The AI trade is cracking and Wall Street is shopping for hedges, with an ex-Citadel quant pitching an answer. Crowded leadership plus demand for protection is the tell: watch hedge costs and dispersio

What happened: Jasper Zhang, who runs GPU exchange Hyperbolic, is building software for "physical" AI futures as Wall Street looks for a hedge against a cracking AI trade. Why it matters: The effort is framed as a possible answer for investors seeking protection as the AI trade shows signs of cracking.

Jasper Zhang, who runs GPU exchange Hyperbolic, is building software for "physical" AI futures as Wall Street looks for a hedge against a cracking AI trade.

The effort is framed as a possible answer for investors seeking protection as the AI trade shows signs of cracking.