BHI 3.1·Q3 2026 Bulletin
Published Jul 5 2026·Spearman ρ = 0.79·Validation: preliminary
Today's bulletin →
Movers · Q3 2026 · Jul 5 2026
NVIDIAB 8.29▼ 0.10VisaB 8.82▲ 0.09ChinaB 8.64▲ 0.08WeChatB 17.03▼ 0.08MastercardB 8.14▼ 0.07EpicB 12.34▲ 0.07Synopsys/CadenceB 13.50▼ 0.06OracleB 8.20▼ 0.06ASMLB 9.62▼ 0.06NationalB 11.27▼ 0.06FAAB 12.20▲ 0.05PJMB 12.53▼ 0.05NVIDIAB 8.29▼ 0.10VisaB 8.82▲ 0.09ChinaB 8.64▲ 0.08WeChatB 17.03▼ 0.08MastercardB 8.14▼ 0.07EpicB 12.34▲ 0.07Synopsys/CadenceB 13.50▼ 0.06OracleB 8.20▼ 0.06ASMLB 9.62▼ 0.06NationalB 11.27▼ 0.06FAAB 12.20▲ 0.05PJMB 12.53▼ 0.05
§ 02 · Q3 2026 BULLETIN · 18 SECTORS · 184 PLATFORMS

The Black Hole Index™ measures the cost of leaving.

A standardised, peer-reviewable instrument that scores how structurally locked-in a platform is — independent of price, market cap, or sentiment.

InstrumentBHI v3.1
Universe184 platforms · 18 sectors
ValidationSpearman ρ = 0.79 · preliminary
LicenseCC-BY 4.0 · Replicable
ReleaseQ3 2026 · Jul 5
NextQ4 2026 · Oct 2026
TODAY'S HEADLINE

Q3 theme: agents went autonomous; regulators pried open Apple, Microsoft and EU stablecoins.

  • —AI action scores rose again — Copilot, ChatGPT and the enterprise SaaS stack shipped autonomous agents.
  • —TSMC B rose +1.37 on the $20B Arizona expansion — the quarter's biggest mover.
  • —Regulators eased lock-in: Apple, WhatsApp and EU stablecoins gained portability; the op-margin premium held.
By Ivan Savich · Jul 5 2026 · 4-min read · Cite this bulletin
Biggest mover · Q3 2026
TSMC
12.28B-Index
+1.37QoQ ▲
TSMCCap
BLACK HOLEInspect →
TOP 12 BY B-INDEX · Q3 2026
Full rankings →
#01 · Social Media
WeChat
17.03▼ 0.08 · $475B (Tencent)
BLACK HOLE
#02 · Banks & Financial Markets
DTCC
15.44▼ 0.04 · N/A
BLACK HOLE
#03 · Critical Infrastructure
Synopsys/Cadence (EDA Duopoly)
13.50▼ 0.03 · $170B combined
BLACK HOLE
#04 · Critical Infrastructure
PJM Interconnection
12.53▼ 0.04 · N/A
BLACK HOLE
#05 · Healthcare Information Systems
Epic Systems
12.34▲ 0.04 · $40B+
BLACK HOLE
#06 · Big Tech & Semiconductors
TSMC
12.28▼ 0.04 · $1.79T
BLACK HOLE
#07 · Critical Infrastructure
FAA NextGen
12.20▼ 0.03 · N/A
BLACK HOLE
#08 · Critical Infrastructure
National Grid UK
11.27▲ 0.07 · $60B+
BLACK HOLE
#09 · SaaS & Cloud
Palantir
9.90▼ 0.03 · $280B+
BLACK HOLE
#10 · Big Tech & Semiconductors
ASML
9.62▼ 0.06 · $260B
BLACK HOLE
#11 · Telecom & Connectivity
Reliance Jio
9.18▲ 0.00 · $130B+
BLACK HOLE
#12 · Fintech & Payments
Visa
8.82▲ 0.09 · $579B
BLACK HOLE
B-INDEX DISTRIBUTION · 184 PLATFORMS
WHAT IS THE BLACK HOLE INDEX?

BHI is a standardised score measuring how costly it is for a user, organisation, or counterparty to depart a platform — capturing the structural friction of leaving rather than the value of staying.

It is computed as the ratio of capture pressure over escape capacity, evaluated across eleven measurable parameters and re-released every quarter under a transparent rubric.

B = Capture(D, M, A, P, N, C) ÷ Escape(Po, Sb, Hf) · adjusted for organisational depth and momentum
Cite this index
Not the smartest AI wins. The one you can't leave does.
EDITORIAL · Q3 2026
Acknowledged by
UK CMA — Digital Markets Unit
Call for Evidence on Apple/Google app store rules · BHI submission acknowledged
April 2026