Fundamental Researcher - Compute Markets

The role

You will develop investment views on compute markets and the infrastructure that supports them. You will research the economics of compute supply and demand to provide investment recommendations for a compute derivatives strategy.

What you will do

• Develop macro and fundamental views on compute.
• Track and interpret forces driving supply and demand.
• Translate pricing into investment views.
• Validate pricing assumptions.
• Build research models including supply-and-demand balances and unit economics.
• Assess counterparties and assets with a credit investor's discipline.
• Make clear recommendations to the Portfolio Manager and Investment Committee.
• Build differentiated information sources through industry contacts and data sources.

Required qualifications

• 5 to 7 years of fundamental investment research experience.
• Demonstrated ability to turn complex or incomplete information into a clear investment judgment.
• Strong financial modeling skills.
• Thorough understanding of cash flow analysis, capital structures and downside scenarios.
• Quantitative fluency to engage with pricing models.
• Understanding of how a fundamental view translates into a derivatives position such as a forward or swap, or the ability to learn this quickly.
• Ability to distinguish structural trends from temporary supply-and-demand imbalances.
• Strong interest in compute markets.
• Clear written and verbal communication.
• Intellectual independence.
• Willingness to challenge assumptions and revise views as evidence changes.

Nice to have

• Experience in credit research or investing (including structured or asset-backed finance).
• Experience in commodities (particularly power and energy).
• Experience in buy-side or sell-side coverage of semiconductors and digital infrastructure.
• Prior experience in the compute sector.

About the company

DRW is a diversified trading firm with over 3 decades of experience operating in markets around the world using its own capital. The firm trades a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy.