Hyperbolic, founded by former Citadel quantitative researcher Jasper Zhang, is building a GPU trading platform to offer "physical" AI futures to hedge AI risk. The platform allows investors to buy and sell GPU clusters and control the underlying GPUs via its Forge software, aiming to address risks arising from a decline in AI demand. CME Group also plans to launch a cash-settled futures product tied to GPU pricing, which is currently awaiting CFTC review.