Functional Indices · Euro-AI Sovereign
Euro-AI Sovereign 50
The first index measuring Europe's irreplaceable position in the global AI supply chain. 50 investable companies. 11 legacy transformers on RI watch. 4 small-cap next heroes. 13 countries. 7 sectors. Three weighting methods. Proprietary Revenue Intelligence scoring — the same analytical depth institutions pay seven figures to access, published transparently.
Core NAV
50
20 Tier 1 + 30 Tier 2
Full Universe
65
+11 T3 Legacy · +4 T4 Watch
Combined MC
€2.4T
13 countries
Sectors
7
Semi to Defense
Base Value
1,000
October 1, 2024
The Thesis
Europe doesn't build frontier AI models. It doesn't run hyperscale clouds. But every AI chip on Earth passes through European machines, European valves, and European optics before it computes a single token.
ASML's EUV lithography has no substitute. VAT Group's vacuum valves seal every advanced fab chamber. BE Semiconductor's hybrid bonding stacks the memory that makes AI possible. Schneider and Eaton distribute the power. Munters cools the racks.
The Euro-AI Sovereign 50 measures this. Not by market cap alone, but by Revenue Intelligence — a proprietary score quantifying how much of each company's business is AI-linked. The result: an investable signal that no STOXX, MSCI, or US-centric index captures.
"Europe builds the atoms.
America runs the bits.
This index measures what Europe still owns."
America runs the bits.
This index measures what Europe still owns."
Alignment with Rubin Build-Out 100: The Euro-AI Sovereign 50 is the European complement to the global Rubin Build-Out 100. Where Rubin maps the entire AI infrastructure supply chain (US, Asia, Europe), this index isolates Europe's sovereign contribution. 12 of the Euro-AI 50 constituents also appear in the Rubin 100 — validating the selection from a global supply-chain perspective while surfacing 38 companies invisible to US-centric AI indices.
Three Weighting Variants
Same 50 companies. Three lenses. The divergence between them is the product.
Flagship
EURAI-RI · RI-Weighted
1615.51+0.73%1D
—
Institutional
EURAI-MC · Capped Market Cap
1548.35+0.39%1D
—
Diversified
EURAI-EW · Equal Weight
1733.75+1.87%1D
—
How the Euro-AI Sovereign 50 Index Works
RI-Weighted (Flagship)
Market cap × Revenue Intelligence score. 10% single-stock cap. Rewards companies with the highest AI revenue exposure at scale.
Market cap × Revenue Intelligence score. 10% single-stock cap. Rewards companies with the highest AI revenue exposure at scale.
Capped Market Cap
Free-float market cap with 8% cap. Institutional-grade diversification for European AI infrastructure.
Free-float market cap with 8% cap. Institutional-grade diversification for European AI infrastructure.
Equal Weight
2% per stock, no cap. Maximum diversification across all 50 constituents. Best gauge of average European AI stock performance.
2% per stock, no cap. Maximum diversification across all 50 constituents. Best gauge of average European AI stock performance.
Base date: October 1, 2024 = 1,000. All prices in EUR. 50 European-listed stocks across 7 sectors: Semi Equipment, Power Grid & Cooling, Enterprise AI, Industrial AI, Defense, MedTech, and Chip Architecture. RI scores updated quarterly. Full RI methodology ↓
Sort
7 Sectors
Revenue Intelligence (RI) Score
The backbone of the index. RI quantifies how much of a company's economic activity — revenue, backlog, and R&D — is directly AI-linked. Updated quarterly with earnings.
Formula
RI = 0.50 × RevenueAI + 0.25 × BacklogAI + 0.25 × R&DAI
Tier 1 Threshold
RI ≥ 0.40 + bottleneck position
Tier 2 Threshold
RI ≥ 0.20 + upward trajectory
Rebalance
Quarterly — 3rd Friday of Feb, May, Aug, Nov
RI scores published 5 business days before. Per-company justification memo included.
✓ Counts as AI-Linked
- ✓EUV lithography systems
- ✓Data center power distribution & cooling
- ✓AI-native software (LLM, agentic, ML-core)
- ✓Defense AI platforms (sensor fusion, autonomous)
- ✓HBM packaging, advanced substrates
- ✓Hyperscaler confirmed backlog
✗ Does NOT Count
- ✗Legacy node semiconductor equipment
- ✗Residential electrical products
- ✗Traditional software with AI branding
- ✗Conventional munitions without AI guidance
Analysis Charts
Full charting with indicators, oscillators, and benchmark overlays. Identical Murphy-framework toolset as the Rubin Build-Out 100.
