When we spoke to DRW&#x27;s Don Wilson last year, he talked about building out a GPU market that might be bigger than oil. Now, a year later, he is working with Carmen Li to do just that. Li is the CEO of two companies — Silicon Data and Compute Exchange (where she works alongside Wilson). The former company is building the index for GPU pricing while the latter is a spot marketplace for GPU procurement. Today&#x27;s episode — recorded at our live show at City Winery in New York — gets into how Li is building a whole new market for GPUs at her two companies. We talk about the challenge of standardizing compute, GPU price volatility, if used GPUs are like used cars, what goes into constructing a GPU index, and what it means to win the GPU lottery. Read more: Jane Street Plans New Data Center as Computing Power Runs Scarce SpaceX Inks $30 Billion Computing Power Deal With Google Only Bloomberg - Business News, Stock Markets, Finance, Breaking &amp; World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots Newsletter Join the conversation: discord.gg/oddlots See omnystudio.com/listener for privacy information.

Carmen Li's Plan to Build a Futures Market for Compute

Odd Lots

So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now, a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions. Not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM.

Small businesses are the pulse of every community. They bring people together, create opportunities, and drive growth. Chase for Business helps business owners like you with personalized guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more at chase.com slash business. Chase for Business. Make more of what's yours. The Chase Mobile app is available for select mobile devices. Message and data rates may apply.

JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026. JPMorgan Chase and Company. When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive.

And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering, and claims experience. Learn more at thehartford.com slash risk mitigation. Policy is provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut.

Carmen Li's Plan to Build a Futures Market for Compute

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Carmen Li's Plan to Build a Futures Market for Compute

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.