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AGIOPSAutomated Growth & Infrastructure Operations IndexAuto-Updated Daily EOD · 2026-10-23

The AGI-Ops Index

The macro thermometer tracking process optimization, operational leverage, and automation efficiency across global tech.

AGI-Ops Index Level (Base 100)
610.87+0.47% (24h)
+351.84% Top-10 Outperformance vs. QQQ (4Y)
API & Quantitative Methodology Docs
AGI-Ops Top 10 Leaders (4Y)
+510.87%10.0% Equal Weight

Beats QQQ by +351.84% over 4Y

AGI-Ops General Index (4Y EW)
+219.68%+60.65% vs QQQ

Equal-weighted across all 54 analyzed tech firms

Bottom 10 Laggards (4Y EW)
+88.32%Score < 40

Legacy operators with elevated SG&A overhead

Nasdaq-100 Benchmark (QQQ)
+159.03%Spread: +422.55%

Leaders vs. Laggards Spread: +422.55%

Macro Benchmark: The AGI-Ops Index vs. QQQ (4Y)

Point-in-time Equal-Weight performance with 55-day SEC filing lag and Revenue Stability Guardrail (`agi-ops-general.json`).

AGI-Ops Top 10 Leaders: +510.87%
AGI-Ops General Equal-Weight (54 Stocks): +219.68%
Bottom 10 Laggards: +88.32%
QQQ Benchmark: +159.03%
Section 01 · Operational Sector Matrix (4Y)

Sector Performance & AGI-Ops Score Breakdown

Toggle operational sectors (`Hardware & Semiconductors`, `AI-Native`, `Cloud & Infra`, `Enterprise SaaS`) and switch timeframes to inspect their relative efficiency curves and average 0–100 sub-scores (`agi-ops-sectors.json`).

Cloud & Infra15 firms
Avg AGI-Ops Score
56.9/100
4Y Sector Return
+241.51%
Productivity (35%):52/100
Margin Exp (25%):46/100
SG&A Cut (20%):62/100
R&D Push (20%):74/100
Top Leader:GOOGL (79.8)
Enterprise SaaS19 firms
Avg AGI-Ops Score
47.4/100
4Y Sector Return
+66.41%
Productivity (35%):43/100
Margin Exp (25%):59/100
SG&A Cut (20%):45/100
R&D Push (20%):43/100
Top Leader:GTLB (80.7)
AI-Native13 firms
Avg AGI-Ops Score
69.0/100
4Y Sector Return
+292.01%
Productivity (35%):73/100
Margin Exp (25%):75/100
SG&A Cut (20%):69/100
R&D Push (20%):55/100
Top Leader:META (89.8)
Hardware & Semiconductors7 firms
Avg AGI-Ops Score
60.6/100
4Y Sector Return
+677.60%
Productivity (35%):74/100
Margin Exp (25%):40/100
SG&A Cut (20%):59/100
R&D Push (20%):64/100
Top Leader:NVDA (85.2)
Editorial Report & Quantitative Attribution

Data Analysis: What Does The AGI-Ops Index Really Tell Us?

A fundamental breakdown of the 2022–2026 technology cycle: why public markets stopped rewarding headcount growth at all costs and now concentrate capital in firms demonstrating structural AI-driven operating leverage.

Audited Snapshot · 2026-10-23 · 54 Companies
01 · The Great Operational Divergence (4-Year Cycle: 2022–2026)L/S Spread: +422.56% (4Y)

Over the past four years, the Top 10 AGI-Ops Leaders basket—equal-weighted at 10.0% per constituent across META, PLTR, NVDA, DUOL, GTLB, IOT, SPOT, GOOGL, MSFT, and AVGO—generated a cumulative return of +510.87% (reaching an index level of 610.87 pts from a Base 100 start). This performance substantially outpaced both the broader 54-stock Equal-Weight General Index (+219.68%) and the Nasdaq-100 Benchmark (QQQ, +159.03%), delivering +351.84 percentage points of net alpha over the benchmark.

