{
  "meta": {
    "index_name": "newtype AI Index",
    "index_ticker": "NTAI",
    "as_of": "2026-07-19",
    "effective_date": "2026-07-17",
    "effective_date_note": "2026-07-19 is a Sunday. Index uses 2026-07-17 (the last trading day before the baseline as_of date) as the inception NAV reference.",
    "framework": "newtype AI Stack seven-layer",
    "source_baseline": "https://github.com/newtype-01/ai-signal-system/blob/main/reports/baseline-2026-07-19.md",
    "source_universe": "https://github.com/newtype-01/ai-signal-system/blob/main/config/universe.json",
    "disclaimer": "Research-only. Not personalized investment advice. Not a buy or sell signal. Weights are model targets, not actual holdings."
  },
  "constituents": [
    {
      "ticker": "NVDA",
      "name": "NVIDIA Corporation",
      "primary_layer": 4,
      "layer_name": "Compute Hardware",
      "tier": "Core",
      "weight": 0.22,
      "scarcity": "core_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "endgame_candidate",
      "role": "GPU算力硬件核心，定义加速计算与互联架构",
      "watch_reason": "数据中心收入、毛利率、下一季度指引是算力层最直接温度计",
      "stack_layers": [
        4,
        3,
        5
      ],
      "latest_price": 225.3,
      "day_change_pct": 0.54
    },
    {
      "ticker": "MU",
      "name": "Micron Technology, Inc.",
      "primary_layer": 3,
      "layer_name": "Interconnect & Memory",
      "tier": "Core",
      "weight": 0.22,
      "scarcity": "secondary_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "cyclical_bridge",
      "role": "HBM / DRAM存储，AI内存瓶颈环节",
      "watch_reason": "HBM供需是核心假设；最大风险是市场发现HBM不再稀缺，估值从AI基建股回落到存储周期股",
      "stack_layers": [
        3
      ],
      "latest_price": 949.83,
      "day_change_pct": 4.23
    },
    {
      "ticker": "VRT",
      "name": "Vertiv Holdings Co",
      "primary_layer": 2,
      "layer_name": "Infrastructure",
      "tier": "Core",
      "weight": 0.22,
      "scarcity": "secondary_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "endgame_candidate",
      "role": "数据中心供配电与液冷基础设施",
      "watch_reason": "订单积压与book-to-bill反映数据中心落地节奏",
      "stack_layers": [
        2
      ],
      "latest_price": 287.07,
      "day_change_pct": -0.45
    },
    {
      "ticker": "CEG",
      "name": "Constellation Energy Corporation",
      "primary_layer": 1,
      "layer_name": "Energy",
      "tier": "N-Stack",
      "weight": 0.12,
      "scarcity": "secondary_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "endgame_candidate",
      "role": "核电与电力供应，数据中心PPA对手方",
      "watch_reason": "电力是最长扩产周期（5-15年）的物理瓶颈，过渡期红利与并网约束并存",
      "stack_layers": [
        1
      ],
      "latest_price": 278.64,
      "day_change_pct": -0.01
    },
    {
      "ticker": "TSM",
      "name": "Taiwan Semiconductor Manufacturing Company",
      "primary_layer": 4,
      "layer_name": "Compute Hardware",
      "tier": "Bridge",
      "weight": 0.1,
      "scarcity": "core_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "endgame_candidate",
      "note": "Baseline universe 将 TSM 标为 Watch 层（0-8% 权重区间），Index 显式给予 Bridge 位 10% 权重，反映其作为 AI 算力物理制造底座的核心稀缺性。",
      "role": "先进制程与先进封装（CoWoS/SoIC）制造底座",
      "watch_reason": "AI芯片能否继续放量的物理约束；HPC收入占比与CoWoS供需是先行信号（本次未取finance基线，需补研）",
      "stack_layers": [
        4,
        3
      ],
      "latest_price": 430.49,
      "day_change_pct": 0.31
    },
    {
      "ticker": "MRVL",
      "name": "Marvell Technology, Inc.",
      "primary_layer": 4,
      "layer_name": "Compute Hardware",
      "tier": "N-Stack",
      "weight": 0.06,
      "scarcity": "secondary_scarcity",
      "shovel_vs_gold": "shovel",
      "endgame_view": "uncertain",
      "role": "定制ASIC与光互联/DSP，云厂商自研芯片合作方",
      "watch_reason": "自研ASIC与CPO/光互联路线切换的直接受益或受损方",
      "stack_layers": [
        4,
        3
      ],
      "latest_price": 222.18,
      "day_change_pct": 2.35
    },
    {
      "ticker": "NBIS",
      "name": "Nebius Group N.V.",
      "primary_layer": 5,
      "layer_name": "Cloud / IaaS",
      "tier": "N-Stack",
      "weight": 0.06,
      "scarcity": "replaceable",
      "shovel_vs_gold": "between",
      "endgame_view": "bridge",
      "role": "Neo-cloud算力租赁，高弹性算力服务",
      "watch_reason": "高弹性过渡期资产，商业模式可能被Hyperscaler收回；核心逻辑是算力短缺与大客户长期合同",
      "stack_layers": [
        5
      ],
      "latest_price": 255.04,
      "day_change_pct": -1.6
    }
  ],
  "totals": {
    "constituent_count": 7,
    "total_weight": 1.0,
    "layer_coverage": [
      1,
      2,
      3,
      4,
      5
    ],
    "core_weight": 0.66,
    "n_stack_weight": 0.24,
    "bridge_weight": 0.1
  },
  "price_snapshot": {
    "latest_date": "2026-08-13",
    "prev_date": "2026-08-12"
  }
}