Carmen Li

So then this price will be highly correlated, ideally, as much as it can to the price you pay at a new cloud, for example.

However, it won't be the same just like basis trading, right?

Like every other commodity there's a basis risk.

who are helping clients calculate the basis risk.

So you know, hey, you're US East, you may be a bit higher or two, then there's expectation, a manageable correlation understanding of the indices.

So it's interesting.

So last year, when GP price all going down, the big conversation is, why do you need indices for something price will always go down?

And this year is, why do you want indices when price always go up?

That's right.

Literally, this is all the question I get.

It's pretty fascinating.

So when we look at volatility, we look at daily volatility movement, not the price up and down, right?

The daily volatility for A100, H100 is around 20 to 30.

There's a very healthy commodity volatility range.

So I don't manage volatility.

It just happened to be that volatility that can change.

It's all because we normalize it.

If you look at each individual chip configuration at different geolocation, the volatility are different.

There are some chips with 80% volatility, some chips with over 100.

Because normalization of indices, you actually get very healthy 20 to 30 daily vol.