Indices · AI Users New
AI Users — the index for the companies that put AI to work.
Our four AI indices each answer one question: who earns from building AI, from renting it out, from selling AI products. AI Users asks the fifth — whose existing business gets more valuable because AI makes it run better? The family starts with the layer that is visible first: the IT-services companies that sell AI adoption to everyone else.
The AI ladder since 30 September
All four indices rebased to 1,000 on the 30 September 2026 close — the quarterly rebalance date of the Closelooknet indices. As of 2026-10-22.
- Rubin Build-Out (EW) AI capex — what gets built 827.5 -17.2%
- Agentic Ecosystem (EW) AI opex — what gets rented 924.1 -7.6%
- Agentic Winners (EW) AI applications — what gets sold 1,077.1 +7.7%
- AI Users — Implementers (EW) AI adoption — who gets paid to put it to work 1,246.0 +24.6%
AI Users — Implementers (CL-AIU-IMP-EW) Back-calculation
Equal weight at the 30 September 2026 close, buy-and-hold to the next quarterly rebalance; price index in USD (EUR and INR converted at daily rates). Values from 1 October 2026 until go-live are a back-calculation under the point-in-time rules of the methodology; from go-live the index runs as published.
| Member | Home market | Since base | Last session |
|---|---|---|---|
| DXC Technology DXC | US · USD | +48.5% | +4.4% |
| Accenture ACN | US/IE · USD | +41.1% | +7.7% |
| Kyndryl KD | US · USD | +35.0% | +5.9% |
| Globant GLOB | LU/AR · USD | +31.9% | +6.0% |
| Genpact G | US · USD | +28.4% | +6.2% |
| Cognizant CTSH | US · USD | +28.3% | +6.0% |
| EPAM Systems EPAM | US · USD | +28.0% | +3.5% |
| ExlService EXLS | US · USD | +24.8% | +4.6% |
| Tata Consultancy Services TCS.NS | IN · INR | +24.4% | -0.9% |
| Wipro WIPRO.NS | IN · INR | +22.2% | +0.7% |
| Tech Mahindra TECHM.NS | IN · INR | +21.1% | -0.3% |
| CGI GIB | CA · USD | +20.8% | +3.2% |
| Capgemini CAP.PA | FR · EUR | +20.3% | +1.3% |
| Infosys INFY.NS | IN · INR | +18.0% | -1.3% |
| HCLTech HCLTECH.NS | IN · INR | +17.6% | -0.2% |
| Coforge COFORGE.NS | IN · INR | +11.0% | -2.2% |
| Sopra Steria SOP.PA | FR · EUR | +10.9% | +0.8% |
| Persistent Systems PERSISTENT.NS | IN · INR | +10.6% | -2.0% |
Not priced in this run: NTT Data (taken private by NTT and delisted — no longer priced) · LTIMindtree (not yet in the price lake — joins after onboarding).
AI Users — Early Adopters (CL-AIU-EW) In build
The core index: 20–30 companies whose own operations demonstrably improve with AI — banks, insurers, logistics, retail, industrials — selected in two steps. First the sectors where AI creates the most value early, then within them the companies with the strongest evidence: disclosed adoption plus the decoupling of revenue from headcount. Every company carries one of four stages — Early Adopter, Adopter, Coincident, Laggard — and leaves the index once AI has become standard in its industry.
Status: the universe and the first quantitative maturity atlas are built (1,931 companies above $5 billion). Next: the evidence register and the stage engine — then the first member list, back-calculated to the same 30 September base under point-in-time rules. Price strength never decides membership.