Traci Alloway

And one of those discussions was in Chicago at another live show about six or seven months ago, back in October.

We spoke with Don Wilson of DRW about the trading environment, but also about his new venture.

Right.

And so his new venture is one that actually there's quite a bit of competition in and quite of excitement in.

And it's essentially like, OK, GPUs, we know they're very important for the AI boom, et cetera.

The question is, can GPU capacity, which is scarce.

Can it become a tradable commodity such that I can buy futures to lock in my price of access to compute power?

Could I resell those futures?

Will there be speculators speculating on the up or down price of like an H100, running an H100 NVIDIA chip for an hour?

This is a big question.

We know there's a lot of interest in the actual compute, but whether there's interest in compute futures as tradable instruments is very TBD.

Yeah.

And the analogy that everyone always uses is compute is the new oil.

So why can't it have a market structure that looks somewhat like the oil market?

And there are challenges.

Fungibility is a big one.

Like one chip might not necessarily be equal to another chip.

Or one chip, the same chip at one data center might not be equal to the same chip at a different data center.

Exactly.

And so even if you're not interested in AI, what I say here is like the market structure questions and the idea of building an entirely new market is really fascinating to me.