AI compute market said to be in contango despite incoming supply

Gavin Baker said Silicon Data founder Carmen Li had described the compute market as “in contango,” with future cluster bookings costing more. Baker, whose firm invests in Silicon Data, said companies in his portfolio were shocked by the cost of adding another 4,000-Blackwell cluster in September 2027 after getting one in May or June 2026. He said they were struggling to secure compute for 2027 despite expected supply growth.