The wave of financialization of computing power is coming, the derivatives market structure is beginning to take shape, and the trillion-dollar AI capital expenditure cycle is ushe
The Bernstein report pointed out that computing power has commodity-like characteristics such as non-storability and high price volatility.
The Bernstein report pointed out that computing power has commodity-like characteristics such as non-storability and high price volatility. The financial market around computing power is accelerating, including derivatives instruments such as computing power futures, perpetual contracts, and event contracts. This will allow participants in the AI capital expenditure cycle (buyers and sellers, lenders, speculators) to hedge price risk. The report highlights tracking core indicators such as the computing power spot price curve, forward price curve, and token cost curve. This is an emerging frontier topic. The market’s understanding of the “financialization” of computing power is still in its early stages, and its potential impact may be seriously underestimated. One sentence conclusion: computing power is evolving from a technical resource to a tradable financial asset, and the establishment of related derivatives markets will profoundly change the risk management and investment model of the AI industry chain. Good/bad: Good for computing power trading platforms and early builders of computing power derivatives markets, such as related cryptocurrency trading platforms. This is a completely new area that the market has not yet priced in. Catalysts: 1) The announcement of mainstream exchanges launching hash power-related futures products; 2) The formation of hash power spot and forward price curves and changes in liquidity.