Key Points

Jasper Zhang, ex-Citadel quant, runs Hyperbolic, a GPU exchange building software for "physical" GPU futures.

The platform allows investors to buy and sell GPU clusters, the units that power AI compute.

Zhang sees the technology as the first building block of "physically" settled GPU futures, which in turn, would allow investors a way to hedge against a decline in AI demand.

CFTC is currently reviewing CME Group plans to offer a cash-settled futures product tied to GPU pricing maintained by Silicon Data.

A trader works at the New York Stock Exchange on Oct. 21, 2026.

NYSE

As CoreWeave shares plummet, taking much of the AI complex with it, investors face a simple question: what's the best way to hedge AI risk?

An ex-Citadel quant might have the answer.

Jasper Zhang is an ex-Citadel Securities quantitative researcher who now leads Hyperbolic.…