CAN COMPUTE COMMODITIZE IF IT'S NOT FUNGIBLE?

Summary from the TLDR AI newsletter

CoreWeave's co-founder, Brannin McBee, recently claimed that compute isn't fungible the way a commodity has to be. He has a real argument, but the non-commodity framing is the keystone of his company's value. While he appears to be saying that there is no market, he's actually pricing the market and revealing where the spread still hides.