Jack Minor

compute @ornnexchange | @mit @harvardhbs

[a16z @a16z]

GPUs are aging like fine wine, with rental rates up across the board since January 1st

Approximate change YTD:
- H200: +160%
- B200: +120%
- RTX PRO 6000: +65%
- H100: +35%

Even the 6-year-old A100 rents for more than it did at the start of the year

Charts of the Week: https://t.co/KJWFSaIGCd

[Ornn @OrnnExchange]

https://t.co/8medZpqQi3

[Suhail @Suhail]

The Vera Rubin era just booted up. 🫡

[Jack Minor @jackbminor]

@bavaria_kush @amosk1120 @wayne_nelmz our employee #30 is going to be higher caliber than employee #1 too

[Kush Bavaria @bavaria_kush]

You’re not investing in a CEO. You’re investing in a team. @wayne_nelmz takes more calls than me.

[Ornn @OrnnExchange]

We are happy to announce that the contract specifications for our @ICE_Markets compute futures are now available.

Find more information here: https://t.co/B1v6sUj8fh

[wayne nelms @wayne_nelmz]

Really interesting.

Ornn is the only compute exchange delivering capacity.

[Ornn @OrnnExchange]

Thank you @monad for the feature.

Compute markets are growing here on https://t.co/ds9Qr5AYYN

[Ornn @OrnnExchange]

An NVIDIA GPU is a high-yield asset.

An H100, bought on the secondary market in Sep 2025 for ~$19k:
Resale today: ~$20.5k
Net rent earned: ~$13.5k
Total: ~$34,000, +76% in 1 year.

A B300, bought in Jul 2026 for ~$54k:
Resale today: ~$51k
Net rent earned: ~$14k
Total: ~$65,500, +21% in under 3 months

What allows these assets continue to earn? Resale value has held as rental rates have increased and demand has grown across all hardware generations.

Resale rates have held within −5% to +7%, while Ornn's H100 index is $2.91/hr, +49% from a year ago, and our new B300 index tracks at $11.32/hr, up 66% from June. H100 marketplace utilization is 87% today. B300 is at 90%.

Ornn's forward curves predicts that in 2 years, by Sep 2028:
H100 ~$63,500 (+227%)
B300 ~$186,000 (+244%)

NVIDIA Hopper and Blackwell hardware both hold incredible residual value.

[Just Another Pod Guy @TMTLongShort]

Say it with me: “long compute” 😉

[Austin Lyons @austinsemis]

imo pacing AI means more compute, not less. Dario's call for more alignment, interpretability, and operational excellence adds demand for more compute during training.

But inference is where the money is, so labs won't just shift the training-vs-inference mix and give up revenue and margins. They'll buy more compute to offset the safety work and maintain the mix, protecting public inference capacity.

Clearly a win for the inference supply chain. New safety work likely runs on GPUs, but XPUs could backfill the public inference compute demand.

[Ornn @OrnnExchange]

Today, we are introducing the Ornn B300 Payback Forecast.

A GPU pays for itself through rental income. Until now, nobody could tell you how long that takes for a chip that only started shipping this year.

Built on OCPI forward curves, this forecast projects how long a B300 takes to earn back its purchase price at market rental rates, giving operators, lenders, and investors a repayment timeline they can underwrite against.

It's live now on Ornn Data, see it here: https://t.co/WiEy5GFm0s

[Kush Bavaria @bavaria_kush]

Today, the @OrnnExchange team published a research paper on The Economics of Open-Weight Inference.

We measure cost per completed task across eleven open-weight and eight closed models, the cost of a million output tokens on rented @NVIDIA A100 through B200, and rental term prices from one month to five years.

On the same model, the A100 can produce a million output tokens for less than half the cost of an H100. A new GPU generation does not make its predecessor economically obsolete.

GPU financing is changing.

[Jack Minor @jackbminor]

@jessiedong_ @bernhardsson @OrnnExchange

[Kush Bavaria @bavaria_kush]

We are not a car

[Jack Minor @jackbminor]

thanks man

[Jensen Huang @JensenHuang]

NVIDIA compute is fungible, durable and highly rentable. It is a productive, revenue-generating asset.

[wayne nelms @wayne_nelmz]

100% of cash-settled compute markets volume today settles against an @OrnnExchange index.

Compute markets are being created in real time, and America has an opportunity to lead from the beginning. We have always been the first to accept, adopt, and institutionalize new innovative asset classes.

In partnership with @ICE_Markets and @Kalshi, we’re excited to be the next pioneers in financial markets.

[Kush Bavaria @bavaria_kush]

Most of the capacity being built right now is already leased before it opens and where a site needs new transmission you're looking at two to four years before anything runs. Doesn't really come across in the announcements.

[Ornn @OrnnExchange]

Anthropic just committed $45 billion to Nscale for compute which is effectively a forward position on the price of compute.

By doing so, Anthropic locks in years of capacity at terms set now. Nscale, a firm still heading for its IPO, also gets security on the other side. If compute prices dynamically change, one of them could be on the wrong side of a very large capital imbalance.

Today, a commitment this size still has no liquid market to hedge it. Pricing compute forward is what the OCPI forward curve is for.

[Jack Minor @jackbminor]

one of the reasons we started the business in the first place, excited to publish this one

[Ornn @OrnnExchange]

Today, we are proud to release our Forecasted GPU Payback Period Datasets.

For neoclouds and other GPU financiers, every GPU purchase is a bet on Total Cost of Ownership economics. Before the establishment of a forward curve, nobody could price that bet accurately.

Now, for every Nvidia GPU that @OrnnExchange tracks, our forward curves can price exactly how many months it takes a GPU take to pay itself back.

See it at https://t.co/WiEy5GFTQ0