At the opposite end of the distribution, the Bottom 10 Laggards basket (DOCU, ADBE, INTC, PAYC, SAP, CRM, PCTY, IBM, ASAN, and U) returned just +88.32% over the same 4-year window. The empirical takeaway is unmistakable: equity markets no longer reward vague AI product announcements—they reward verifiable income-statement proof of expanding revenue per employee paired with aggressive SG&A overhead compression.

02 · Sector Attribution: Why Hardware & AI-Native Crush Legacy SaaS4 Operational Sectors

Disaggregating the 54-company universe across our four operational sectors exposes a structural fault line in modern technology unit economics:

  • Hardware & Semiconductors (+402.07% 4Y · Avg AGI-Ops Score: 62.2/100): Anchored by NVDA (85.1) and AVGO (72.1), this sector captures the highest operating margin expansion and revenue-per-engineer scaling due to inelastic hyperscaler compute demand and unmatched pricing power.
  • AI-Native (+269.41% 4Y · Avg AGI-Ops Score: 57.2/100): Operators such as PLTR (85.7), DUOL (82.0), IOT (78.8), and SPOT (76.1) compound top-line revenue while keeping headcount nearly flat—automating customer support, code generation, and enterprise deployment from the ground up.
  • Cloud & Infra (+204.22% 4Y · Avg AGI-Ops Score: 49.7/100): Propelled by the aggressive operational restructuring of META (87.8, #1 overall), GOOGL (74.1), and MSFT (73.4), which systematically reallocated billions from middle-management SG&A into direct AI infrastructure CapEx.
  • Enterprise SaaS (+91.15% 4Y · Avg AGI-Ops Score: 39.7/100): The primary laggard of the cycle. Legacy seat-based software vendors face a dual headwind: corporate customers trimming seat licenses as they automate workflows, and bloated internal sales-and-marketing structures (35%–55% SG&A-to-Revenue) that compress operating margins.
03 · Anti-Bias & False-Positive Safeguards

How the index separates true AI automation from distressed layoffs

Naive layoff trackers mistakenly reward struggling companies that slash headcount because their core business is shrinking. The AGI-Ops Index enforces three institutional guardrails:

1. Revenue Stability Guardrail (0.78× Penalty)

If a company's YoY revenue contracts by more than -3.0%, its composite AGI-Ops Score receives an automatic 0.78× penalty multiplier. Cutting staff amidst demand collapse never qualifies as AI process optimization.

2. Strict 55-Day Point-in-Time SEC Filing Lag

No quarterly accounting statement enters the backtest until 55 calendar days after the fiscal period-end date, strictly eliminating Look-Ahead Bias across all 16 quarterly rebalance snapshots (Q1–Q4).

3. R&D Profitability & Liquidity Gate

The AI Investment pillar (R&D + CapEx, 20% weight) requires an operating margin of ≥ 8% alongside a liquidity floor of $2.0B Market Cap and $25M ADDV.

Looking for exact formulas & JSON feeds?

Inspect the mathematical specification, Python script logic, and all 4 JSON endpoints in our technical subpage.

Open Docs
Section 02 · Operational Extremes (`agi-ops-extremes.json`)

The Extremes: Top 10 AGI-Ops Leaders vs. Bottom 10 Laggards

TOP 10 LEADERS (SCORE > 75)

Process Optimization Leaders

10.0% Equal Weight

Highest-scoring companies combining rapid Revenue/Employee scaling, Operating Margin expansion, SG&A compression, and aggressive AI R&D/CapEx.

BOTTOM 10 LAGGARDS (SCORE < 40)

Bloated Legacy Operators

10.0% Equal Weight

Lowest-scoring companies weighed down by high cash SG&A-to-Revenue overhead, stagnant employee productivity, or contracting operating margins.

Section 03 · Interactive Multi-Company Screener & Chart

Compare Individual Company Trajectories & 0–100 AGI-Ops Scores

Search and toggle up to 8 companies below (or click any row in the #1–#54 Leaderboard) to plot their normalized equity curves alongside `QQQ`.

