Insights

Research on the price of intelligence.

Research, essays and market notes from the Carry team.

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Why AI inference needs a benchmark

Compute and inference are two links in one value chain. A trusted reference price for inference is the natural place to start.

Models get cheaper and better at the same time. A useful benchmark has to separate the two.

Every great commodity eventually needed a trusted price. The pattern is remarkably consistent.

How closely a hedge tracks what you actually pay shapes how well it protects you.

Why markets grow deepest when participants meet at a single reference price.

Data centres and the buyers of capacity carry compute price risk for years. How derivatives can help both sides manage it.

Companies rarely switch models overnight, so the cost of inference stays with them for years.

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