Capital Markets Infrastructure for Compute Traders
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Oh ! @ComputeDesk in the wild. ticker DESKB300 through the roof, and it's not stopping. Deepseek just made things worse. Wait till monday's B300 print.
While neocloud investors got absolutely wrecked last week, GPU rental prices skyrocketed.
B300 rates are now up >20% over the past month.
Know what you own...
H/T: @matthew_sigel
$IREN $NBIS $CRWV
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Needless to say, the reason for the $DESKB300 gpu price ticker is exploding (We're calling it the "B300 Summer") is this. @Kimi_Moonshot, did this with KimiK3
Blackwell Ultra (B300) GPU rental prices up 17 consecutive days to a new all-time high, according to Compute Desk's index of verified transactions from U.S. neoclouds.
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Nvidia hardware is an appreciating asset, with B300 value up 40% in 3 months.
"The B300 Summer". In July, @Kimi_Moonshot released KimiK3, expanding B300 demand and value. By late September @Supermicro "Gold SKU" supply on 4-week lead time was depleted, triggering a continued value increase, with no sign of slowing down.
Residual value for Nvidia hardware is increasing.
@NVIDIAAIInfra @JensenHuang
ALT Nvidia B300 hardware value up 40% in 3 months due to open source software.
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How do we know compute is a commodity ?
We track >500 GPU compute providers. Hyper-fragmentation is a hallmark sign of a commodity offering.
@ComputeDesk is making compute tradable.
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.
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Great article, and we actively collaborate with our friends at @prlnet.
Minor correction, however: Unlike the other indexes, Compute Desk indexes are based on executed bulk compute transactions.
To take an oil analogy, our indexes are the only ones which measure the price of "crude oil" (big reserved compute contracts), instead of going to the gas station, and collecting the receipts from people who just filled up their petrol tank (on-demand).
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Inference companies are caught between:
- a rock (pay a lot more for compute)
- a hard place (commit to compute for a much longer duration).
Compute derivatives offer a lot more flexibility. Get in touch to learn more about compute options, futures, forwards and swaps @ComputeDesk
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
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Tune into next week's edition of @JasonYanowitz's The Empire pod, covering Compute Futures, hedging, compute OTC trades, and the people making money in this market.
Thanks @JasonYanowitz for having @BrettHarrison and I on The Empire pod. There's money to be made for people listening to the episode.
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Hint, hint, has to do with compute.
Can't comment because @AnthropicAI is an investor in @ComputeDesk but the flatlining graph is not what people assume it is.
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Compute Desk CTO @SenorScience presciently wrote that "B300s at B200 prices is a free option" at the end of April.
The market hadn't priced in the fact that KimiK3 would come out, uniquely suited to work on B300s. We could have sold you an option to hedge that.
"If MoE keeps scaling, toward multi-trillion-parameter models with longer context, the per-card headroom matters even more".
Here's the original article:
computedesk.substack.com/p/b…
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.
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Thanks @Google for having @ComputeDesk × @NodalExchange. Hyperscalers can soon trade and hedge compute, stay tuned.
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Congratulations to @ronitrjain and Aarav on their seed round ! @ComputeDesk is proud to power GPU pricing indexes on @liquidcompute !
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
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Compute Desk is partnering with @NodalExchange to launch compute futures settled against our compute indexes.
With the compute world’s nexus to electricity and power, Nodal is an exceptional venue for AI infrastructure companies, hyperscalers and financial institutions looking to hedge or gain exposure to compute, power or the spread between them.
Reach out to @ComputeDesk to trade or hedge compute.
H/T @ForgashEmily Bloomberg: bloomberg.com/news/articles/…
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Are you financing GPU infrastructure and looking for a backstop ? Get in touch to explore how we can structure one for you.
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.
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Even with ~13 GW of new US power coming online for compute this year and more efficient models, the demand is still outpacing supply by a large margin.
Every one of our indices is up ~30%
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Every morning on a compute trading desk starts with working out which deals actually need you. With Compute Trader, your pipeline already knows: one's a contract away from closing, another's gone quiet for a week. Ask the agent what to chase, and whatever the deal needs gets done in the same thread.
Your desk's agent, in private beta: app.compute-desk.com
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Day 2 at @Ai4Conferences in Las Vegas. Yesterday's lines wrapped the hall; this morning the mainstage opened with Geoffrey Hinton. The Compute Desk team is here through Thursday. If you rent, sell, or price compute, come find us.
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