COMPUTE MARKET POISED TO RIVAL OIL AS AI RACE ACCELERATES

The race to commoditize computing power has entered a critical phase. Carmen Li's Compute Exchange is building the foundational framework for a compute market—complete with standardized GPU indexing—that could dwarf traditional energy markets in volume and value. The infrastructure mirrors oil trading mechanisms: spot markets, futures contracts, and price discovery mechanisms tailored to hardware demand. As AI models consume exponential compute resources, financial institutions are positioning for what could become a $1 trillion+ market. Intesa Sanpaolo CEO Carlo Messina joined The Pulse discussion alongside Citadel's Angel Ubide and Carlyle's Steve Wise to examine implications for corporate investment and macro markets. The convergence signals institutional recognition that compute—not chips themselves—represents the strategic commodity of the AI era. Standardization remains the central challenge. Unlike oil's fungible nature, GPU configurations vary significantly. Success hinges on creating indices that reflect real-world demand while maintaining liquidity deep enough for hedging and speculation.