# Compute Exchange

Carmen Li · AI Engineer NYC 2026 · October 14

[Watch recording](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13174s)

[03:39:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13174s) All right.

[03:39:35](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13175s) Happy Thursday.

[03:39:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13177s) I like how full this room is.

[03:39:40](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13180s) It's Wednesday.

[03:39:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13181s) It's Wednesday?

[03:39:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13183s) Oh, sorry.

[03:39:44](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13184s) I'm clearly ahead of everybody here.

[03:39:47](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13187s) Happy Wednesday.

[03:39:48](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13188s) My name is Carmen Li.

[03:39:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13189s) I'm the CEO for Compute Exchange as well as SiliconData.

[03:39:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13193s) I love the previous session.

[03:39:56](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13196s) We talked a lot about the whole ecosystem,

[03:40:00](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13200s) the financiers, and the spot market traders, and the hedgers.

[03:40:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13204s) Namesh Nadeemun, Ph.D.: So, what we're sitting in is really cool. I have a company called Compute Exchange. The world's actually the only neutral marketplaces for GPU procurement.

[03:40:14](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13214s) Namesh Nadeemun, Ph.D.: We started in 2024 when there were, I don't know, five new clouds, three hyperscalers.

[03:40:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13221s) essentially we sort of will foresee interestingly enough the proliferation of the gpu ecosystem

[03:40:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13229s) so you think about stock market today right when you try to buy and sell stocks you can call brokers

[03:40:36](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13236s) obviously you can call a few banks to say hey i want to buy and sell x amount of tesla or actually

[03:40:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13241s) spacex right and you can do that or you can transact through your app at niz or nasdaq

[03:40:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13249s) doesn't mean you get the best price at nice your nasdaq just because it's more efficient and you

[03:40:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13255s) know the liquidity will be there you know the trade will be settled it will be cleared you can

[03:40:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13259s) get what you're looking for at the prices you're looking for in a very efficient manner right for

[03:41:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13264s) capital markets and resource allocation is about efficiency so in compute world obviously now we

[03:41:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13272s) have a huge proliferation which is great we have over 300 new cloud private provider globally we

[03:41:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13278s) have a lot of token factories, we have a lot of API routers, which is all good for end customers.

[03:41:25](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13285s) But at the same time, introduce a very interesting variable is how do we make transaction efficient?

[03:41:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13292s) Right? Do you want to call 300 salespeople? I mean, it's great to make friends, right? You want

[03:41:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13297s) to talk to them on a regular basis. They know a lot of things. But at the same time, when you need

[03:41:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13301s) compute in the next 48 hours on reserve contracts, the easiest way is go to an

[03:41:47](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13307s) exchange and then go to the verified compute resources. Just like go to

[03:41:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13312s) NASDAQ and IZ to buy stocks. So that's one of the things

[03:41:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13315s) ComputeGinge does extremely well is we have this neutral platform. And by design,

[03:42:02](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13322s) we do not own GPUs. Once we start owning GPUs, that would translate to just like

[03:42:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13327s) Nasdaq-only stocks, translates to

[03:42:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13329s) I have a conflict of interest

[03:42:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13331s) with you and with the providers.

[03:42:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13333s) I could cherry-pick clients,

[03:42:16](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13336s) I could hold relationships.

[03:42:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13338s) Because Compute Exchange

[03:42:19](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13339s) does not own anything by

[03:42:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13341s) design, we work really

[03:42:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13343s) well with all our providers globally.

[03:42:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13346s) And

[03:42:27](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13347s) one very important thing is

[03:42:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13349s) we trade

[03:42:31](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13351s) every single transaction individually,

[03:42:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13354s) meaning we want to find

[03:42:35](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13355s) you as end-customer the most

[03:42:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13357s) suited compute resources.

[03:42:39](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13359s) And we focus on reserve compute, forward contracts,

[03:42:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13363s) as well as token packages.

[03:42:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13365s) give you some high level.

[03:42:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13372s) today, we have over 100 verified providers

[03:42:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13377s) over 80,000 GPU in supply.

[03:43:00](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13380s) cover all regions, obviously ex-China.

[03:43:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13384s) our commitment is 24 hours turn around.

[03:43:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13387s) The difference between us and other so-called brokers

[03:43:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13391s) is we do verify GPUs.

