Lewis Hart

Planting.

This is what they teach you in the textbook.

The farmer and the hedge and all that.

Bring it to market.

Not the onion farmer.

But if you look at the properties of the commodities, I think it's a few things.

One is how homogenous is the product.

Okay.

The more heterogeneous the product is, the harder it is to standardize into a financial contract.

Two is volatility.

If there's no futures market and it's moving all over the place, there's going to be a lot of demand from a producer, from an end user- For a futures market.

Actually, memory chips and compute are extremely volatile right now.

We've been thinking a lot about whether that's a good candidate for a futures contract.

And if you're a fab that's producing chips right now, you love the price you're getting, right?

I mean, maybe you've sold some of it forward below the market, but...

as you're kind of rolling your contracts, it's very profitable, right?

And could you lock that in?

On the other side, if you're an electronics consumer of chips, you'd love to be able to hedge that price and hedge your consumption.

So I actually think it's a great candidate for the futures market, whether it takes off, I'm not sure, but I know some of the exchanges are spending a lot of time on this right now.

I think part of the big story with compute, by the way, that's under followed is copper.