# AI Infrastructure Index The Stockatomics AI Infrastructure Index follows what the hardware behind AI costs, month by month. It brings together the chips, memory and optics inside data centres with the transformers, switchgear and cooling that power them, and reads 100 in January 2023. Source: https://www.stockatomics.com/ai-infrastructure-index - Index level: 1,212.47 (January 2023 = 100, latest month August 2026) - In the Stockatomics Terminal (sign-in required): https://www.stockatomics.com/terminal/supply-constraints ## What the index tracks An AI data centre is a building full of hardware. Accelerators and memory do the computing, optical transceivers move data between them, and circuit boards and capacitors hold it all together. Around them sit the switchgear, transformers, converters, turbines and cooling systems that keep everything powered and running. The AI Infrastructure Index follows what US buyers pay for each unit of that hardware when it’s imported, and combines it into one number. When the index rises, the equipment going into AI infrastructure costs more per unit, and when it falls, it costs less. ## How to read it The index starts at 100 in January 2023. A reading of 200 means the hardware costs twice as much per unit as it did then, while a reading of 50 means it costs half as much. Some of the rise comes from prices climbing as demand outruns supply. Some comes from what’s being bought, as data centres move from standard servers to far more powerful and expensive AI systems. Together they show how much more capital each piece of AI infrastructure now takes. ## How the index is built Every month, each component’s Stockatomics benchmark, the average value of a unit imported into the US, is compared with its level in January 2023. The index combines those changes into a single figure, giving each component a weight based on how much the US imported of it in 2025, so the components with the most money flowing into them count the most. The index updates every month, as new benchmarks are published. ## What’s in the index The components behind the index and how much each one counts towards it, largest first. Select a component to see its own prices, its supply and the companies that make it. | Component | Weight | | --- | --- | | [AI accelerators and server processors](https://www.stockatomics.com/components/gpu-accelerators) | 55.71% | | [Optical transceivers and network optics](https://www.stockatomics.com/components/optical-transceivers) | 23.84% | | [Switchgear and control panels](https://www.stockatomics.com/components/switchgear) | 6.06% | | [UPS, inverters and static converters](https://www.stockatomics.com/components/ups-and-static-converters) | 5.06% | | [Semiconductor manufacturing equipment](https://www.stockatomics.com/components/semiconductor-equipment) | 1.98% | | [Chillers and air-conditioning units](https://www.stockatomics.com/components/cooling-and-air-conditioning) | 1.74% | | [Multilayer ceramic capacitors](https://www.stockatomics.com/components/mlcc) | 1.38% | | [Large power transformers over 10 MVA](https://www.stockatomics.com/components/large-power-transformers) | 1.14% | | [Copper wire and high-voltage cable](https://www.stockatomics.com/components/copper-wire-and-cable) | 0.95% | | [Printed circuit boards and substrates](https://www.stockatomics.com/components/printed-circuit-boards) | 0.82% | | [DRAM, HBM and NAND memory](https://www.stockatomics.com/components/memory-chips) | 0.65% | | [Silicon wafers](https://www.stockatomics.com/components/silicon-wafers) | 0.47% | | [Gas turbines over 5 MW](https://www.stockatomics.com/components/gas-turbines) | 0.14% | | [Tantalum capacitors](https://www.stockatomics.com/components/tantalum-capacitors) | 0.03% | | [Grain-oriented electrical steel](https://www.stockatomics.com/components/electrical-steel) | 0.02% | ## AI Infrastructure Index Monthly, January 2023 = 100, newest first. | Month | Level | | --- | --- | | October 2026 | 1,212.47 | | September 2026 | 1,212.47 | | August 2026 | 1,212.47 | | July 2026 | 1,053.20 | | June 2026 | 833.61 | | May 2026 | 697.61 | | April 2026 | 261.65 | | March 2026 | 502.10 | | February 2026 | 708.89 | | January 2026 | 929.02 | | December 2025 | 478.33 | | November 2025 | 264.71 | | October 2025 | 257.47 | | September 2025 | 213.45 | | August 2025 | 199.91 | | July 2025 | 209.39 | | June 2025 | 113.04 | | May 2025 | 139.68 | | April 2025 | 230.19 | | March 2025 | 222.61 | | February 2025 | 114.16 | | January 2025 | 215.89 | | December 2024 | 100.57 | | November 2024 | 209.38 | | October 2024 | 106.80 | | September 2024 | 115.79 | | August 2024 | 129.26 | | July 2024 | 141.93 | | June 2024 | 87.46 | | May 2024 | 89.87 | | April 2024 | 112.96 | | March 2024 | 87.35 | | February 2024 | 108.26 | | January 2024 | 149.66 | | December 2023 | 82.15 | | November 2023 | 83.40 | | October 2023 | 84.67 | | September 2023 | 76.62 | | August 2023 | 101.24 | | July 2023 | 73.89 | | June 2023 | 91.68 | | May 2023 | 104.44 | | April 2023 | 103.03 | | March 2023 | 105.12 | | February 2023 | 100.99 | | January 2023 | 100.00 | ## AI Infrastructure Index FAQ ### What is the AI Infrastructure Index? A monthly measure of what the hardware behind AI costs, published by Stockatomics. It follows the chips, memory and network optics inside data centres, as well as the power and cooling equipment around them, and reads 100 in January 2023. ### What does the latest reading mean? It shows how much the cost per unit of AI hardware has changed since January 2023. A reading of 300, for example, means that hardware costs three times as much per unit as it did then. ### Why has the index risen so much? Two things push it up. Prices have climbed as demand for AI hardware outpaced supply, and each unit bought has become more valuable as data centres switched from standard servers to far more powerful AI systems. The index captures both. ### Which components does it include? The hardware that AI data centres are built from, from accelerators, memory and optics to transformers, switchgear and cooling. The full list, with how much each one counts, is on this page. ### How are the components weighted? By how much the US imported of each one in 2025, so the components with the most money flowing into them count the most. ### Is the index a price in US dollars? No. It’s a level that compares each month with January 2023, which makes components priced per chip, per transformer or per kilogram comparable. Each component’s own price in US dollars is on its page. ### Is it a stock market index? No. It tracks the cost of physical hardware, not share prices. To see how the companies that make and buy this hardware are performing, open any component’s page. ### How often is it updated? Every month, when the latest benchmarks are published. ### Where can I follow it? On this page and in the Stockatomics Terminal. ## More research - [The Stockatomics Model](https://www.stockatomics.com/research): what Stockatomics measures and where the data comes from. - [Supply Elasticity (SES)](https://www.stockatomics.com/research/supply-elasticity): How hard it is for supply to respond when demand rises. - [Supply Concentration (C)](https://www.stockatomics.com/research/supply-concentration): How few producing countries hold world supply. - [Demand Momentum (DM)](https://www.stockatomics.com/research/demand-momentum): The demand growth a mineral inherits from the sectors that use it. - [Company Exposure (CMCS)](https://www.stockatomics.com/research/company-exposure): How much of a listed company’s output is in constrained, concentrated, fast-growing minerals. - [Benchmark Prices](https://www.stockatomics.com/research/benchmark-prices): The monthly price per kg contained, for every critical mineral. - [Stock vs Mineral Performance](https://www.stockatomics.com/research/stock-vs-mineral): How listed companies performed against their minerals’ benchmark prices. - [Research paper](https://www.stockatomics.com/research/constraint-transmission-framework): Constraint Transmission Framework, with every scoring identity set out.