[03:43:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13393s) If it's existing reserve capacity,

[03:43:17](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13397s) meaning things are actually in a functional stage,

[03:43:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13400s) we'll verify the UIDs, the inventories,

[03:43:22](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13402s) the performances we run,

[03:43:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13404s) NVIDIA DGX, InferenceX, ML Perf,

[03:43:28](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13408s) make sure you get resources you're promised to get.

[03:43:31](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13411s) So we're the middle sort of trusted platform.

[03:43:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13414s) So if it's forward capacity, I'd say you need GPU starting

[03:43:38](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13418s) Jan 1st, 2027, we actually look through the purchase orders,

[03:43:44](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13424s) all the permits they get, make sure we help you do it at your

[03:43:47](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13427s) delicious level.

[03:43:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13429s) Now on the flip side, right, if you're a new cloud, your concern

[03:43:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13432s) is there's a zillion clients looking for Pimpu.

[03:43:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13435s) How do you know who has the ability to pay at a schedule rate?

[03:43:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13439s) that's what computers comes in we do KYB KYC of the clients obviously you want

[03:44:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13444s) to make sure your clients is the clients using name who they are so we step in

[03:44:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13449s) and do that kind of verification just like an exchange that would do and

[03:44:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13453s) everything we do in the four markets is actually the precursor to physically

[03:44:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13458s) deliver futures also give you some context why am what I do sorry I probably

[03:44:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13463s) should say that I start my career as energy option market maker at your

[03:44:28](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13468s) double trading in Chicago.

[03:44:30](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13470s) So I did that for four or five years.

[03:44:31](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13471s) So as an option,

[03:44:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13472s) energy, market maker,

[03:44:33](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13473s) everything is very intuitive.

[03:44:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13474s) You have WTI,

[03:44:36](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13476s) you have Brent.

[03:44:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13477s) Right?

[03:44:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13477s) WTI is a physically delivered commodity,

[03:44:40](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13480s) contracts.

[03:44:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13481s) Brent is cash settled.

[03:44:42](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13482s) They also have very distinct use cases.

[03:44:46](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13486s) You're looking for hedging

[03:44:48](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13488s) in the financial sense, right?

[03:44:50](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13490s) Your price volatility,

[03:44:51](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13491s) your cost volatility,

[03:44:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13492s) you're going to Brent.

[03:44:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13493s) You're looking physically procure resources,

[03:44:56](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13496s) use WTI.

[03:44:58](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13498s) So we're creating the WTI at ComputeChange.

[03:45:05](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13505s) So the ways to buy Compute through ComputeChange right now,

[03:45:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13509s) you can get reserve contracts, you can get forward contracts on both GPU and token.

[03:45:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13513s) Let me explain.

[03:45:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13515s) The forward contracts on GPU is very reasonable, right?

[03:45:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13518s) You want something starting in the future, nothing available right now.

[03:45:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13521s) So that's something we're doing on a regular basis.

[03:45:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13524s) Token forward, I think, can be a new-ish concept.

[03:45:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13526s) basically can think about as a dedicated deployment on-premise deployment,

[03:45:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13532s) right? Similarly you reserve a bare metal GPU clusters, you reserve a cluster but

[03:45:39](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13539s) you have dedicated token deployment on top of that. So you get guaranteed SLA

[03:45:44](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13544s) some of that particular models, you get quantization, position, everything's fixed

[03:45:50](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13550s) for you for a period of time.

[03:45:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13552s) So we try to solve the on-demand token API

[03:45:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13555s) volatility pricing problem here.

[03:45:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13559s) The third is we have a huge market,

[03:46:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13561s) open hardware market.

[03:46:02](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13562s) It's really interesting.

[03:46:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13564s) The secondary server transactions started last year

[03:46:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13567s) when people were just pinning me and

[03:46:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13569s) hey, Carmen, I have like 20,000 H100 sitting X data center.

[03:46:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13575s) Can you take it away from me?

[03:46:16](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13576s) So I was like, I don't know.

[03:46:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13578s) I can't store in my home, obviously.

[03:46:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13580s) So we started having the marketplace for secondary server sales.

[03:46:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13584s) This has been a very vibrant market for the past, I would say, 12 months.

[03:46:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13589s) We cover, again, all servers, even B200.

[03:46:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13592s) You see secondary transaction is happening, sometimes trading above MSRP.

[03:46:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13597s) It can make sense.

[03:46:39](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13599s) Think about COVID times when secondary car is trading above.