Active Lines (6/8 · 4Y Window):QQQ (4Y): +159.03%

Full 0–100 AGI-Ops Leaderboard (#1 to #54)

Plot
#1
METAAI-Native
Meta Platforms, Inc.
89.8
/ 100 pts
99/100$3.62M/emp
75/10035.4% OpM
83/10012.0% SG&A
99/10063.2% R&D
TOP 10 LEADER
+400.13%
2Y: +12.46%
#4
DUOLAI-Native
Duolingo, Inc.
88.1
/ 100 pts
88/100$1.27M/emp
96/10011.7% OpM
90/10029.6% SG&A
76/10032.2% R&D
TOP 10 LEADER
+86.08%
2Y: -50.34%
#2
PLTRAI-Native
Palantir Technologies Inc.
88.0
/ 100 pts
89/100$1.40M/emp
99/10047.1% OpM
99/10038.3% SG&A
61/10013.2% R&D
TOP 10 LEADER
+2279.08%
2Y: +360.77%
#3
NVDAHardware & Semiconductors
NVIDIA Corporation
85.2
/ 100 pts
99/100$7.21M/emp
73/10066.2% OpM
63/1004.0% SG&A
99/10011.4% R&D
TOP 10 LEADER
+1580.45%
2Y: +47.19%
#7
SPOTAI-Native
Spotify Technology S.A.
82.3
/ 100 pts
99/100$2.69M/emp
90/10013.5% OpM
84/10011.1% SG&A
42/1008.5% R&D
TOP 10 LEADER
+517.18%
2Y: +52.95%
#6
IOTAI-Native
Samsara Inc.
82.2
/ 100 pts
71/100$451K/emp
99/1001.0% OpM
99/10058.7% SG&A
65/10023.1% R&D
TOP 10 LEADER
+291.29%
2Y: -8.59%
#5
GTLBEnterprise SaaS
GitLab Inc.
80.7
/ 100 pts
68/100$409K/emp
99/100-11.5% OpM
99/10066.0% SG&A
61/10029.9% R&D
TOP 10 LEADER
+15.16%
2Y: +1.53%
#8
GOOGLCloud & Infra
Alphabet Inc.
79.8
/ 100 pts
90/100$2.24M/emp
60/10034.0% OpM
68/10012.5% SG&A
99/10037.9% R&D
TOP 10 LEADER
+215.31%
2Y: +96.54%
#9
MSFTCloud & Infra
Microsoft Corporation
76.5
/ 100 pts
78/100$1.49M/emp
58/10045.1% OpM
74/10010.4% SG&A
99/10045.7% R&D
TOP 10 LEADER
+119.20%
2Y: +27.23%
#10
AVGOHardware & Semiconductors
Broadcom Inc.
74.0
/ 100 pts
99/100$2.70M/emp
30/10054.3% OpM
64/1006.6% SG&A
95/10018.2% R&D
TOP 10 LEADER
+647.22%
2Y: +81.82%
#11
SHOPAI-Native
Shopify Inc.
74.0
/ 100 pts
87/100$1.75M/emp
85/10017.6% OpM
71/10018.5% SG&A
41/10013.5% R&D
CORE UNIVERSE
+486.71%
2Y: +104.06%
#12
ABNBAI-Native
Airbnb, Inc.
73.1
/ 100 pts
78/100$1.60M/emp
61/10021.0% OpM
85/10032.1% SG&A
68/10019.4% R&D
CORE UNIVERSE
+47.79%
2Y: +25.38%
#13
MNDYEnterprise SaaS
monday.com Ltd.
72.0
/ 100 pts
64/100$433K/emp
52/1005.5% OpM
92/10063.3% SG&A
93/10028.0% R&D
CORE UNIVERSE
+8.53%
2Y: -63.23%
#14
TWLOEnterprise SaaS
Twilio Inc.
71.1
/ 100 pts
67/100$1.01M/emp
79/1007.8% OpM
89/10024.4% SG&A
50/10021.3% R&D
CORE UNIVERSE
+253.72%
