The number of GPU compute providers exploded from 3 to 500 and now buyers and sellers negotiate through private texts. One of the world’s most important commodities and buyers still have to call “their guy” for pricing.

Pay 2x for GPUs or commit for 3 years. That’s the compute squeeze facing fast-growing AI companies: pay up for speed or lock into capacity before you even know your long-term demand. @andrawesbahou

B300 prices have broken away from the pack, one-year contract rates up >$1/hour in the last 30 days while other models are flat. The compute capacity block trades our customers have brought Architect this month are almost all B300/GB300 or VR. Few are asking for Hoppers at size.

I’m excited to share that today @liquidcompute emerges from stealth with a $15 million seed round. We are announcing pending applications before the CFTC for Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) status to build the first regulated orderbook to trade both cash and physically settled contracts on compute. The reality of compute is that it is heterogeneous and cannot be stored, functioning much like electricity rather than oil. Our approach focuses on developing a highly efficient short-term market to underpin a cash-settled derivatives layer, operating similarly to PJM or ERCOT sitting below liquid derivatives markets. Over recent months, I’m also happy to announce that Liquid Compute has collaborated with leading financial firms like Susquehanna International Group, @BGCGroupInc and @wintermute_t to facilitate liquid OTC trading for AI startups, neocloud providers, and lenders. This round was co-led by @chemistry and @FirstMarkCap , with participation from K8 Cap, Night Capital, @ufo_holdings, @TrueBridgeCP, Brainchild Holdings (@kalvepuri), @ycombinator, and angels such as Dmitry Balyasny, @taro_f , @JdotJdotF, Ethan Lin and others from companies like CoreWeave, Jane Street, OpenAI

Nvidia’s GPU backstop deals are equivalent to writing put options at the residual floor and buying a smaller notional of call options at the same strike. If Nvidia could sell GPU rental price forwards or futures they could hedge the partial synthetic long.

ComputeConnect is growing, with 8 capacity providers onboarding and more in the pipeline. Built by Architect, @ComputeDesk, and capacity sellers/brokers, ComputeConnect is the first exchange-for-physical network linking cash-settled compute futures positions with actual capacity.

BLACKROCK CEO LARRY FINK SAYS A NEW ASSET CLASS IS COMING: FUTURES ON COMPUTE "The United States is short power. We're short compute, we're short chips." Fink sees shortages ahead across all three, plus memory. And he thinks the scarcity gets financialized: "I actually believe a new asset class will be buying futures of compute." That is computing power described the way traders treat oil: a commodity scarce enough to hedge, price and trade. "We just don't have enough compute power right now."

PRE-ONBOARDING FOR THE AMERICAN INNOVATION EXCHANGE IS LIVE. Sign up to trade Architect’s Nvidia GPU compute futures and options. Access the first US derivatives market for compute. Competitive margin, low fees, desktop/mobile/API access, block trades supported 🇺🇸

Announcing ComputeConnect: the financial industry's first exchange-for-physical network for compute. Convert cash-settled futures into provisioned GPU capacity through standardized, exchange-cleared contracts. Built in partnership with @ComputeDesk.