Frontier lab or trading firm? How the offers really compare

The same people are now fielding offers from AI labs and systematic funds in the same month. We sat down with twenty-six of this year’s offers, with permission, and compared them line by line.

Cash

Funds pay more cash, sooner, and with less uncertainty. Labs close the gap with equity that is worth a great deal or nothing.

Compute and data

Labs win on compute. Funds win on data that nobody else can see. Candidates rarely weigh the second one properly.

Publishing

Almost no fund lets you publish. Some labs have quietly stopped too. Ask, in writing.

Our advice to candidates is the same every time: decide what you want to be known for in five years, then pick the place that lets you do that work in public or in private.