2Y: +270.97%
#15
SQAI-Native
Block, Inc.
70.1
/ 100 pts
89/100$2.45M/emp
68/1007.0% OpM
58/10017.6% SG&A
51/10012.7% R&D
CORE UNIVERSE
+34.16%
2Y: +3.45%
#16
DASHAI-Native
DoorDash, Inc.
69.1
/ 100 pts
60/100$506K/emp
74/1003.9% OpM
72/10029.7% SG&A
75/10014.8% R&D
CORE UNIVERSE
+303.74%
2Y: +17.33%
#17
AAPLHardware & Semiconductors
Apple Inc.
68.1
/ 100 pts
98/100$3.11M/emp
41/10032.6% OpM
61/1006.6% SG&A
57/10011.4% R&D
CORE UNIVERSE
+137.22%
2Y: +48.27%
#19
ZSCloud & Infra
Zscaler, Inc.
66.1
/ 100 pts
56/100$385K/emp
42/100-1.0% OpM
92/10053.0% SG&A
87/10037.4% R&D
CORE UNIVERSE
+71.62%
2Y: +35.75%
#18
ORCLCloud & Infra
Oracle Corporation
65.6
/ 100 pts
48/100$509K/emp
54/10035.6% OpM
77/10014.8% SG&A
99/10065.0% R&D
CORE UNIVERSE
+81.96%
2Y: -25.69%
#20
UBERAI-Native
Uber Technologies, Inc.
65.1
/ 100 pts
78/100$1.51M/emp
57/10013.3% OpM
69/10015.7% SG&A
50/1007.2% R&D
CORE UNIVERSE
+141.23%
2Y: -17.10%
#21
MDBCloud & Infra
MongoDB, Inc.
64.2
/ 100 pts
55/100$481K/emp
61/1003.7% OpM
86/10048.2% SG&A
64/10029.3% R&D
CORE UNIVERSE
+104.00%
2Y: +36.55%
#22
NETCloud & Infra
Cloudflare, Inc.
63.2
/ 100 pts
59/100$487K/emp
49/100-7.6% OpM
72/10060.4% SG&A
80/10039.4% R&D
CORE UNIVERSE
+504.10%
2Y: +258.97%
#23
AMDHardware & Semiconductors
Advanced Micro Devices, Inc.
62.2
/ 100 pts
72/100$1.33M/emp
63/10017.3% OpM
42/10012.0% SG&A
64/10026.2% R&D
CORE UNIVERSE
+780.39%
2Y: +227.29%
#24
DBXEnterprise SaaS
Dropbox, Inc.
61.2
/ 100 pts
60/100$1.20M/emp
81/10026.1% OpM
66/10023.8% SG&A
34/10029.9% R&D
CORE UNIVERSE
+74.90%
2Y: +41.84%
#25
SNOWCloud & Infra
Snowflake Inc.
60.3
/ 100 pts
60/100$579K/emp
63/100-17.0% OpM
52/10055.8% SG&A
65/10044.3% R&D
CORE UNIVERSE
+86.20%
2Y: +172.19%
#26
NOWEnterprise SaaS
ServiceNow, Inc.
59.2
/ 100 pts
52/100$505K/emp
59/1004.1% OpM
70/10041.5% SG&A
61/10029.1% R&D
CORE UNIVERSE
+116.83%
2Y: -13.45%
#27
DELLHardware & Semiconductors
Dell Technologies Inc.
58.2
/ 100 pts
75/100$1.56M/emp
27/10012.0% OpM
78/1009.8% SG&A
47/1005.1% R&D
CORE UNIVERSE
+1217.24%
2Y: +275.07%
#29
INTUEnterprise SaaS
Intuit Inc.
56.2
/ 100 pts
65/100$1.15M/emp
58/10017.6% OpM
45/10033.4% SG&A
49/10016.8% R&D
CORE UNIVERSE
-14.98%
2Y: -42.90%
#28
OKTAEnterprise SaaS
Okta, Inc.
55.4
/ 100 pts
