Why compute is difficult to turn into a tradable market

A couple of prediction-market operators reportedly tried to list compute markets and were apparently asked by Washington to shut them down. A workable tradable market would require either a specific physical-delivery product with enough buyers and sellers or an industry-trusted index; both options are difficult to establish. Few short-term deals, limited transparency, and differences among chips, data-center designs, and customer needs complicate standardization.

Compute may also be unlike other commodity markets because it is much more valuable to a couple of companies than to the broader market.