Interesting take from Larry Fink at the Milken Institute recently. BlackRock's CEO is pushing the idea of treating raw computing power as a full-fledged asset class, which honestly sounds wild at first but makes sense when you think about it.

The pitch is pretty straightforward - just like we have futures markets for oil, wheat, and other commodities, why not compute? Fink's pointing out that chips, memory, and power are increasingly scarce resources, especially with AI infrastructure demand going through the roof. Supply just can't keep up.

What caught my attention is the derivatives angle. Larry Fink is essentially saying the market needs hedging tools to manage the unpredictable costs of building and scaling AI infrastructure. That's actually a smart observation - if you're running a data center or building AI models, your input costs for compute are basically a constant headache.

And it's not just talk. BlackRock is apparently gearing up to announce a partnership with a major hyperscaler to double down on AI infrastructure investments. So this proposal isn't coming out of nowhere - they're already positioning themselves in this space.

The broader implication here is pretty significant. If compute becomes tradeable like traditional commodities, it could reshape how companies budget for AI and who can actually afford to compete in this space. Right now, access to computing power is pretty gatekept. A formalized market might democratize things, or it might just create new financial instruments for the big players. Either way, it's worth paying attention to where Larry Fink and BlackRock are headed with this.