Index View
Analysis View (TradingView)
Benchmark Comparison
Overlays
Oscillators
Euro-AI Sovereign 50 · Closelooknet Functional Indices Base 1,000 = October 1, 2024 · Daily in EUR
The Divergence Signal
Where RI-weight and cap-weight diverge reveals what Europe's AI economy looks like versus what market cap says it looks like. This is the editorial engine.
↑ RI Overweights — AI Purity Rewarded
ARM Holdings
7.73%→10.00%+2.27
ASML
8.00%→10.00%+2.00
SAP
8.00%→10.00%+2.00
Infineon
2.38%→2.94%+0.56
Nebius
0.53%→1.08%+0.55
VAT Group
0.65%→1.20%+0.55
↓ RI Underweights — Low AI % Penalized
Siemens AG
8.00%→5.61%−2.39
Safran
4.16%→1.87%−2.29
Atlas Copco
3.86%→2.60%−1.26
Dassault
3.27%→2.57%−0.70
Vestas
1.19%→0.67%−0.52
Tier 1 gets 53.1% of RI-weighted capital vs 44.2% in cap-weight — a 9 percentage point conviction shift toward the companies you can't build AI without. When EURAI-RI and EURAI-MC converge, Europe's largest companies are becoming its most AI-relevant. When they diverge, legacy size and AI purity are telling different stories.
Benchmark Universe
Every constituent benchmarkable against the index. Every index variant benchmarkable against European and US indices. Same framework as Rubin Build-Out 100.
European Indices
STOXX 600, DAX 40, Euro Stoxx 50, CAC 40, SMI, OMX 30, STOXX 600 Technology / Health / Industrials
US Broad + Sector Indices
S&P 500, Nasdaq 100, Nasdaq Composite, Dow Jones, Russell 2000, XLK (Info Tech), XLI (Industrials), XLV (Health), XLE, XLU
Semiconductor ETFs
SMH (VanEck), SOXX (iShares), PSI (Invesco Dynamic), SOXQ (PHLX Semi)
AI & Software ETFs
IGV (Software), WCLD (Cloud), ARKK (Innovation), BOTZ (Robotics), IRBO, ROBT, AIQ, QTUM
Infra & Power ETFs
PAVE (US Infra), IFRA (iShares Infra), QCLN (Clean Edge), ICLN (Clean Energy)
Defense ETFs
ITA (iShares A&D), PPA (Invesco A&D), DFEN (Direxion 3X Bull)
Cross-reference with Rubin Build-Out 100: 12 Euro-AI constituents overlap with the Rubin 100 (ASML, ASM, Besi, VAT, Infineon, Nebius, UiPath, ABB, SAP, Schneider, Siemens Energy, ARM). Benchmarking Euro-AI sectors against Rubin sectors validates whether European AI infra outperforms or lags the global supply chain.
Relevance Index Heatmap
Tile size reflects market cap weighting. Color intensity reflects the Closelook Relevance Index (RI) — how directly a company benefits from the European AI build-out. Grouped by sector.
RI ≥ 0.60 (Core) RI 0.40–0.59 RI < 0.40
Rotation Radar Directional Flow · daily
Flow changes inside Euro-AI Sovereign 50 — from our daily Directional Flow scan. What is heating up, what is cooling down? Dimensions: sector · country · market-cap · tier.
Directional-Flow scan refreshes after each US close.
