Notes from the desk.
Writing on market structure in frontier assets: how these markets are priced, how liquidity forms, and what has to exist before they trade on screens.
A price is not a market
Spectrum has a standard unit and decades of public auction prices, and still no market. Why the constraint is transferability rather than valuation, why satellite capacity is different, and how freight solved the same problem.
Read →The unit problem
AI compute is sold in at least three different units. Why an accelerator-hour is not a barrel, what non-storability does to a forward curve, and why a long-dated token forward is a position on efficiency gains.
Read →What a market needs before it trades
Compute, spectrum and bandwidth are priced by negotiation today. The price, the contract and the repeat flow that have to exist before an asset trades on a screen.
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