[03:46:42](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13602s) It's a brand new car price.

[03:46:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13605s) So we covered the three major layers of compute.

[03:46:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13612s) So, reserve GPU, obviously, I think the previous speaker covered extremely well with the terms.

[03:46:58](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13618s) The minimum we do is one node starting at one month, and then we can go all the way

[03:47:02](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13622s) to three, four, five years, right?

[03:47:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13624s) It all depends on the availability, the providers, but you get a chance to state your preferences.

[03:47:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13631s) We don't do on demand.

[03:47:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13635s) and another thing really works really well for compute changes we do provide a flexibility

[03:47:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13640s) I'd say if you overcome it in terms of quantity or duration you can sell it back to compute

[03:47:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13646s) change right so that's something we come in to do so you don't have to worry too much if you overbought

[03:47:35](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13655s) all right segment life so I will actually do a quick demo later so we have a lot of listings

[03:47:40](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13660s) marketplace listings. You can browse and chat with the providers and figure out the best

[03:47:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13665s) delivery mechanisms. You can also RFQ if you don't see anything you liked. We're actually

[03:47:51](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13671s) seeing over a billion RFQs every month. Sounds big, but we all know it's full compute. It's

[03:47:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13679s) not that huge, right? But still, you see the activities, which I love is we see a big range

[03:48:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13687s) of RFQ requests.

[03:48:08](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13688s) From one node all the way to

[03:48:10](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13690s) 20,000 nodes. So our clients

[03:48:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13692s) are all different shapes and forms,

[03:48:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13695s) different use cases, which is great.

[03:48:19](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13699s) Yeah, so you set timing,

[03:48:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13701s) submit, and we route it.

[03:48:22](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13702s) So behind the scene, we have

[03:48:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13704s) inventory tracking. So with

[03:48:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13706s) over 100 providers globally, we know

[03:48:28](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13708s) who has what, roughly when, right?

[03:48:30](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13710s) The forward capacity. And then let's say

[03:48:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13712s) you submit a request in that, hey, I need

[03:48:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13714s) 30, 300 GPUs, B200,

[03:48:38](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13718s) USEs starting

[03:48:39](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13719s) first. We say

[03:48:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13721s) we have three providers. We think

[03:48:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13723s) they have those. We'll route it to the three.

[03:48:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13725s) They will respond to you through the platforms

[03:48:47](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13727s) and they'll give you

[03:48:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13729s) rubrics back. Pricing,

[03:48:51](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13731s) specs, SLAs, we

[03:48:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13733s) benchmark them if it's existing

[03:48:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13735s) servers and then it's your choice.

[03:48:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13737s) Price is not only an indicator.

[03:48:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13739s) We believe give you as much transparency

[03:49:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13741s) as we can and then you will make a decision.

[03:49:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13746s) So I record in one place.

[03:49:08](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13748s) Again, it's rubrics coming back.

[03:49:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13749s) You will see everything.

[03:49:10](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13750s) And we introduce you to each other.

[03:49:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13752s) We never hold relationships.

[03:49:14](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13754s) We'll make sure you know who you're dealing with.

[03:49:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13758s) So by tomorrow's compute, today's price.

[03:49:19](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13759s) So it's a physically procured platform.

[03:49:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13764s) This is the used refurbished GPUs.

[03:49:28](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13768s) So again, we have extremely exciting ecosystem participants

[03:49:33](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13773s) in this secondary GPU sales.

[03:49:36](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13776s) We cover from 409Ls, 2B200, AMD, everything.

[03:49:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13785s) Inventory is live, and we do connect with you

[03:49:48](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13788s) through all different channels, Slack, email, chat,

[03:49:51](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13791s) however you want to do this.

[03:49:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13793s) We track end-to-end.

[03:49:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13795s) We actually have scoring for everybody.

[03:49:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13797s) We score you, our customers.

[03:50:00](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13800s) We score our providers. You can't see it quite yet, but you know, we'll be really fun. We're going to have end of year celebration for our providers. We're going to give out the best provider in APAC, best provider in Europe, best provider in the US, most responsive providers. So we're going to have a lot of provider awards coming up. Stay tuned.

[03:50:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13823s) Verify Network.

[03:50:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13824s) So everything's verified,

[03:50:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13826s) which is negotiate, state exchange.

