CME Group (NASDAQ:CME) plans to introduce futures contracts linked to artificial intelligence computing capacity, creating a standardised derivatives product based on the cost of renting AI processing power.
The exchange announced the planned contracts in August. Pete Keavey, the CME executive responsible for the initiative, said the aim is to standardise compute trading in a similar way to the development of derivatives markets for commodities such as oil.
Boston Consulting Group estimates that the market for AI computing capacity could increase from $360 billion in 2025 to about $2.3 trillion by 2030.
BlackRock (NYSE:BLK) chief executive Larry Fink said in May that buying futures linked to compute could develop into a new asset class.
Nvidia H100 and B200 Chips to Provide Contract Benchmarks
CME Group is working with index provider Silicon Data and has selected Nvidia (NASDAQ:NVDA) H100 and B200 chips as reference hardware for the contracts.
Silicon Data currently prices computing capacity using Nvidia’s B200 at $5.86 per hour, compared with $2.77 per hour for the older H100.
CME plans to list contracts reflecting the future value of these rental rates with maturities extending as far as 36 months.
Pricing for AI computing capacity has previously experienced substantial changes. Hourly rental rates for Nvidia H100 chips reached as high as $8 in early 2024 before falling below $2 in late 2025.
Market Structure Could Affect Development of Compute Futures
The proposed contracts are being developed as companies continue to invest in data centres and AI infrastructure. Oracle’s Project Jupiter data centre development, which is expected to begin operating in 2028, has faced delays related to a planned natural-gas pipeline as well as legal challenges concerning water and air-quality permits.
The source material also cited research indicating that between two-thirds and three-quarters of newly introduced futures contracts fail to establish and maintain sufficient trading volumes to become commercially sustainable.
The AI computing market is currently concentrated among a relatively small number of participants, with Nvidia supplying a large share of AI chips, hyperscale technology companies controlling significant computing capacity and a limited number of AI laboratories accounting for a substantial portion of demand.
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