Thirty-four evidence mentions, the densest attribution in the basket. Eased 0.91 to 0.90 with the band widened 0.03 to 0.04 on a close at 212.17, down 5.5% from September 2, including a 3.4% fall on September 14 with no franchise-specific news - the stock traded the rate, not the cycle. Primary-vehicle retained on liquidity, attribution and pace-setting for the complex.

Eased 0.90 to 0.89. The $70B 2027 data-center guide stands and nothing contradicted it, but the stock gave back 3.2% of its 14% window gain on no news. Twenty-one evidence mentions. Still within a point of NVDA - the basket remains a basket.

Eased 0.88 to 0.87. The multi-year AI revenue outline is the longest forward visibility in the basket, but AVGO closed 339.27, down 7.6% from September 2 - the largest decline of any leg here, extending the sell-the-beat reaction of September 3. Custom-accelerator exposure still diversifies the basket away from merchant GPU.

Raised 0.80 to 0.82 with the band widened 0.07 to 0.08 - a deliberate pairing. Three new evidence mentions, the most of any leg this window: cloud infrastructure revenue up 121% with 300,000-plus GPUs deployed at 97.9% utilisation and $664B of RPO is the capex-consumer end of the cycle confirming demand in the most direct form available. But the build is now funded by a $20B equity raise on top of negative free cash flow and the market sold the beat 7%. This is the leg most exposed to a 5% ten-year, and the wider band says so.

Eased 0.68 to 0.66 with the band widened. High-beta-proxy where AI-cycle participation is optionality rather than delivered revenue; in a window where the whole complex sold off on rates, a name with no franchise-specific evidence and the highest beta is the weakest fit. Kept at the bottom of the basket.