{
  "_schema_version": 2,
  "as_of": "2026-09-04",
  "generated_at_utc": "2026-09-04T23:11:21.258471+00:00",
  "indices": [
    {
      "ticker": "SWCI",
      "name": "Compute",
      "components": "Legacy GPUs · Servers · Enterprise SSD · Server DDR4 RDIMM · Hyperscaler GPU rental · HBM stress · Frontier GPU OEM",
      "value": 106.48274140866329,
      "mom_pct": null,
      "yoy_pct": 24.192970317058204,
      "sparkline": [
        105.28957231544253,
        111.7800287315652,
        112.12834001103548,
        112.12834001103548,
        112.12834001103548,
        112.12834001103548,
        112.12834001103548,
        106.48274140866329,
        106.48274140866329,
        106.48274140866329,
        106.48274140866329,
        106.48274140866329
      ],
      "headline_sku": "n/a (no credible GPU comp this window)",
      "indicative": false,
      "data_through": "2026-09-04",
      "rebase_window_days": 84,
      "n_components": 7,
      "n_comps_used": 243,
      "component_values": {
        "gpu": null,
        "server": null,
        "ssd": null,
        "ram": null,
        "hyperscaler": 4.0,
        "hbm": 100.0,
        "frontier_gpu": 315618.7679550891
      },
      "component_n_comps": {
        "gpu": 0,
        "server": 0,
        "ssd": 0,
        "ram": 0,
        "hyperscaler": 105,
        "hbm": 7,
        "frontier_gpu": 131
      },
      "component_weights": {
        "gpu": 0.06,
        "server": 0.06,
        "ssd": 0.04,
        "ram": 0.04,
        "hyperscaler": 0.2,
        "hbm": 0.25,
        "frontier_gpu": 0.35
      },
      "component_source_tier": {
        "gpu": "tier_4_ebay_secondary",
        "server": "tier_4_ebay_secondary",
        "ssd": "tier_4_ebay_secondary",
        "ram": "tier_4_ebay_secondary",
        "hyperscaler": "tier_1_hyperscaler_api",
        "hbm": "tier_1_industry_research_and_filings",
        "frontier_gpu": "tier_2_integrator_channel_survey"
      },
      "source_mix": {
        "tier_1_pct": 0.325,
        "tier_2_pct": 0.35,
        "tier_3_pct": 0.125,
        "tier_4_pct": 0.2,
        "tier_5_pct": 0.0
      },
      "yoy_backfill_disclosed": true,
      "component_price_primitive": {
        "gpu": "ebay_transacted",
        "server": "ebay_transacted",
        "ssd": "ebay_transacted",
        "ram": "ebay_transacted",
        "hyperscaler": "cloud_quoted",
        "hbm": "stress_proxy",
        "frontier_gpu": "oem_list"
      },
      "component_source_structure": {
        "gpu": "secondary_market",
        "server": "secondary_market",
        "ssd": "secondary_market",
        "ram": "secondary_market",
        "hyperscaler": "multi_source_survey",
        "hbm": "multi_source_survey",
        "frontier_gpu": "multi_source_survey"
      },
      "gpu_condition_basis": "secondary_used_working",
      "frontier_node_value": 315618.7679550891,
      "frontier_per_accelerator_value": 46022.307281855916,
      "frontier_per_sku": {
        "as_8125gs_tnmr2_mi300x": {
          "node_median": 340193.0,
          "gpu_count": 8,
          "per_accelerator": 42524.125,
          "rack_scale": false
        },
        "as_a126gs_tnbr_gb200": {
          "node_median": 405073.0,
          "gpu_count": 4,
          "per_accelerator": 101268.25,
          "rack_scale": false
        },
        "bizon_x9000_b200_8gpu": {
          "node_median": 504326.2,
          "gpu_count": 8,
          "per_accelerator": 63040.775,
          "rack_scale": false
        },
        "bizon_x9000_h200_8gpu": {
          "node_median": 172642.52,
          "gpu_count": 8,
          "per_accelerator": 21580.315,
          "rack_scale": false
        },
        "exxact_ts4_b200_10u": {
          "node_median": 400328.5,
          "gpu_count": 8,
          "per_accelerator": 50041.0625,
          "rack_scale": false
        },
        "exxact_ts4_b200_8gpu": {
          "node_median": 420227.5,
          "gpu_count": 8,
          "per_accelerator": 52528.4375,
          "rack_scale": false
        },
        "exxact_ts4_h200_4gpu": {
          "node_median": 157522.2,
          "gpu_count": 4,
          "per_accelerator": 39380.55,
          "rack_scale": false
        },
        "exxact_ts4_h200_8gpu": {
          "node_median": 324874.0,
          "gpu_count": 8,
          "per_accelerator": 40609.25,
          "rack_scale": false
        },
        "exxact_ts4_mi300x_8gpu": {
          "node_median": 300877.5,
          "gpu_count": 8,
          "per_accelerator": 37609.6875,