[03:50:28](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13828s) So we help in terms of

[03:50:30](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13830s) be the middleman. Sometimes things

[03:50:32](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13832s) are not very clear. We try to make sure

[03:50:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13834s) people understand what's the best practices

[03:50:36](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13836s) we have seen in the ecosystem.

[03:50:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13841s) I'm going to quickly

[03:50:42](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13842s) show you guys the platform.

[03:50:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13845s) I think that's more fun.

[03:50:54](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13854s) And here.

[03:50:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13857s) So this is the platform.

[03:50:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13859s) You can see a bunch of available inventories.

[03:51:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13861s) By the way, anyone can sign up.

[03:51:03](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13863s) It's completely free.

[03:51:03](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13863s) There's no downside using us.

[03:51:05](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13865s) You don't have to buy.

[03:51:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13866s) You can browse.

[03:51:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13867s) You can request for quotes if you're interested in something

[03:51:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13871s) we don't have.

[03:51:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13872s) You can start with your vendor type.

[03:51:14](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13874s) Again, we're agnostic of GPUs.

[03:51:16](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13876s) You can select a model.

[03:51:17](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13877s) you can select your deployment type, you can select number of GPUs, you can select your

[03:51:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13883s) compute interconnect preferences, CPU platforms, storages, everything you need, and then some

[03:51:30](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13890s) optional items with systems, software stacks, regions. Obviously, we encourage you to select

[03:51:35](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13895s) multiple regions if you open to that. You can add head nodes, tell us your use cases, anything you

[03:51:40](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13900s) want, and then submit RFQ.

[03:51:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13903s) So this has been extremely robust.

[03:51:46](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13906s) And then obviously, we want to make sure,

[03:51:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13909s) if you have any feedback, let us know.

[03:51:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13912s) So I'm going to pause on the Compute Change side.

[03:51:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13915s) I think I have some time left, which I'd love to show you

[03:51:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13919s) some of the numbers we see in terms of term structure.

[03:52:04](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13924s) Also, context.

[03:52:05](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13925s) I'm CEO for Compute Change.

[03:52:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13927s) I'm also CEO for another company called SiliconData.

[03:52:10](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13930s) I'm a founder CEO for SiliconData,

[03:52:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13932s) which is the Bloomberg for compute.

[03:52:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13935s) So we provide indices for CME to settle their futures on,

[03:52:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13940s) which will be happening in a few weeks.

[03:52:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13941s) I'm very excited about this.

[03:52:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13944s) So the ones that are going to start trading at CME

[03:52:27](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13947s) will be the H100 NeoCloud on-demand rate,

[03:52:30](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13950s) as well as B200 prices.

[03:52:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13954s) What I want to show you is implied forward curve.

[03:52:38](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13958s) so as I said

[03:52:39](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13959s) compute change would do a lot of forward capacities

[03:52:41](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13961s) so essentially a lot of

[03:52:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13963s) longer term contracts is going to be very

[03:52:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13965s) critical you think about

[03:52:47](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13967s) even in your cloud or your

[03:52:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13969s) consumers let me just make it larger

[03:52:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13973s) so

[03:52:53](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13973s) the yellow line was last year

[03:52:56](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13976s) right the x

[03:52:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13977s) horizontal line is the duration

[03:53:00](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13980s) and the dollar amount

[03:53:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13981s) is the y exist so

[03:53:03](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13983s) last year was complete downward

[03:53:05](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13985s) or sloping curve from the yellow line, right?

[03:53:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13987s) Meaning the longer term contract you signed,

[03:53:09](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13989s) it cheaper, you know, was per chip-up power.

[03:53:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13993s) And this year, starting early this year,

[03:53:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13995s) the whole curve shifted up and became contangled.

[03:53:18](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=13998s) If you see the red line, right?

[03:53:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14000s) So it translates to people not getting a discount,

[03:53:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14004s) enough discount for a longer term contract,

[03:53:27](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14007s) implies that people assume the price is going to rise down the line.

[03:53:31](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14011s) And now you see the price, the whole term,

[03:53:33](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14013s) keeps shifting up but got flattened.

[03:53:35](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14015s) So meaning people will now either get penalized or get awarded by a non-contract contract.

[03:53:43](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14023s) This is reserve contract we observe.

[03:53:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14025s) And if you look at implied floor rates, this is implied floor rates, right?

[03:53:50](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14030s) Because we don't have a future trading.

[03:53:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14032s) So this is calculated based on our term structure.

