Don Wilson has built a career diving into some of trading’s thorniest problems, including figuring out ways to trade new and niche markets. Now, the founder and CEO of DRW has his sights set on the GPUs powering AI, which he thinks could end up being a bigger market than crude oil. In this episode, which was recorded live onstage at our show in Chicago, we talk about how such a market would work, including ways to ‘standardize’ the vast array of different types of semiconductors, and how this could change the capital stack of the industry. We also talk the evolution of trading over Don’s storied career and why he thinks most assets (and maybe even all of them) will be tokenized within the next five years.

Read more:
ASM International Cuts Outlook After Chip Demand Disappoints
Taiwan Pauses South African Chip Export Curbs After Two Days

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Don Wilson has built a career diving into some of trading&rsquo;s thorniest problems, including figuring out ways to trade new and niche markets. Now, the founder and CEO of DRW has his sights set on the GPUs powering AI, which he thinks could end up being a bigger market than crude oil. In this episode, which was recorded live onstage at our show in Chicago, we talk about how such a market would work, including ways to &lsquo;standardize&rsquo; the vast array of different types of semiconductors, and how this could change the capital stack of the industry. We also talk the evolution of trading over Don&rsquo;s storied career and why he thinks most assets (and maybe even all of them) will be tokenized within the next five years.
Read more: <a href="https://www.bloomberg.com/news/articles/2025-09-23/asm-international-cuts-outlook-after-chip-demand-disappoints?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">ASM International Cuts Outlook After Chip Demand Disappoints</a> <a href="https://www.bloomberg.com/news/articles/2025-09-25/taiwan-suspends-south-africa-chip-export-curbs-after-two-days?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Taiwan Pauses South African Chip Export Curbs After Two Days</a>
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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

The King of Chicago Trading Wants to Build a GPU Market Bigger Than Oil

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/659986e3-3a9f-42d6-9771-b36600eeda09/transcript

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