All 50 Constituents
Euro-AI Sovereign 50 — Full Roster
| # | Tier | Ticker | Company | 30D | Sector | Price | MC €B | RI Score | RI-Wt% | Cap-Wt% | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 01 | T1 | 🇳🇱 | ASML.AS | ASML | — | semi | — | €260B | 0.95 | 10.00% | 8.00% |
| 02 | T1 | 🇬🇧 | ARM | ARM Holdings | — | chip | — | €130B | 0.90 | 10.00% | 7.73% |
| 03 | T1 | 🇳🇱 | NBIS | Nebius Group | — | chip | — | €9B | 0.90 | 1.08% | 0.53% |
| 04 | T1 | 🇸🇪 | MUNTR.ST | Munters Group | — | power | — | €2.8B | 0.85 | 0.32% | 0.17% |
| 05 | T1 | 🇨🇭 | VACN.SW | VAT Group | — | semi | — | €11B | 0.82 | 1.20% | 0.65% |
| 06 | T1 | 🇳🇱 | BESI.AS | BE Semiconductor | — | semi | — | €8B | 0.80 | 0.85% | 0.47% |
| 07 | T1 | 🇩🇪 | SMHN.DE | SUSS MicroTec | — | semi | — | €1B | 0.70 | 0.09% | 0.06% |
| 08 | T1 | 🇳🇱 | ASM.AS | ASM International | — | semi | — | €20B | 0.68 | 1.82% | 1.19% |
| 09 | T1 | 🇷🇴 | PATH | UiPath | — | enterprise | — | €9B | 0.65 | 0.78% | 0.53% |
| 10 | T1 | 🇩🇪 | BNTX | BioNTech | — | medtech | — | €18B | 0.60 | 1.44% | 1.07% |
| 11 | T1 | 🇩🇪 | AIXA.DE | AIXTRON | — | semi | — | €2.5B | 0.55 | 0.18% | 0.15% |
| 12 | T1 | 🇩🇪 | IFX.DE | Infineon | — | semi | — | €40B | 0.55 | 2.94% | 2.38% |
| 13 | T1 | 🇸🇪 | SECT-B.ST | Sectra | — | medtech | — | €3.7B | 0.55 | 0.27% | 0.22% |
| 14 | T1 | 🇦🇹 | ATS.VI | AT&S | — | semi | — | €1.5B | 0.50 | 0.10% | 0.09% |
| 15 | T1 | 🇸🇪 | MYCR.ST | Mycronic | — | semi | — | €2.3B | 0.50 | 0.15% | 0.14% |
| 16 | T1 | 🇩🇪 | HAG.DE | Hensoldt | — | defense | — | €10B | 0.50 | 0.67% | 0.59% |
| 17 | T1 | 🇫🇷 | SU.PA | Schneider Electric | — | power | — | €110B | 0.48 | 7.05% | 6.54% |
| 18 | T1 | 🇬🇧 | REL.L | RELX | — | enterprise | — | €80B | 0.48 | 5.13% | 4.75% |
| 19 | T1 | 🇮🇪 | ETN | Eaton | — | power | — | €120B | 0.46 | 7.37% | 7.13% |
| 20 | T1 | 🇩🇪 | ENR.DE | Siemens Energy | — | power | — | €30B | 0.40 | 1.60% | 1.78% |
| 21 | T2 | 🇩🇪 | SAP.DE | SAP | — | enterprise | — | €300B | 0.42 | 10.00% | 8.00% |
| 22 | T2 | 🇩🇪 | SIE.DE | Siemens AG | — | industrial | — | €150B | 0.28 | 5.61% | 8.00% |
| 23 | T2 | 🇨🇭 | ABBN.SW | ABB | — | power | — | €80B | 0.45 | 4.81% | 4.75% |
| 24 | T2 | 🇫🇷 | SAF.PA | Safran | — | defense | — | €70B | 0.20 | 1.87% | 4.16% |
| 25 | T2 | 🇸🇪 | ATCO-A.ST | Atlas Copco | — | industrial | — | €65B | 0.30 | 2.60% | 3.86% |
| 26 | T2 | 🇫🇷 | DSY.PA | Dassault Systèmes | — | enterprise | — | €55B | 0.35 | 2.57% | 3.27% |
