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Memory chips now account for 50-55% of semiconductor industry revenue, up from roughly 20-30% historically, according to Susquehanna analyst Mehdi Hosseini. He said memory has become the industry's new "king" as AI data centres demand more of it, with total industry revenue on track to reach roughly $1.5 trillion this year. The AI spending boom is driving demand for DRAM and NAND chips. Research firm TrendForce expects these memory types to absorb 47% of major cloud providers' total capital spending this year, rising to 68% in 2027. Micron Technology is a key beneficiary. Global DRAM revenue jumped 59.5% sequentially to $154.73 billion in the second quarter, with Micron's DRAM revenue rising 65.5% to $36 billion.

Susquehanna's head of prediction markets hired his old friend: an ex-Morgan Stanley trading head. 1 hour ago In 2006, Columbia University student Jeremy Maletz won the third place prize in a poker tournament hosted by Susquehanna, an electronic trading firm. He joined the firm as a graduate and worked his way up to become the head of its burgeoning prediction markets team. The Columbia Spectator reported that he was invited alongside his friend Nick Volbi, who subsequently opted for a more traditional career path in banking. Now, however, the pair are reunited. Nick Volbi joined Susquehanna as its head of institutional prediction markets; his LinkedIn profile says the role involves providing businesses with "bespoke risk transfer" using event contracts on platforms like Kalshi and Polymarket. FINRA's BrokerCheck tool suggests that he joined the firm last Wednesday. Volbi spent most of his career at Morgan Stanley, where he made MD in 2020 and was latterly its head of equity index derivatives trading. He left the bank for BNP Paribas in 2025, where he worked as deputy head of index flow derivatives trading prior to joining Susquehanna. The Columbia Spectator said Alex Verbuch also attended the tournament with Maletz and Volbi. He too works at Susquehanna as head of trading for the firm's Bahamas-based crypto trading entity. It's not clear whether Maletz and Volbi have remained in touch since the tournament, nor whether Maletz was directly involved in the hiring process. Neither responded to a request for comment. Speaking on Bloomberg's Odd Lots podcast in June, Maletz said Susquehanna was one of the earliest firms to enter the prediction markets space and wants to be a "shepherd for other institutions as they get involved." He said that the goal is for institutions to use event contracts to hedge against the real world impacts of the event itself. Susquehanna's founder Jeff Yass said there's also an altruistic element to growing prediction markets. He said on the Generating Alpha podcast last October that one use case for prediction markets is to fact check governments; for example, he argued it could prevent wars by giving the public a more accurate prediction for the expected cost of entering into a conflict. Susquehanna is growing its prediction markets team. It has openings for a trader, software developer and data engineer working on prediction markets in its Philadelphia HQ. It's also hiring a quantitative sports trader in Dublin "focused primarily on trading on prediction markets." Have a confidential story, tip, or comment you'd like to share? Contact: WhatsApp: http://wa.me/442079977910 (+44 20 7997 7910), Telegram: @AlexMcMurray, Signal: @AlexMcMurrayEFC.88 Click here to fill in our anonymous form, or email [email protected]. Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate. The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Boost your career. Find thousands of job opportunities by signing up to eFinancialCareers today. Top Articles

Quintessent has raised $40 million in an oversubscribed Series A funding round led by Cycle Capital, with participation from Goldman Sachs XIG-Industry Ventures, Hina Liberty Capital, Susquehanna International Group, and others. The Santa Barbara-based company is developing optical interconnect products for AI datacentres. Quintessent has begun customer sampling of its single-chip quantum dot-based DWDM comb laser, which generates eight wavelengths from a single laser with one bias control. The technology aims to simplify optical connectivity for AI clusters whilst reducing power consumption and manufacturing complexity. The company's laser architecture uses Gallium Arsenide quantum dot gain material integrated on silicon photonics, avoiding capacity constraints in the Indium Phosphide supply chain. Quintessent claims the design can deliver up to 40% reduction in data movement power compared to alternative architectures. The funding will support product maturation, manufacturing scale-up, and development of additional optical components for AI infrastructure applications.