          "rack_scale": false
        }
      },
      "frontier_n_sources": 3,
      "single_source_warning": false
    },
    {
      "ticker": "SWII",
      "name": "Interconnect",
      "components": "Networking eBay · Transceiver eBay · Ethernet optics survey · InfiniBand survey · DAC/AOC survey · NVSwitch OEM",
      "value": 97.56,
      "mom_pct": -4.21,
      "yoy_pct": null,
      "sparkline": [
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        101.85,
        97.56
      ],
      "headline_sku": "Cisco Catalyst 9300 (secondary)",
      "indicative": true,
      "data_through": "2026-09-04",
      "rebase_window_days": 28,
      "n_components": 6,
      "n_comps_used": 18,
      "component_values": {
        "networking_ebay": 100.0,
        "transceiver_ebay": 70.75,
        "fs_new_list": 100.0,
        "infiniband_fs": null,
        "dac_aoc_fs": 100.0,
        "nvswitch_oem": 100.0
      },
      "component_n_comps": {
        "networking_ebay": 0,
        "transceiver_ebay": 0,
        "fs_new_list": 7,
        "infiniband_fs": 0,
        "dac_aoc_fs": 10,
        "nvswitch_oem": 1
      },
      "component_weights": {
        "networking_ebay": 0.15,
        "transceiver_ebay": 0.05,
        "fs_new_list": 0.15,
        "infiniband_fs": 0.3,
        "dac_aoc_fs": 0.15,
        "nvswitch_oem": 0.2
      },
      "component_source_tier": {
        "networking_ebay": "tier_4_ebay_secondary",
        "transceiver_ebay": "tier_4_ebay_secondary",
        "fs_new_list": "tier_2_channel_partner",
        "infiniband_fs": "tier_2_channel_partner",
        "dac_aoc_fs": "tier_2_channel_partner",
        "nvswitch_oem": "tier_2_integrator_channel_survey"
      },
      "source_mix": {
        "tier_1_pct": 0.0,
        "tier_2_pct": 0.8,
        "tier_3_pct": 0.0,
        "tier_4_pct": 0.2,
        "tier_5_pct": 0.0
      },
      "component_price_primitive": {
        "networking_ebay": "ebay_transacted",
        "transceiver_ebay": "ebay_transacted",
        "fs_new_list": "channel_list",
        "infiniband_fs": "channel_list",
        "dac_aoc_fs": "channel_list",
        "nvswitch_oem": "oem_list"
      },
      "component_vendor": {
        "networking_ebay": "ebay",
        "transceiver_ebay": "ebay",
        "fs_new_list": "qsfptek_only",
        "infiniband_fs": "fs_com",
        "dac_aoc_fs": "interconnect_survey",
        "nvswitch_oem": "oem_integrator_survey"
      },
      "component_source_structure": {
        "networking_ebay": "secondary_market",
        "transceiver_ebay": "secondary_market",
        "fs_new_list": "channel_single_vendor",
        "infiniband_fs": "channel_single_vendor",
        "dac_aoc_fs": "multi_source_survey",
        "nvswitch_oem": "multi_source_survey"
      },
      "dominant_vendor": "fs_com",
      "dominant_vendor_weight": 0.3,
      "vendor_concentration_warning": false,
      "interconnect_vendors": [
        "10gtek",
        "qsfptek"
      ],
      "interconnect_vendor_comps": {
        "qsfptek": 33,
        "10gtek": 28
      },
      "interconnect_component_diag": {
        "infiniband_fs": {
          "dominant_vendor": null,
          "dominant_share": 0.0,
          "n_vendors": 0
        },
        "dac_aoc_fs": {
          "dominant_vendor": "qsfptek",
          "dominant_share": 0.6,
          "n_vendors": 2
        },
        "fs_new_list": {
          "dominant_vendor": "qsfptek",
          "dominant_share": 0.75,
          "n_vendors": 2
        }
      }
    },
    {
      "ticker": "SWPI",
      "name": "Power",
      "components": "Nationwide LMP · Queue depth · Backlog growth · Lead-time · BLS PPI",
      "value": 107.58,
      "weighted_lmp_per_mwh": 25.98,
      "mom_pct": 2.0,
      "yoy_pct": null,
      "sparkline": [
        108.1,
        105.18,
        105.32,
        105.96,
        108.76,
        108.1,
        108.1,
        106.36,
        105.85,
        106.76,
        111.29,
        107.58
      ],
      "headline_sku": "Diffusion index — 5/5 components active",
      "indicative": false,
      "data_through": "2026-09-04",
      "rebase_window_days": 730,
      "n_components": 5,
      "n_components_used": 5,
      "n_comps_used": 2654,
      "component_values": {
        "lmp": 101.75,
        "queue_depth": 98.86,
        "backlog_growth": 153.66,
        "lead_time": 66.67,
        "ppi": 106.69
      },
      "component_n_comps": {
        "lmp": 1,
        "queue_depth": 2630,
        "backlog_growth": 5,
