DRW

Global diversified trading and investment firm

Fundamental Researcher - Compute Markets

Prop & Hedge Fund TradingConfirmed live in the last 24 hours

Full-timeLondon, UKNo salary listedIn-person

About the Job

Requirements

Five to seven years of fundamental investment research experience, ideally in credit research or investing (including structured or asset-backed finance), commodities (particularly power and energy), or buy-side or sell-side coverage of semiconductors and digital infrastructure.
Ability to turn complex or incomplete information into a clear investment judgment.
Strong financial modeling skills and a thorough understanding of cash flow analysis, capital structures, and downside scenarios.
Quantitative fluency to engage with pricing models, understand how they work, interrogate their inputs, and judge whether their outputs are consistent with the market; building or maintaining the models is not expected.
Understanding of how a fundamental view translates into a derivatives position such as a forward or swap, or ability to learn this quickly.
Ability to distinguish structural trends from temporary supply-and-demand imbalances and assess what is already reflected in pricing.
Strong interest in compute markets and drive to build expertise across hardware, cloud services, data centers, and power infrastructure.
Clear written and verbal communication, intellectual independence, and willingness to challenge assumptions and revise views as evidence changes.

Responsibilities

Develop macro and fundamental views on compute by tracking and interpreting forces driving supply and demand, including AI training and inference demand, hyperscaler and neocloud capital expenditure, chip supply and generational transitions, data center capacity, power availability, financing conditions, and policy including export controls.
Assess what compute pricing across contract terms and chip generations implies about demand, capacity, and scarcity; identify where prices diverge from fundamentals and recommend how to express those views.
Develop a working understanding of pricing models and provide fundamental evidence behind key inputs, including supply pipeline, utilization, workload mix, and pace of price declines across hardware generations; challenge inputs when evidence changes.
Develop supply-and-demand balances, unit economics, and scenarios connecting fundamental drivers to compute pricing and investment outcomes, with assumptions documented and testable.
Evaluate counterparties and assets by assessing revenue quality, utilization, cost structure, customer concentration, contractual commitments, leverage, liquidity, and refinancing risk; examine how generational turnover and falling compute costs affect asset values, counterparty resilience, and recoveries.
Present clear investment recommendations to the Portfolio Manager and Investment Committee, setting out the investment thesis, valuation framework, catalysts, risks, and evidence that would change the view.
Develop a network of industry contacts and data sources across hardware, cloud, data center, and power markets to test assumptions and spot inflections early.

Desired Qualifications

Prior experience in credit research or investing, commodities, or semiconductor and digital infrastructure coverage is valued.
Prior experience in compute markets is valuable but not required.

DRW is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk.

Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets. We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets.

We operate with respect, curiosity and open minds. The people who thrive here share our belief that it’s not just what we do that matters–it's how we do it. DRW is a place of high expectations, integrity, innovation and a willingness to challenge consensus.

Fundamental Researcher - Compute Markets

The role

DRW is seeking a Fundamental Researcher to develop investment views on compute markets and the infrastructure that supports them. You will research the economics of compute supply and demand, form views on the macro forces shaping the market, and translate them into investment recommendations for a compute derivatives strategy.
You will work alongside a quantitative researcher who owns the pricing models. Your contribution is an independent, fundamental perspective: understanding the models well enough to test their assumptions against what is happening in the market, and flagging when the market has moved ahead of them.
This is a founding seat on a small investment team. We are particularly interested in candidates with credit, commodities or semiconductor research experience who can apply rigorous analysis of cash flows, capacity, contracts and downside risk to a market that is still taking shape. We do not expect deep prior experience in compute. We expect strong analytical foundations and the curiosity to build sector expertise quickly.

What you'll do

Develop macro and fundamental views on compute. Track and interpret the forces driving supply and demand: AI training and inference demand, hyperscaler and neocloud capital expenditure, chip supply and generational transitions, data center capacity, power availability, financing conditions and policy, including export controls.
Translate pricing into investment views. Assess what compute pricing across contract terms and chip generations implies about demand, capacity and scarcity. Identify where prices diverge from fundamentals and recommend how to express those views.
Validate pricing assumptions. Develop a working understanding of the pricing models and supply the fundamental evidence behind their key inputs, including supply pipeline, utilization, workload mix and the pace of price declines across hardware generations. Challenge those inputs when the evidence changes.
Build research models. Develop supply-and-demand balances, unit economics and scenarios that connect fundamental drivers to compute pricing and investment outcomes, with assumptions documented and testable.
Assess counterparties and assets with a credit investor's discipline. Evaluate revenue quality, utilization, cost structure, customer concentration, contractual commitments, leverage, liquidity and refinancing risk. Examine how generational turnover and the falling cost of compute affect asset values, counterparty resilience and recoveries.
Make clear recommendations. Present to the Portfolio Manager and Investment Committee, setting out the investment thesis, valuation framework, catalysts, risks and the evidence that would change the view.
Build differentiated information sources. Develop a network of industry contacts and data sources across hardware, cloud, data center and power markets to test assumptions and spot inflections early.

What we're looking for

5 to 7 years of fundamental investment research experience, ideally in credit research or investing (including structured or asset-backed finance), commodities (particularly power and energy), or buy-side or sell-side coverage of semiconductors and digital infrastructure.
A demonstrated ability to turn complex or incomplete information into a clear investment judgment.
Strong financial modeling skills and a thorough understanding of cash flow analysis, capital structures and downside scenarios.
Enough quantitative fluency to engage with pricing models: understand how they work, interrogate their inputs and judge whether their outputs are consistent with the market. You will not be expected to build or maintain them.
An understanding of how a fundamental view translates into a derivatives position such as a forward or swap, or the ability to learn this quickly.
The ability to distinguish structural trends from temporary supply-and-demand imbalances and to assess what is already reflected in pricing.
A strong interest in compute markets and the drive to build expertise across hardware, cloud services, data centers and power infrastructure. Prior experience in the sector is valuable but not required.
Clear written and verbal communication, intellectual independence, and a willingness to challenge assumptions and revise views as evidence changes.

For more information about DRW's processing activities and our use of job applicants' data, please view our Privacy Notice at https://drw.com/privacy-notice.

California residents, please review the California Privacy Notice for information about certain legal rights at https://drw.com/california-privacy-notice.

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About the Company

DRW

Global diversified trading and investment firm

DRW identifies and captures trading and investment opportunities worldwide. It trades across many asset classes and instruments in markets around the globe, with time horizons ranging from seconds to years. The company relies on technology, in-depth research, and risk management to execute its strategies. DRW blends the energy and flexibility of a startup with the stability of an established firm, emphasizing continuous learning, collaboration, and high standards. Its goal is to find and exploit a broad range of opportunities to create value for the firm and its clients, while rewarding employees for their results.

Company size: 1,001-5,000
Company stage: M&A
Total funding: $2.6B
Headquarters: Chicago, IL
Founded: 2001

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