Raw accelerator hours are converging in price, but the markets that route and price them are only getting started.
An hour on a modern accelerator looks more and more like a standard unit. When a product standardises, value tends to move to whoever can route demand to supply most efficiently.
The routing layer
Inference marketplaces, decentralized GPU networks and compute credit systems are all attempts to build that routing layer. FK-CMP gives them a dedicated sleeve for that reason.
Risks
Hardware cycles are brutal, and a new chip generation can reset prices overnight. The basket keeps a cash and ETH buffer sleeve and spreads weight across four sleeves to soften that.
This article is research and opinion from the Franklin ETF community. $FRANKLINETF is a crypto token, not a registered fund, and nothing here is investment advice.