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Data as of 7/28/2026. This product is a basket created by personnel of Agora Indexing Technologies LLC or its affiliates and is provided for informational purposes only. It is not a financial index, financial benchmark, or IOSCO-compliant product, and is not administered by Tilt Indices LLC. Product performance is shown for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
Composition
Themes
T1AI budget without AI strategyT2Enterprise AI pilot failure with no P&L impactT3Gross margin compression in AI-native businessesT4CFO-led AI spending cuts Q2 catalystT5Rotation from AI hype to fundamental business qualityT6Disciplined AI integration preserving gross marginsT7AI monetization gap between adoption and revenueT8High gross margin software and marketplace operatorsT9SaaS unit economics disciplineT10Enterprise software margin normalization
Paper basket composition
as of Jun 11, 2026AI Psychosis
Q2 earnings reprice the AI spenders.
People drop thousand-word AI critiques into my @Notion docs without reading the page. I get screenshots in ten-point font captioned "here's what @Claude thinks," and pull requests so big the sender clearly never re-read them. My company isn't special. I hear the same stories over coffee.
My read: executives mistook an AI budget for an AI strategy. Everyone tells everyone to use AI for all the things, so AI gets added to products before anyone prices it. @MIT measured 95 percent of enterprise pilots with no P&L impact. @ICONIQ has AI builders expecting 52 percent gross margins in a category that used to run 70 to 80. CFOs started cutting this spring, and the cuts land in the numbers companies report in July and August, inside this window.
So I think the money rotates out of the loudest AI spenders and into operators with healthy fundamentals who can show the spend pays. A friend builds conversational AI at a marketplace, and I doubt the margins can pay for the tokens. It's my bet on why $Airbnb still doesn't put a chatbot between you and a booking. They can't afford it, and they've kept their sanity.
I'm wrong if the Q2 prints show AI features converting into paid seats with margins holding.