Fundamental Researcher – Compute Markets

Overview

In this role you will develop macro and fundamental views on compute markets and translate them into investment recommendations for a compute derivatives strategy. You’ll test pricing models against market data, build independent assessments, and contribute to a small, founding-like investment team. You will collaborate with a quantitative researcher, test assumptions, and identify inflection points to inform trading decisions. The role emphasizes rigorous analysis, sector building, and delivering clear viewpoints to Portfolio Management and Investment Committee.

Responsibilities

• Develop macro and fundamental views on compute and track drivers of supply and demand
• Translate pricing into investment views and identify pricing divergences from fundamentals
• Validate pricing inputs and test models against market evidence
• Build research models connecting fundamental drivers to pricing and outcomes
• Evaluate counterparties and assets with credit-focused discipline
• Present investment theses, valuation framework, catalysts, risks, and evidentiary criteria to committees
• Create diversified information sources from hardware, cloud, data center and power market data

Key requirements

• 5 to 7 years of fundamental investment research experience
• Strong financial modeling and cash flow analysis skills
• Quantitative fluency to engage with pricing models
• Understanding of how fundamental views translate to derivatives (forward or swap)
• Ability to distinguish structural trends from short-term imbalances
• Strong written and verbal communication and intellectual independence
• Interest in compute markets and ability to develop sector expertise

• intellectual independence
• willingness to challenge assumptions
• clear communication
• financial modeling
• cash flow analysis
• pricing model interrogation (not building)

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