Yeah, I thought maybe some kind of oil bath that gets zapped onto the metal. Someone said something about titanium changing colour like that under heat.
Looks like the rainbow colourway SRAM were using on the Eagle AWS stuff, same on the cassette and the chain which are both steel. As far as I know it's purely cosmetic - it's basically just a thin layer of oxide, like anodising.
Same as whatever Rhino has on his bike hanging in Giro
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