4.2% | -11.5% | +290.2% | 2026-06-11 |
| GLWCorning Inc. | Optical fiber and interconnect | +2.0% | -4.2% | -12.7% | +54.9% | 2026-06-11 |
| KLACKLA Corporation | Process control intensity rises with node complexity | +1.0% | -8.6% | -13.0% | +35.0% | 2026-06-11 |
| AMATApplied Materials | Fab equipment breadth for leading-edge + memory | +1.0% | -8.4% | -13.8% | +59.7% | 2026-06-11 |
| SMCISupermicro | AI server/rack assembly | +9.6% | -0.6% | -14.2% | +21.5% | 2026-06-11 |
| VRTVertiv Holdings Co | Datacenter power and liquid cooling | +4.2% | -4.8% | -14.7% | +31.0% | 2026-06-11 |
| MUMicron Technology | HBM supply oligopoly member | +2.0% | -0.0% | -14.7% | +220.4% | 2026-06-11 |
| LRCXLam Research | Etch/deposition leverage to HBM and advanced packaging | -1.0% | -9.1% | -15.1% | +52.8% | 2026-06-11 |
| WDCWestern Digital | Data-center hard-drive exabytes | +3.9% | +4.0% | -20.1% | +119.9% | 2026-06-11 |
| COHRCoherent, Inc. | Optical transceivers for AI networking | +2.5% | -9.8% | -21.0% | +28.7% | 2026-06-11 |
| STXSeagate Technology | Data-center storage | +3.2% | -2.3% | -24.5% | +153.9% | 2026-06-11 |
Partial price histories: Q from 2025-10-27.
Equal-weighted; monthly rebalance, buy-and-hold between rebalances; dated membership changes reset the target weights.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Basket returns include dividends. “vs S&P 500” 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 1710 sessions. semiconductor-only proxy; the basket’s networking, storage, and power names sit outside it
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.
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.
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.
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).
MRVL removed: not an S&P 500 constituent (basket rule violation at creation); custom-silicon exposure remains via AVGO.
Initial composition: 12 names across compute, networking, memory, equipment, power.