Compute markets

You research the supply and demand for computing power and turn that into investment views for a strategy that trades compute derivatives. The seat is a Fundamental Researcher in DRW Asset Management, a founding seat on a small investment team in London. Compute means the processing capacity, the chips, data centres and power, that runs artificial intelligence models, and a market has grown up where that capacity is bought, sold and contracted. Derivatives are contracts whose value depends on the price of something else, here the price of compute, such as a forward, a deal today at a price for delivery later, or a swap, an exchange of one stream of payments for another.

Fundamental means you form views from the real economics, cash flows, capacity, contracts and who might fail to pay, rather than from patterns in prices. You work alongside a quantitative researcher who owns the pricing models. Your job is to understand those models well enough to test their assumptions against what is actually happening, and to flag when the market has moved ahead of them.