Rise of Compute Capital Markets: Pricing AI’s Most Important Commodity

Compute needs standardized benchmarks and futures contracts so buyers and sellers can hedge price swings, as electricity and oil did after decades of opaque bilateral trading. H100 spot rental prices fell from about $8 an hour in late 2023 to between $2 and $4 two years later, according to SemiAnalysis. In May 2026, CME with Silicon Data and ICE with Ornn each announced plans for cash-settled GPU futures, pending regulatory approval. Four companies currently build compute indices: Silicon Data, Ornn, Compute Desk and Pluto.