43/100$483K/emp
99/10013.3% OpM
50/10050.2% SG&A
28/10022.6% R&D
CORE UNIVERSE
+289.42%
2Y: +187.75%
#30
AMZNCloud & Infra
Amazon.com, Inc.
55.3
/ 100 pts
41/100$486K/emp
42/10013.7% OpM
61/1008.1% SG&A
91/10034.4% R&D
CORE UNIVERSE
+106.98%
2Y: +31.17%
#31
CFLTCloud & Infra
Confluent, Inc.
54.3
/ 100 pts
45/100$374K/emp
44/10012.9% OpM
69/10045.0% SG&A
69/10025.1% R&D
CORE UNIVERSE
+89.83%
2Y: +17.78%
#32
DDOGCloud & Infra
Datadog, Inc.
53.3
/ 100 pts
54/100$490K/emp
31/1000.7% OpM
58/10036.1% SG&A
75/10049.1% R&D
CORE UNIVERSE
+227.13%
2Y: +114.33%
#33
PANWCloud & Infra
Palo Alto Networks, Inc.
52.3
/ 100 pts
49/100$524K/emp
27/1005.4% OpM
70/10042.1% SG&A
72/10026.1% R&D
CORE UNIVERSE
+371.74%
2Y: +101.13%
#34
PYPLAI-Native
PayPal Holdings, Inc.
51.4
/ 100 pts
67/100$1.43M/emp
34/10017.0% OpM
47/10012.8% SG&A
51/10011.9% R&D
CORE UNIVERSE
-30.80%
2Y: -28.43%
#35
CRWDCloud & Infra
CrowdStrike Holdings, Inc.
50.3
/ 100 pts
52/100$461K/emp
19/100-2.3% OpM
55/10052.0% SG&A
81/10036.5% R&D
CORE UNIVERSE
+552.20%
2Y: +232.83%
#36
TEAMEnterprise SaaS
Atlassian Corporation
49.4
/ 100 pts
49/100$494K/emp
35/10012.3% OpM
50/10034.6% SG&A
68/10050.3% R&D
CORE UNIVERSE
+16.81%
2Y: +18.04%
#37
HUBSEnterprise SaaS
HubSpot, Inc.
48.4
/ 100 pts
43/100$383K/emp
45/1004.9% OpM
47/10054.5% SG&A
65/10034.8% R&D
CORE UNIVERSE
+2.22%
2Y: -49.17%
#38
WDAYEnterprise SaaS
Workday, Inc.
47.4
/ 100 pts
41/100$486K/emp
63/10011.8% OpM
50/10036.9% SG&A
38/10029.7% R&D
CORE UNIVERSE
+41.93%
2Y: -13.85%
#39
FTNTCloud & Infra
Fortinet, Inc.
46.4
/ 100 pts
36/100$487K/emp
63/10033.6% OpM
34/10038.0% SG&A
55/10017.4% R&D
CORE UNIVERSE
+227.85%
2Y: +119.37%
#40
ZMEnterprise SaaS
Zoom Communications, Inc.
45.4
/ 100 pts
37/100$671K/emp
75/10024.6% OpM
41/10036.6% SG&A
28/10018.7% R&D
CORE UNIVERSE
+18.81%
2Y: +32.70%
#41
PATHAI-Native
UiPath, Inc.
44.5
/ 100 pts
32/100$432K/emp
81/1008.9% OpM
35/10055.7% SG&A
30/10025.1% R&D
CORE UNIVERSE
+20.87%
2Y: +8.28%
#42
ESTCCloud & Infra
Elastic N.V.
43.5
/ 100 pts
39/100$470K/emp
52/100-0.6% OpM
38/10052.0% SG&A
46/10026.3% R&D
CORE UNIVERSE
+61.10%
2Y: +27.32%
#43
CSCOHardware & Semiconductors
Cisco Systems, Inc.
42.5
/ 100 pts
44/100$769K/emp
27/10027.7% OpM
50/10022.6% SG&A
52/10017.3% R&D
