The Weekly Board

The board

Every narrative ranked by how loud it is, who holds it and what its ETFs returned.

The board ranks the 22 market stories StoryVector measures by how loud each one is this week, across six channels, with who holds each one and what its ETFs returned over 12 months. This week the loudest are onchain infrastructure, the productivity handoff and the rate regime; the quietest is the credit signal.

59.2loudest: onchain infrastructure
+16.3biggest 4-week move: the values trade
+50.2%best 12 months: the AI compute core (US +16.8%)
93%most concentrated: QTUM holds the quantum frontier
641most ETFs: dollar displacement
FRI OCT 9All 22 narratives
#NarrativeLevel, 25 to 604 weeksLargest holderLast 12 months, rankedETFs
1Onchain infrastructureNetworks, tokens, rails59.24 weeksLargest holderBSOL 20.6%top five 63.2%Last 12 months−37.2%47
2The productivity handoffEnterprise workflow margin58.44 weeksLargest holderCIBR 31.1%top five 77.5%Last 12 months+17.9%168
3The rate regimeFed communications, yields57.84 weeksLargest holderBND 7.6%top five 27.8%Last 12 months−0.6%424
4The AI compute coreMemory and compute57.04 weeksLargest holderVGT 23.8%top five 68.5%Last 12 months+50.2%396
5Crypto convictionBitcoin, regulation, adoption57.04 weeksLargest holderIBIT 49.5%top five 79.8%Last 12 months−29.5%176
6Geopolitical supplyHormuz, OPEC, crude56.94 weeksLargest holderXLE 37.4%top five 70.4%Last 12 months+39.7%88
7Hard asset flightDollar weakness, distrust55.84 weeksLargest holderGLD 36.5%top five 74.9%Last 12 months+14.9%106
8The quantum frontierBeyond silicon, pre-revenue53.44 weeksLargest holderQTUM 92.7%top five 99.9%Last 12 monthsUnder a year old25
9Pure narrative flowThe crowd as signal53.04 weeksLargest holderARKK 91.7%top five 98.2%Last 12 months−0.4%99
10The orbital economyLaunch, satellites, orbit50.44 weeksLargest holderNASA 39.2%top five 96.6%Last 12 months+18.1%44
11The refinancing cycleReal estate refinancing49.14 weeksLargest holderVNQ 40.2%top five 71.5%Last 12 months+2.1%64
12The defense tradeDeterrence and rearmament48.64 weeksLargest holderXLI 38.8%top five 82.5%Last 12 months+5.2%67
13The power constraintGrid and nuclear48.24 weeksLargest holderXLU 32.5%top five 77.5%Last 12 months−1.0%80
14Physical AI layerProduction lines, logistics48.14 weeksLargest holderBOTZ 28.7%top five 87.6%Last 12 months+22.5%53
15The income overlayCovered calls, dividends46.04 weeksLargest holderVIG 10.5%top five 36.6%Last 12 months+10.8%629
16The trade-war taxTariffs as cost43.14 weeksLargest holderXLY 57.4%top five 98.4%Last 12 months−3.7%30
17The values tradeESG and anti-ESG42.64 weeksLargest holderESGU 13.2%top five 38.1%Last 12 months+14.9%127
18The fear layerVolatility and hedges42.34 weeksLargest holderDBMF 3.8%top five 13.1%Last 12 months+11.8%584
19Dollar displacementUS exceptionalism repricing41.54 weeksLargest holderVEA 9.6%top five 35.5%Last 12 months+19.3%641
20The biology tradeFDA decisions, CRISPR41.24 weeksLargest holderXLV 36.3%top five 73.3%Last 12 months+24.2%92
21The reshoring tradeCritical materials, fabrication40.54 weeksLargest holderPAVE 18.5%top five 59.1%Last 12 months+14.5%87
22The credit signalSpreads and defaults34.74 weeksLargest holderXLF 6.2%top five 26.5%Last 12 months+0.6%431

Last 12 months: market price total return of the ETFs that carry the narrative, asset weighted, to October 2, 2026. The bar ranks the 21 narratives with a full year, lowest to highest; the white notch is this one and the thin tick is broad US ETFs (+16.8%). Attention and returns sit side by side, not as cause and effect. Measured and past, not a forecast.

