Hong Chan Kim

Head of Finance @Hyperbolic_labs
Prev: Balyasny, @Citadel, Point72

[Hong Chan Kim @HongCKim2]

Everyone is fleeing to IG offtakers and enterprises. Compute shortage might get even worse for startups and SMEs

[Hong Chan Kim @HongCKim2]

@friedmandave We are closing some OTC hedges but the market is definitely still thin. We need more participants!

[Hong Chan Kim @HongCKim2]

@edwinsu96 @zjasper Welcome @edwinsu96

[Hong Chan Kim @HongCKim2]

Looking forward to chatting esp after the election this week!

[Hyperbolic @hyperbolic_labs]

The inference era is here, but the infrastructure behind it is still taking shape.

Tomorrow at @NYSEWired, our Head of Finance @HongCKim2 joins a discussion on neoclouds, financing the buildout, and whether compute can be hedged.

In the room? Come say hi 👋

[Hong Chan Kim @HongCKim2]

@zjasper @blu_putnam Welcome @blu_putnam !

[Hong Chan Kim @HongCKim2]

It was great working with @blu_putnam to write this report. More to come from us content wise

[Hyperbolic @hyperbolic_labs]

Three GPU rental indices. Three methodologies. Three different prices for the same B200 hour.

New research from @blu_putnam, Hyperbolic's Senior Research Analyst and former Chief Economist of CME Group, on why GPU compute indices disagree, and what that means as exchanges line up GPU compute futures.

Welcome to the team, Blu!

[Hong Chan Kim @HongCKim2]

We are just getting started!

[Hyperbolic @hyperbolic_labs]

We’ve raised an oversubscribed $30M Series A1 led by @walden_catalyst to build the Global Compute Grid.

We’re turning fragmented GPU capacity into one unified platform where AI teams can access, manage, sell, and orchestrate compute.

Our mission: make the world’s compute unified, productive and liquid.

[Hong Chan Kim @HongCKim2]

@zjasper @CNBC Let’s go!

[Hong Chan Kim @HongCKim2]

Thanks @CNBC and @OJRenick for writing about @hyperbolic_labs! Excited to be building in this fast moving and dynamic market! We are hiring as well!

https://t.co/mi7IOlqgr6

[Oliver Renick @OJRenick]

Regulators have yet to approve GPU index futures but ex-Citadel quant @zjasper is already looking ahead to physical settlement.

And no, it doesn't mean shipping you a data center. Ngl, this was quite illuminating ⬇️⚙️

Ft @drwconvexity & @carmenli

https://t.co/JVPDcz9oIp

[Hong Chan Kim @HongCKim2]

I don’t think things are nearly as bad as what Elon is describing here but things have certainly gotten harder. In the end, it’s all about demand and I don’t think we will have handful of neoclouds like the hyperscalers. Expect fragmentation to stay

[Elon Musk @elonmusk]

Pretty much.

As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.

SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue.

That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

[Hong Chan Kim @HongCKim2]

@stevehou Current on-demand prices at ours and other platforms

[Hyperbolic @hyperbolic_labs]

Introducing Flux, Hyperbolic’s next generation of inference, built on Forge.

Choose from 10 open models through one OpenAI-compatible API.

Start building with Flux → https://t.co/DwNj4Rlzai

Explore the models and architecture: https://t.co/e6VA5DaA5I

[Hong Chan Kim @HongCKim2]

On my way to Berlin for @nvidia GTC Berlin!

[Hong Chan Kim @HongCKim2]

Join us! I’ll be there as well

[Hyperbolic @hyperbolic_labs]

We’ll be at @NVIDIAGTC Berlin! Join us for cocktails and light bites at a private indoor rooftop 🍸

We’re bringing together neoclouds, AI founders, developers, and infrastructure operators for Rooftop Cocktails & Compute. Meet fellow builders, reconnect with friends, and swap notes on open models, inference, and the compute powering AI.

🗓 October 20 · 5:30–7:30 pm Berlin time
📍 Berlin | Address shared with approved guests

RSVP here: https://t.co/cGeVRWtn4M

#GTCBerlin

[Hong Chan Kim @HongCKim2]

AI workloads don’t follow GPU financing timelines. That creates opportunity and risk.

The opportunity: capturing a premium on short-duration compute. The risk: falling GPU rental prices against fixed long-term costs.

Our new white paper models the economics.

[Hyperbolic @hyperbolic_labs]

GPUs are financed for years. AI workloads run for weeks.

Our Compute Market-Making White Paper explores that gap:

1. Financing shapes the short-term premium.
2. Not everyone can capture this premium.
3. Hedging reduces tail risk, but comes at a cost. https://t.co/4dLfWSb3Vn

[Hong Chan Kim @HongCKim2]

Just the tip of the iceberg of what we are building

[Hyperbolic @hyperbolic_labs]

Managed Kubernetes is now in beta on Hyperbolic.
Launch GPU clusters from the console. We handle the control plane, worker setup, and add-ons. You deploy with standard Kubernetes tools.

Explore the launch here: https://t.co/4T49QI8m01

[Hong Chan Kim @HongCKim2]

Debate

[Hong Chan Kim @HongCKim2]

AI sentiment in public markets continues to sour. Fundamentals on the ground are still strong. At some point, public markets will come around to fundamentals as long as macro doesn’t get much worse

[Hong Chan Kim @HongCKim2]

https://t.co/vnuOTlN0cf

Interest is waning for pure neoclouds. With more IPOs coming up, things will likely only get worse. It’s important for companies to have a differentiating technology to attract capital going forward