CME Group 计划推出首个以 AI 运算力为标的之期货市场，合约聚焦于 GPU（graphics processing units）未来租赁价格，协助投资人与科技公司在交割日前锁定成本、对冲价格剧烈波动；GPU 交期可长达数月，亦使其租赁价格更易出现大幅摆动。

CME 将与由 DRW 支持的 Silicon Data 合作，合约定价基础采用 Silicon Data 的指数；该公司目前在 LSEG 与 Bloomberg 等平台提供 A100、H100、B200 等晶片之每日租金报价。CME 执行长 Terry Duffy 以「21 世纪的新石油」形容运算力，强调其正迅速成为独立的资产类别。

需求面由训练大型语言模型（如 OpenAI 的 ChatGPT、Anthropic 的 Claude）所驱动；Silicon Data 执行长 Carmen Li 指出，市场上签署的相关合约金额达「数十亿美元，甚至数兆美元」规模，管理波动与风险的需求明确。回溯商品期货史，首个与实体原油桶连结的期货于 1983 年在纽约交易；而 2024 年底 DRW 创办人 Don Wilson 亦称运算力可能成为全球最大宗商品。同时晶片股因基础设施投资升温而走强：Intel 年内上涨逾 200%，AMD 上涨约 100%，Nvidia 上涨 17%。

CME Group plans to launch the first futures market for AI computing power, creating contracts tied to future GPU rental prices so investors and technology firms can hedge or take positions on costs that can be volatile; GPUs can take months to procure, contributing to sharp price swings.

CME is partnering with Silicon Data, a DRW-backed firm whose indices will underpin the contracts; Silicon Data already publishes daily rental rates for A100, H100, and B200 chips on platforms such as LSEG and Bloomberg. CME CEO Terry Duffy framed compute as “the new oil of the 21st century,” arguing it is rapidly becoming an asset class in its own right.

Demand is being driven by training large language models such as OpenAI’s ChatGPT and Anthropic’s Claude. Silicon Data CEO Carmen Li said related agreements total “billions, if not trillions, of dollars,” indicating strong demand to manage volatility and risk; CME aims to launch later this year. For context, the first futures contract linked to a physical barrel of crude oil traded in New York in 1983, and DRW founder Don Wilson said in late 2024 that compute could become the world’s biggest commodity. Chip shares have also rallied: Intel is up over 200% this year, AMD has risen about 100%, and Nvidia is up 17%.