Odd Lots · Oct 19, 2026 · 27m · 19m saved
With Don Wilson, Founder and CEO, DRW
Photo via drw.com
GPU futures could be listed on November 9 if regulators take no action, Don Wilson, founder and CEO of DRW, said on a live Odd Lots show recorded in Chicago.
Many investors read CoreWeave's bonds, yielding around 15%, as a warning about how AI is being financed. Don reads them as proof that the companies renting out chips have no way yet to hedge what those chips will earn.
"These things are volatile. They can go up, they can go down, and a hedging instrument is badly needed." — Don Wilson
Don's trading firm has traded crypto since 2014 and is building a futures market on GPU compute around the Silicon Data price index. He spoke with Odd Lots in Chicago a year earlier, and this was the show's second live taping there.
The full interview is covered here so you can skip it. 27 minutes of audio, 8 minutes of reading.
Here are the 12 insights that matter.
Key Takeaways
GPU futures could list on November 9 if the CFTC takes no action after its extended comment period
CoreWeave's roughly 15% bond yields point to a need for hedging, not a deeper crisis, in Don's view
Nobody knows what a B200 will be worth in four or five years, which is why the futures need to exist
H100 rental prices turned up around Thanksgiving after a new Anthropic model drove a surge in inference demand
DRW is weighing token futures and a "crunch spread" between the cost of compute and the price of tokens
Nvidia is unlikely to hold its market share, though Don expects the company to keep growing
1. Growth Is Never Constant
Joe Weisenthal and Tracy Alloway, who host Odd Lots, opened on the recent wobble in AI-linked markets, from CoreWeave's bonds to a jittery Anthropic investor meeting ahead of its IPO. Don said slowing growth rates are what a fast-growing business should be expected to show.
Don Wilson says a business growing this fast will not grow at a steady rate
"Any new thing that's growing this fast is not going to grow at a constant rate. The first derivative isn't going to be constant. The second derivative isn't going to be constant." — Don Wilson
He is not reading more into the swings than that. He offered one ordinary explanation for a soft patch.
Don Wilson suggests August vacations may explain lower token use
"Maybe people went on vacation in August so they didn't consume as many Anthropic tokens." — Don Wilson
