Prof G Markets · Thursday, August 13, 2026
There is ongoing debate about classifying AI compute as a commodity, similar to oil or gold, with a key issue being its fungibility. Rohan Goswami from Semaphore notes that the market for compute is heavily influenced by Nvidia's pricing decisions.
“It seems like there is a lot of debate right now as to whether we can actually call AI compute a commodity, like oil, like gold, like wheat, all these commodities that change trade on the CME.”
“Of course, this isn't actually a free marketplace, it's entirely up to Nvidia, right? The maker of these chips to actually determine the prices.”