[03:53:56](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14036s) And we use similar methodology at Treasury Futures Curve.

[03:53:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14039s) So you can see a market consensus view is the price could go up in the future, next 36 months.

[03:54:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14047s) Again, market consensus doesn't mean it's right.

[03:54:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14051s) If you look at B200, again, last year was contangled, and this year the whole curve shifted up.

[03:54:17](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14057s) Every single term is more expensive, and it's got flattened.

[03:54:22](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14062s) In platform rates, similarly, people think the price is going to go up.

[03:54:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14066s) I want to point this out, the term structure out, is this shows you that GPU behaves just like every commodity,

[03:54:34](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14074s) have a very clear term structure risks, which data futures are excellent at hedging.

[03:54:40](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14080s) So we have seen a lot of block trading happening around the term structure.

[03:54:44](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14084s) So you think about this, right?

[03:54:46](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14086s) If you have servers on your balance sheet, you have financing obligation for the next five, six years,

[03:54:52](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14092s) and you have reserve contracts for first three.

[03:54:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14095s) Then they exposed essentially year four or five or six.

[03:54:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14099s) So you want to hedge that risk out by entering swaps or block trading.

[03:55:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14106s) those are things.

[03:55:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14106s) Or there are trades happening even for the first three years,

[03:55:10](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14110s) which you have reserve contracts on.

[03:55:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14112s) What if the reserve contract defaulted?

[03:55:16](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14116s) What's your guarantee from some of the players?

[03:55:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14120s) So we saw block trading happening around indices.

[03:55:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14123s) Trade has a floating rate.

[03:55:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14129s) This chart actually is being used differently by the NVIDIA team.

[03:55:38](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14138s) In NVIDIA's latest September investor day deck, they set us with only data provider

[03:55:45](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14145s) that actually cited in their deck.

[03:55:48](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14148s) is very interesting.

[03:55:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14149s) SiliconData becomes the appraisal for a few banks when they have GPU servers on their

[03:55:54](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14154s) balance sheet.

[03:55:56](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14156s) everything you see here

[03:55:57](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14157s) is a forward looking view

[03:55:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14159s) so discount the cash flow

[03:56:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14161s) so as I said we have a term structure

[03:56:03](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14163s) so assume A100s

[03:56:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14166s) A100s have been around for 6 years

[03:56:07](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14167s) if today you sign a 3 year long

[03:56:10](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14170s) lease on A100s

[03:56:11](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14171s) and you have a rate, if you discount

[03:56:13](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14173s) the cash back to time zero

[03:56:16](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14176s) you have how much

[03:56:17](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14177s) the asset is worth

[03:56:19](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14179s) obviously there's a lot of things

[03:56:21](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14181s) baked in, utilization rate

[03:56:23](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14183s) What is your cost?

[03:56:25](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14185s) There's a bunch of assumptions which we're pretty transparent about.

[03:56:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14189s) We actually calculate the residual value for normalized value, obviously,

[03:56:33](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14193s) across all A100, H100, B200 servers globally.

[03:56:37](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14197s) And then we'll compare that with the straight line depreciation,

[03:56:42](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14202s) which is everybody using the 5 yen depreciation.

[03:56:44](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14204s) What's interesting is the A100, right?

[03:56:46](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14206s) Even though it is downward sloping, you know,

[03:56:49](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14209s) it means things are depreciating,

[03:56:50](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14210s) but it's above the accounting depreciation curve, straight line.

[03:56:55](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14215s) And H100, obviously, it's going bananas now.

[03:56:59](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14219s) The price actually went up.

[03:57:01](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14221s) My analogy will be just like secondary cars during COVID time.

[03:57:06](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14226s) The price went up, right?

[03:57:08](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14228s) And B200, obviously, went above the MSRP by this point.

[03:57:12](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14232s) So this gives you some views about what's going on

[03:57:15](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14235s) on the residual value side.

[03:57:17](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14237s) I think I'm out of time, but feel free to grab me.

[03:57:20](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14240s) Carmen, CLI

[03:57:22](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14242s) at computechurch.com

[03:57:24](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14244s) CLI stick in there.com

[03:57:26](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14246s) feel free to get me on Twitter

[03:57:27](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14247s) Carmen Lee is my Twitter handle

[03:57:29](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14249s) just Carmen L.I.

[03:57:31](https://www.youtube.com/watch?v=jiUC6IUMdvc&t=14251s) That's it. Thank you.