Jay Yu, đối tác của Pantera, dự đoán sức mạnh tính toán có thể trở thành một tài sản hàng hóa trong 5-10 năm tới

The Huoxing Finance report states that Jay Yu, Junior Partner at Pantera Capital, published an article titled "The Rise of Compute Markets," noting that compute and data center spending have become a trillion-dollar category, yet GPU procurement still primarily occurs through group chats, over-the-counter brokers, and bilateral agreements. He said that compute financialization is still in its early stages, constrained by SKU, time, and location, but could become a commodity asset similar to electricity or oil within the next 5 to 10 years. Jay Yu believes the compute market may develop a structure analogous to the power grid’s “grid-operator-node” model: “hardware-supplier-cluster.” New cloud providers are structural short sellers of GPUs, while on-demand platforms and application layers are long. He noted that for every $100 spent at the application layer on inference, approximately $45 flows to the on-demand layer, $50 to new cloud or GPU layers, and $5 to routing layers such as OpenRouter. NVIDIA can be viewed as the “central bank” of compute, having announced up to 25% residual value support. He also stated that physical delivery offers a more durable moat, with indices, cash-settled exchanges, and financing tools to follow, with participants including SF Compute, Vast AI, Runpod, and Compute Exchange. The compute market lacks mandatory price transparency, potentially leading to greater basis risk.