AI Derivatives Trading Surges 300%; Alphabet’s TPUs Hit Defense Certification Hurdles
Trading activity on crypto platforms Ventuals and PreStocks has soared over 200% since January, driving Anthropic’s implied valuation to $1.6 trillion via perpetual futures and SPV-backed tokens. Alphabet is also navigating U.S. defense concerns over TPU certification and faces potential headwinds from rising bond yields threatening tech stock rallies.
1. Surge in AI Private Market Derivatives
Crypto venues Ventuals and PreStocks have seen combined open interest and market value triple since January, offering perpetual futures and SPV-minted tokens tied to private AI firms. Traders have bid Anthropic’s implied value to $1.6 trillion, though these instruments confer no actual equity ownership.
2. U.S. Government Scrutiny of Compute Access
Alphabet executives met with U.S. officials to address concerns that limited access to advanced AI models and uncertified TPUs could hinder defense and critical operations. While Google’s in-house TPUs offer high performance, they currently lack the necessary clearance for classified environments.
3. Rising Bond Yields and Tech Stocks
Recent increases in Treasury yields are putting pressure on high-growth technology valuations, prompting investors to reassess risk and potentially dampening momentum for large-cap tech names like Alphabet.