ETFs we checked and found to hold no narrative sit in the Beta Book →

Attention against ownership

Further right is louder. Higher means more of the capital sits in the top five ETFs. Bigger bubbles have more ETFs.

Swipe the chart sideways to see all of it
253035404550556040%60%80%100%QUIET & CONCENTRATEDLOUD & CONCENTRATEDQUIET & SPREADLOUD & SPREADIncome overlayCredit signalBiology tradeReshoring tradePower constraintDefense tradeRefinancing cyclePhysical AI layerOrbital economyTrade-war taxDollar displacementAI compute corePure narrative flowCrypto convictionHard asset flightATTENTION LEVEL, W41TOP FIVE ETFS’ SHARE OF THE CAPITAL
Bubble size is the number of ETFs carrying the narrative. Color is this week’s band. The lines split the board at its median level (48.9 this week) and at 70% concentration. Where a name does not fit beside its bubble, hover over or tap the bubble.
Loud and concentrated 8
The productivity handoff, Crypto conviction, Geopolitical supply, Hard asset flight, The quantum frontier, Pure narrative flow, The orbital economy, The refinancing cycle
Loud and spread 3
Onchain infrastructure, The rate regime, The AI compute core
Quiet and concentrated 5
The defense trade, The power constraint, Physical AI layer, The trade-war tax, The biology trade
Quiet and spread 6
The income overlay, The values trade, The fear layer, Dollar displacement, The reshoring trade, The credit signal

Compare narratives

Pick up to five and see their last four weeks side by side on the fixed scale.

Swipe the chart sideways to see all of it
Pick up to five from the lists; a sixth replaces the oldest. The last four weeks on the fixed 25 to 60 scale, with each week’s HOT and QUIET zones shaded. Bands are the top and bottom 15% of that week, so the zones move. A level under 25 is drawn on the floor and marked “below 25”. A record of levels, not a forecast.
Hot
Warm
Quiet

Do the channels agree?

Each dot is one of the six channels, the white mark is the level.