| 27 | T2 | 🇩🇪 | SHL.DE | Siemens Healthineers | — | medtech | — | €45B | 0.45 | 2.70% | 2.67% |
| 28 | T2 | 🇫🇷 | HO.PA | Thales | — | defense | — | €40B | 0.35 | 1.87% | 2.38% |
| 29 | T2 | 🇳🇱 | WKL.AS | Wolters Kluwer | — | enterprise | — | €35B | 0.42 | 1.96% | 2.08% |
| 30 | T2 | 🇫🇷 | CAP.PA | Capgemini | — | enterprise | — | €35B | 0.30 | 1.40% | 2.08% |
| 31 | T2 | 🇩🇪 | RHM.DE | Rheinmetall | — | defense | — | €30B | 0.35 | 1.40% | 1.78% |
| 32 | T2 | 🇳🇱 | PHIA.AS | Philips | — | medtech | — | €25B | 0.35 | 1.17% | 1.49% |
| 33 | T2 | 🇸🇪 | HEXA-B.ST | Hexagon AB | — | industrial | — | €23B | 0.30 | 0.92% | 1.37% |
| 34 | T2 | 🇸🇪 | SAAB-B.ST | Saab AB | — | defense | — | €23B | 0.45 | 1.38% | 1.37% |
| 35 | T2 | 🇫🇷 | STM | STMicroelectronics | — | semi | — | €22B | 0.35 | 1.03% | 1.31% |
| 36 | T2 | 🇫🇷 | LR.PA | Legrand | — | power | — | €22B | 0.30 | 0.88% | 1.31% |
| 37 | T2 | 🇩🇰 | VWS.CO | Vestas | — | power | — | €20B | 0.25 | 0.67% | 1.19% |
| 38 | T2 | 🇮🇹 | PRY.MI | Prysmian | — | power | — | €18B | 0.35 | 0.84% | 1.07% |
| 39 | T2 | 🇸🇪 | ALFA.ST | Alfa Laval | — | power | — | €16B | 0.45 | 0.96% | 0.95% |
| 40 | T2 | 🇩🇪 | NEM.DE | Nemetschek | — | industrial | — | €10B | 0.35 | 0.47% | 0.59% |
| 41 | T2 | 🇩🇪 | KGX.DE | Kion Group | — | industrial | — | €8B | 0.40 | 0.43% | 0.47% |
| 42 | T2 | 🇩🇰 | NKT.CO | NKT A/S | — | power | — | €7B | 0.30 | 0.28% | 0.42% |
| 43 | T2 | 🇨🇭 | TEMN.SW | Temenos | — | enterprise | — | €7B | 0.35 | 0.33% | 0.42% |
| 44 | T2 | 🇧🇪 | MELE.BR | Melexis | — | semi | — | €3B | 0.40 | 0.16% | 0.18% |
| 45 | T2 | 🇳🇴 | TOM.OL | Tomra Systems | — | industrial | — | €2.8B | 0.40 | 0.15% | 0.17% |
| 46 | T2 | 🇨🇭 | COTN.SW | Comet Holding | — | semi | — | €2.1B | 0.45 | 0.13% | 0.12% |
| 47 | T2 | 🇬🇧 | OXIG.L | Oxford Instruments | — | semi | — | €1.8B | 0.40 | 0.10% | 0.11% |
| 48 | T2 | 🇳🇴 | NOD.OL | Nordic Semiconductor | — | semi | — | €1.8B | 0.45 | 0.11% | 0.11% |
| 49 | T2 | 🇫🇷 | OVH.PA | OVHcloud | — | enterprise | — | €1.3B | 0.35 | 0.06% | 0.08% |
| 50 | T2 | 🇦🇹 | KTN.VI | Kontron AG | — | industrial | — | €1.1B | 0.55 | 0.08% | 0.07% |
Tier 3 — Legacy Transformers
€425B in European industrial giants pivoting to AI. Not in the NAV — but tracked quarterly for RI trajectory. When their AI revenue share crosses thresholds, they promote into the Core 50. The editorial companion to the investable index.