        "lead_time": 14,
        "ppi": 4
      },
      "component_weights": {
        "lmp": 0.1,
        "queue_depth": 0.3,
        "backlog_growth": 0.25,
        "lead_time": 0.2,
        "ppi": 0.15
      },
      "component_weights_used": {
        "lmp": 0.1,
        "queue_depth": 0.3,
        "backlog_growth": 0.25,
        "lead_time": 0.2,
        "ppi": 0.15
      },
      "component_source_tier": {
        "lmp": "tier_5_public_infrastructure",
        "queue_depth": "tier_5_public_infrastructure",
        "backlog_growth": "tier_3_edgar_filings",
        "lead_time": "tier_3_edgar_filings",
        "ppi": "tier_1_bls_ppi"
      },
      "source_mix": {
        "tier_1_pct": 0.15,
        "tier_2_pct": 0.0,
        "tier_3_pct": 0.45,
        "tier_4_pct": 0.0,
        "tier_5_pct": 0.4
      },
      "component_price_primitive": {
        "lmp": "iso_settlement_price",
        "queue_depth": "infrastructure_dataset",
        "backlog_growth": "edgar_filing_signal",
        "lead_time": "edgar_filing_signal",
        "ppi": "gov_price_index"
      },
      "component_source_structure": {
        "lmp": "multi_source_survey",
        "queue_depth": "multi_source_survey",
        "backlog_growth": "multi_source_survey",
        "lead_time": "multi_source_survey",
        "ppi": "single_authoritative_feed"
      },
      "iso_component_values": {
        "ercot": 25.98,
        "pjm": null,
        "spp": null,
        "miso": null,
        "caiso": null,
        "nyiso": null,
        "iso_ne": null
      },
      "methodology": "diffusion",
      "interpretation": "Value > 100 = grid more stressed than trailing 24-month baseline.",
      "v1_partial_fallback_used": false
    },
    {
      "ticker": "SWFI",
      "name": "Facility",
      "components": "T&M · PLC · PPI process instruments · PPI HVAC · EDGAR cohort sentiment · CDW cooling channel",
      "value": 123.12,
      "mom_pct": -4.34,
      "yoy_pct": null,
      "sparkline": [
        107.28,
        108.42,
        109.15,
        111.34,
        106.6,
        109.15,
        105.64,
        113.01,
        105.33,
        115.1,
        101.48,
        123.12
      ],
      "headline_sku": "Composite — 4/6 components active",
      "indicative": false,
      "data_through": "2026-09-04",
      "rebase_window_days": 730,
      "n_components": 6,
      "n_components_used": 4,
      "n_comps_used": 322,
      "component_values": {
        "tm_ebay": null,
        "plc_ebay": 250.0,
        "ppi_process": 103.55,
        "ppi_hvac": 104.28,
        "edgar_sentiment": 98.08,
        "cooling": null
      },
      "component_n_comps": {
        "tm_ebay": 17,
        "plc_ebay": 253,
        "ppi_process": 24,
        "ppi_hvac": 24,
        "edgar_sentiment": 4,
        "cooling": 0
      },
      "component_weights": {
        "tm_ebay": 0.1,
        "plc_ebay": 0.1,
        "ppi_process": 0.2,
        "ppi_hvac": 0.2,
        "edgar_sentiment": 0.2,
        "cooling": 0.2
      },
      "component_weights_used": {
        "plc_ebay": 0.1429,
        "ppi_process": 0.2857,
        "ppi_hvac": 0.2857,
        "edgar_sentiment": 0.2857
      },
      "component_source_tier": {
        "tm_ebay": "tier_4_ebay_secondary",
        "plc_ebay": "tier_4_ebay_secondary",
        "ppi_process": "tier_1_bls_ppi",
        "ppi_hvac": "tier_1_bls_ppi",
        "edgar_sentiment": "tier_3_edgar_filings",
        "cooling": "tier_2_channel_partner"
      },
      "source_mix": {
        "tier_1_pct": 0.4,
        "tier_2_pct": 0.2,
        "tier_3_pct": 0.2,
        "tier_4_pct": 0.2,
        "tier_5_pct": 0.0
      },
      "component_price_primitive": {
        "tm_ebay": "ebay_transacted",
        "plc_ebay": "ebay_transacted",
        "ppi_process": "gov_price_index",
        "ppi_hvac": "gov_price_index",
        "edgar_sentiment": "edgar_filing_signal",
        "cooling": "channel_list"
      },
      "component_source_structure": {
        "tm_ebay": "secondary_market",
        "plc_ebay": "secondary_market",
        "ppi_process": "single_authoritative_feed",
        "ppi_hvac": "single_authoritative_feed",
        "edgar_sentiment": "multi_source_survey",
        "cooling": "channel_single_vendor"
      },
      "methodology": "hybrid_spot_diffusion",
      "interpretation": "Combines spot eBay (T&M, PLC) with diffusion (PPI, EDGAR cohort sentiment)."
    }
  ],
  "snapshot_id": "snapshot-9ef50e9f757dba6ee5976ca394d614eb44022b94dcc66fb4951a50d917f406dd"
}