Level
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020406080100Onchain infrastructurelevel 59.2Onchain infrastructure: Investor boards 58.2Onchain infrastructure: Reference pages 54.0Onchain infrastructure: News 62.4Onchain infrastructure: Video 66.9Onchain infrastructure: Search 54.413The productivity handofflevel 58.4The productivity handoff: Investor boards 36.8The productivity handoff: Reference pages 78.3The productivity handoff: News 61.0The productivity handoff: Forums 58.4The productivity handoff: Video 57.3The productivity handoff: Search 58.542The rate regimelevel 57.8The rate regime: Investor boards 38.2The rate regime: Reference pages 55.1The rate regime: News 57.4The rate regime: Forums 55.7The rate regime: Video 64.0The rate regime: Search 76.338The AI compute corelevel 57.0The AI compute core: Investor boards 48.2The AI compute core: Reference pages 54.4The AI compute core: News 59.0The AI compute core: Forums 65.2The AI compute core: Video 61.6The AI compute core: Search 53.717Crypto convictionlevel 57.0Crypto conviction: Investor boards 58.1Crypto conviction: Reference pages 66.1Crypto conviction: News 59.1Crypto conviction: Forums 28.2Crypto conviction: Video 75.8Crypto conviction: Search 54.948Geopolitical supplylevel 56.9Geopolitical supply: Investor boards 38.3Geopolitical supply: Reference pages 53.5Geopolitical supply: News 67.5Geopolitical supply: Forums 57.8Geopolitical supply: Video 67.3Geopolitical supply: Search 57.129Hard asset flightlevel 55.8Hard asset flight: Investor boards 38.6Hard asset flight: Reference pages 53.4Hard asset flight: News 62.6Hard asset flight: Forums 38.5Hard asset flight: Video 61.6Hard asset flight: Search 80.242The quantum frontierlevel 53.4The quantum frontier: Investor boards 47.2The quantum frontier: Reference pages 48.0The quantum frontier: News 59.8The quantum frontier: Video 65.5The quantum frontier: Search 46.319Pure narrative flowlevel 53.0Pure narrative flow: Investor boards 68.9Pure narrative flow: Reference pages 45.5Pure narrative flow: News 58.0Pure narrative flow: Video 53.1Pure narrative flow: Search 39.629The orbital economylevel 50.4The orbital economy: Investor boards 55.5The orbital economy: Reference pages 51.5The orbital economy: News 53.6The orbital economy: Forums 56.1The orbital economy: Video 67.2The orbital economy: Search 18.748The refinancing cyclelevel 49.1The refinancing cycle: Investor boards 27.4The refinancing cycle: Reference pages 41.8The refinancing cycle: News 62.9The refinancing cycle: Forums 38.3The refinancing cycle: Video 69.8The refinancing cycle: Search 54.542The defense tradelevel 48.6The defense trade: Investor boards 31.0The defense trade: Reference pages 54.5The defense trade: News 68.8The defense trade: Forums 12.1The defense trade: Video 63.9The defense trade: Search 61.457The power constraintlevel 48.2The power constraint: Reference pages 55.3The power constraint: News 36.3The power constraint: Forums 36.4The power constraint: Video 62.2The power constraint: Search 50.626Physical AI layerlevel 48.1Physical AI layer: Reference pages 48.9Physical AI layer: News 55.3Physical AI layer: Forums 31.4Physical AI layer: Video 61.1Physical AI layer: Search 43.630The income overlaylevel 46.0The income overlay: Reference pages 23.1The income overlay: News 62.0The income overlay: Forums 40.3The income overlay: Video 63.1The income overlay: Search 41.540The trade-war taxlevel 43.1The trade-war tax: Reference pages 33.1The trade-war tax: News 67.8The trade-war tax: Forums 0.0The trade-war tax: Video 61.6The trade-war tax: Search 52.868The values tradelevel 42.6The values trade: Reference pages 27.3The values trade: News 48.7The values trade: Video 46.2The values trade: Search 48.021The fear layerlevel 42.3The fear layer: Investor boards 29.6The fear layer: Reference pages 39.2The fear layer: Forums 28.2The fear layer: Video 62.5The fear layer: Search 51.834Dollar displacementlevel 41.5Dollar displacement: Reference pages 48.9Dollar displacement: Forums 32.1Dollar displacement: Video 69.1Dollar displacement: Search 15.753The biology tradelevel 41.2The biology trade: Investor boards 32.4The biology trade: Reference pages 45.2The biology trade: News 56.8The biology trade: Forums 12.1The biology trade: Video 56.8The biology trade: Search 43.745The reshoring tradelevel 40.5The reshoring trade: Investor boards 34.1The reshoring trade: Reference pages 38.7The reshoring trade: News 53.8The reshoring trade: Video 53.7The reshoring trade: Search 22.331The credit signallevel 34.7The credit signal: Investor boards 15.3The credit signal: Reference pages 26.4The credit signal: News 22.9The credit signal: Forums 34.1The credit signal: Video 59.1The credit signal: Search 50.344SPREAD
Channel scores run 0 to 100. Click a channel to pick it out; click again to see all six. The white mark is the level, the dot beside each name is its band, and the number on the right is the gap between the highest and lowest channel. A channel that did not report this week has no dot (13 of 132 this week).

Common questions

What are the loudest market stories this week?

Onchain infrastructure at 59.2 (HOT); the productivity handoff at 58.4 (HOT); the rate regime at 57.8 (HOT). Levels run on a fixed scale of 25 to 60.

Which market stories are quietest this week?

The credit signal at 34.7 (QUIET); the reshoring trade at 40.5 (QUIET); the biology trade at 41.2 (QUIET).

Which market story do the most ETFs carry?

Dollar displacement: 641 US ETFs carry it.

Which stories' ETFs returned the most over the past year?

The AI compute core +50.2%; geopolitical supply +39.7%; the biology trade +24.2%, against +16.8% for broad US ETFs. Asset weighted, to October 2, 2026. Past performance only.

How is attention measured?

Each story is scored 0 to 100 on six channels every week: search, video, news, forums, investor boards and reference pages. The six are averaged into one level on a fixed 25 to 60 scale. HOT is the top 15% of the week and QUIET the bottom 15%. A level says how loud a story is, not where it is going.

Levels are attention, not direction: no narrative is labeled rising or falling, and nothing here forecasts flows. Ownership is capital Share of Narrative, exposure-weighted, from the week’s holdings.