FNC-1, our index of the companies actually building the AI buildout, read against the Belief Index, a gauge of how convinced the betting markets are that the boom holds. The gap between them is the signal. Updated each Monday with the weekly Reading.
FNC-1 against reference benchmarks, weekly closes. A public-market proxy for capital commitment across the AI substrates, not a measure of capital deployment itself.
The Belief Index reads how convinced financially-staked participants are, across a small set of liquid prediction markets. A disciplined sentiment overlay, not a principled forecast.
FNC-1 is a public-market proxy for substrate capital commitment, built from a small basket of public equities exposed to the AI buildout. It reads valuation and expectation, not capital actually deployed. Capex, data-centre buildout, and power-purchase agreements are stronger deployment measures, and are on the roadmap.
The Belief Index is a sentiment overlay, not principled Bayesian prediction. It reflects financially-staked participants on a handful of liquid markets, and is narrow by design at this version. Treat it as a read, not a verdict.
The instrument is published in the open, with its construction, revision, and retirement conditions stated. If it stops earning its keep, we will say so. Read the methodology · read this week's Reading.
The FNC-1 Index shows the current proxy instrument. The fuller architecture is built and published in the open as it matures, never ahead of itself.
Seven public-equity proxies, four prediction markets, a weekly reading. What you see above.
Twenty to thirty constituents, four substrate sub-indices, two weighting schemes, and a cross-venue belief check. Documented in NCB-004 once backtested.
Live data, history, alerts, and an API. Built when demand pulls it, not before.