We’re launching the first tungsten perpetual futures on AX. Volatility of tungsten prices has uniquely affected the entire compute supply chain, as it’s used in a range of physical forms: - ultra-thin metallic films that connect microscopic transistors and fill contacts inside advanced processors - chemical vapor deposition during chip production in the derivative form tungsten hexafluoride - drill bits required to precision-drill the tiny multi-layered holes in printed circuit boards - word-line and gate metallization inside 3D NAND and high-bandwidth memory stacks - tungsten-copper composite wire drawn to hair-thin diameters for compact high-density modules - wear-resistant tooling that packages finished AI chips and boards Ammonium Paratungstate prices have surged 600% year-over-year, and realized volatility has entered a different regime from standard industrial metals. Tungsten represents a disproportionate risk in the AI supply chain basket. Liquid futures combined with cross-margin opportunities for other metals derivatives provide an overdue, capital efficient solution for dampening forward price risk.