Panel 1 · Benchmark Cohort
AW25 vs Broad Benchmarks
AW25 composite plotted against Nasdaq 100 (QQQ), S&P 500 (SPY), tech-sector slices (XLK, IGV), semi slices (SMH, SMHX), and Nasdaq structural splits (QTEC Tech, QQXT ex-Tech, QTOP Top-30, QNXT ex-Top-30, TOPT megacap). All normalised to 100 at the first shared trading day.
Panel 2 · Rubin Infrastructure Cohort
AW25 vs Rubin Build-Out + 18 Rubin Sectors
AW25 (demand side) plotted against Rubin composite (supply side) and Rubin's 18 infrastructure sectors. Flip a layer to isolate which part of the build-out is leading or lagging AW25.
Panel 3 · Rotation Signal
Software (IGV) vs Semis (SMH) — Rotation Tracker
Normalised overlay of software (IGV) and semis (SMH), with 20-day rolling correlation below. Semis up / software down = negative correlation window. The snap-back — correlation trending back toward zero or positive while software starts holding on selloff days — is the rotation setup.
20-day rolling correlation today:
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