CORE UNIVERSE
+171.96%
2Y: +96.62%
#44
BILLEnterprise SaaS
BILL Holdings, Inc.
41.5
/ 100 pts
50/100$982K/emp
72/1009.7% OpM
9/10055.4% SG&A
21/10021.9% R&D
CORE UNIVERSE
-59.92%
2Y: -11.10%
#45
DOCUEnterprise SaaS
DocuSign, Inc.
38.4
/ 100 pts
30/100$477K/emp
59/10013.4% OpM
30/10049.5% SG&A
36/10024.0% R&D
BOTTOM 10 LAGGARD
+75.92%
2Y: +18.79%
#46
ADBEEnterprise SaaS
Adobe Inc.
36.2
/ 100 pts
42/100$828K/emp
39/10034.8% OpM
25/10033.9% SG&A
35/10018.8% R&D
BOTTOM 10 LAGGARD
-16.57%
2Y: -46.99%
#47
INTCHardware & Semiconductors
Intel Corporation
34.0
/ 100 pts
33/100$670K/emp
21/10012.2% OpM
56/1008.8% SG&A
30/10053.8% R&D
BOTTOM 10 LAGGARD
+236.27%
2Y: +280.74%
#48
PAYCEnterprise SaaS
Paycom Software, Inc.
31.8
/ 100 pts
26/100$371K/emp
29/10031.7% OpM
24/10037.1% SG&A
52/10027.2% R&D
BOTTOM 10 LAGGARD
-12.92%
2Y: +66.24%
#49
SAPEnterprise SaaS
SAP SE
29.6
/ 100 pts
23/100$348K/emp
44/10029.5% OpM
28/10028.6% SG&A
24/10020.0% R&D
BOTTOM 10 LAGGARD
+176.51%
2Y: +6.53%
#50
CRMEnterprise SaaS
Salesforce, Inc.
27.4
/ 100 pts
25/100$527K/emp
39/10021.4% OpM
17/10039.4% SG&A
27/10015.9% R&D
BOTTOM 10 LAGGARD
+57.68%
2Y: -13.42%
#51
PCTYEnterprise SaaS
Paylocity Holding Corporation
25.2
/ 100 pts
18/100$257K/emp
29/10019.1% OpM
20/10034.9% SG&A
38/10018.4% R&D
BOTTOM 10 LAGGARD
-17.97%
2Y: +3.35%
#53
ASANEnterprise SaaS
Asana, Inc.
23.2
/ 100 pts
15/100$469K/emp
66/100-19.1% OpM
4/10075.0% SG&A
4/10039.8% R&D
BOTTOM 10 LAGGARD
-38.86%
2Y: -0.99%
#52
IBMCloud & Infra
International Business Machines
23.0
/ 100 pts
14/100$264K/emp
24/10017.0% OpM
31/10026.9% SG&A
29/10014.9% R&D
BOTTOM 10 LAGGARD
+120.14%
2Y: +15.43%
#54
UAI-Native
Unity Software Inc.
19.5
/ 100 pts
8/100$460K/emp
55/100-5.2% OpM
4/10049.8% SG&A
10/10051.4% R&D
BOTTOM 10 LAGGARD
+42.47%
2Y: +86.51%
For Quants, Researchers & Developers

API & Quantitative Methodology Docs

Explore the full mathematical breakdown of the 4 accounting pillars, the 55-day SEC filing lag architecture, the Python backtest engine, and interactive JSON response previews with ready-to-copy cURL and Python snippets.

agi-ops-general.jsonagi-ops-sectors.jsonagi-ops-extremes.jsonagi-ops-constituents.json
API & Quantitative Methodology DocsRoute: /indices/agi-ops/docs