The King of Chicago Trading Wants to Build a GPU Market Bigger Than Oil

Odd Lots

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4.4 • 1.6K Ratings

🗓️ 29 September 2025

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Don Wilson has built a career diving into some of trading’s thorniest problems, including figuring out ways to trade new and niche markets. Now, the founder and CEO of DRW has his sights set on the GPUs powering AI, which he thinks could end up being a bigger market than crude oil. In this episode, which was recorded live onstage at our show in Chicago, we talk about how such a market would work, including ways to ‘standardize’ the vast array of different types of semiconductors, and how this could change the capital stack of the industry. We also talk the evolution of trading over Don’s storied career and why he thinks most assets (and maybe even all of them) will be tokenized within the next five years.

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Transcript

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0:00.0	Hi, I'm Stephen Carroll.
0:02.0	And I'm Caroline Hepka here to introduce you to a podcast that brings you the news you need to start your day in just 15 minutes.
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0:48.5	news you need to know and the context to make sense of it. Find new episodes of Bloomberg Daybreak
0:53.4	Europe edition by 7 a.m. London time on Apple, Spotify or wherever you get your podcasts. Radio News.
1:20.2	Hey there,
1:26.7	Audlots, listeners, you are about to get a conversation with Don Wilson, founder and CEO of DRW,
1:29.0	sometimes called the smartestest Man in Trading.
1:33.4	This was recorded live on stage at Chicago's Untitled Supper Club.
1:36.9	We had a blast, and we hope you'll enjoy the show.
1:40.1	All right, Don, well, thank you for being here.
1:41.2	Really appreciate it.
1:42.1	Great to be here.
1:46.4	Truly the perfect guest to talk about what's next in trading.
	...

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