Fundamental Researcher, Compute Markets & Infra

DRW; Greater London; On-site; GBP 120,000 - 180,000; Full time

Job summary

DRW is seeking a Fundamental Researcher to develop investment views on compute markets and the supporting infrastructure. You will analyze the economics of compute supply and demand, form macro-level and fundamental theses, and translate them into actionable investment recommendations for a compute derivatives strategy.

You will collaborate with a quantitative researcher and contribute an independent, fundamental perspective while testing model assumptions against real market data and

Qualifications

• 5 to 7 years of fundamental investment research experience, ideally in credit research, commodities, or semiconductors and digital infrastructure.
• Strong financial modeling skills and cash flow analysis.
• Ability to interrogate pricing inputs and test model outputs against market data.
• Quantitative fluency to engage with pricing models without building them.
• Clear written and verbal communication with intellectual independence.

Responsibilities

• Develop macro and fundamental views on compute and related markets.
• Track forces driving supply and demand, including AI demand, capex, chip supply, and data center capacity.
• Translate pricing into investment views and assess implications for demand and capacity.
• Validate pricing assumptions and challenge inputs as evidence changes.
• Build research models linking drivers to pricing and investment outcomes.
• Evaluate counterparties with disciplined credit investor perspectives and assess risk and resilience.

Job description

DRW is seeking a Fundamental Researcher to develop investment views on compute markets and the supporting infrastructure. You will analyze the economics of compute supply and demand, form macro-level and fundamental theses, and translate them into actionable investment recommendations for a compute derivatives strategy.

You will collaborate with a quantitative researcher and contribute an independent, fundamental perspective while testing model assumptions against real market data and