11 Legacy Transformers · Quarterly RI Watch NOT IN NAV — Editorial Companion
| # | Ticker | Company | Sector | MC €B | RI Score | AI Pivot Story | |
|---|---|---|---|---|---|---|---|
| 01 | 🇬🇧 | RR.L | Rolls-Royce | Power | €50B | 0.15 | Data center gas turbines for backup/baseload. SMR nuclear for AI campus power. |
| 02 | 🇩🇪 | BAS.DE | BASF | Materials | €40B | 0.10 | Semiconductor-grade chemicals. Electronic materials division growing 2× faster than legacy. |
| 03 | 🇫🇷 | SGO.PA | Saint-Gobain | Materials | €38B | 0.12 | Glass substrates for advanced packaging. Thermal management materials for DC cooling. |
| 04 | 🇩🇪 | EVK.DE | Evonik | Materials | €12B | 0.10 | Specialty chemicals for chip manufacturing. Silica for CMP slurry. |
| 05 | 🇩🇪 | SY1.DE | Symrise | Materials | €14B | 0.08 | Aroma AI discovery platform. Earliest stage AI pivot in the tier. |
| 06 | 🇫🇷 | SAN.PA | Sanofi | MedTech | €115B | 0.12 | AI drug discovery partnerships. Exscientia acquisition. €1B AI R&D commitment. |
| 07 | 🇫🇷 | AIR.PA | Airbus | Defense | €115B | 0.15 | Autonomous flight systems. AI-powered predictive maintenance. Skywise data platform. |
| 08 | 🇩🇪 | AFX.DE | Carl Zeiss Meditec | MedTech | €7B | 0.18 | AI-assisted ophthalmic surgery. Computer vision for surgical guidance. |
| 09 | 🇬🇧 | SGE.L | Sage Group | Enterprise | €12B | 0.18 | Sage Copilot AI assistant. Accounting automation. UK enterprise AI play. |
| 10 | 🇬🇧 | INF.L | Informa | Enterprise | €14B | 0.15 | AI-powered B2B intelligence. Data analytics across events and publishing. |
| 11 | 🇳🇴 | YAR.OL | Yara International | Industrial | €10B | 0.10 | Precision agriculture AI. Satellite-guided fertilizer optimization. |
Promotion rule: A Tier 3 company promotes to Tier 2 when its RI score exceeds 0.22 for two consecutive quarters AND market cap remains above €1.2B. Maximum 3 promotions per quarterly rebalance to limit turnover. The RI trajectory chart for each Tier 3 company is the leading indicator — rising RI on stable or growing revenue means the AI pivot is working.
Tier 4 — Watchlist · Small-Cap Next Heroes
Pre-eligibility radar. Sub-€1.2B market cap companies with high RI scores and structural positions in the AI supply chain. These are the names that could 3–5× into Tier 2 eligibility. The small-cap discovery engine.
🇸🇪 CellaVision CEVI.ST
€600M RI 0.55
AI-powered digital cell morphology. Monopoly position in automated blood analysis. Used in 3,000+ labs globally. Pure-play medical AI.
🇳🇴 Crayon Group CRAYN.OL
€800M RI 0.45
Cloud & AI services distributor. Helps enterprises deploy Azure/AWS AI workloads. Norwegian AI infrastructure play. Revenue growing 30%+ YoY.
🇩🇪 Plan Optik P4O.DE
€50M RI 0.60
Glass wafer manufacturer for MEMS and advanced packaging. Micro-cap but sole European supplier. If glass substrates scale for AI chips, this is the bottleneck.
🇩🇪 Nynomic M7U.DE
€120M RI 0.40
Spectral sensing and AI-driven photonics. Industrial AI quality control. German deep-tech at seed-stage market cap.
Why Tier 4 Matters
Every current Tier 1 pure-play was once a small-cap unknown. SUSS MicroTec (€1B) is the smallest Tier 1 today — it was sub-€300M two years ago. VAT Group was a Swiss niche play before AI fabs made vacuum valves critical.
Tier 4 is where the next SUSS, the next VAT, the next Munters lives. These companies have the RI scores but not yet the market cap. The moment they cross €1.2B with RI ≥ 0.22, they enter the promotion pipeline.
Combined Tier 4 MC: €2.3B — smaller than a single mid-cap, but structurally positioned at bottleneck nodes.
Tier 4 is where the next SUSS, the next VAT, the next Munters lives. These companies have the RI scores but not yet the market cap. The moment they cross €1.2B with RI ≥ 0.22, they enter the promotion pipeline.
Combined Tier 4 MC: €2.3B — smaller than a single mid-cap, but structurally positioned at bottleneck nodes.
Access
Institutional-grade methodology published with full transparency. The same analytical depth and rigor, without the access barrier.
Institutional-grade methodology published with full transparency. The same analytical depth and rigor, without the access barrier.
Signal
$12
per month
- Daily NAV — all 3 variants
- Constituent list (50 companies)
- Quarterly RI score updates
- Sector & country heatmaps
Professional
$89
per month
- Everything in Signal
- Full RI methodology per company
- Divergence chart (MC vs RI)
- Tier 3 watchlist + promotion radar
- Tier 1 sub-index daily
- Weekly Signal framework
- TradingView analysis charts
Institutional
$150
per month
- Everything in Professional
- Downloadable data (CSV/API)
- Custom weighting scenarios
- Rebalance preview (5 days early)
- Direct analyst access
- Backtest data from base date