Hudson River posts $11.4bn trading windfall as it seizes on market tumult

Hudson River Trading posted a record $11.4bn in quarterly trading revenues as the Wall Street firm capitalised on tumultuous markets.

The trading shop earned a $7.4bn net profit in the three months to June and projected no losses of the kind that stung rival Jane Street in the current quarter, according to a person familiar with the matter.

Proprietary firms such as Hudson River have benefited from volatility in markets triggered by the war in Iran as well as huge swings in AI stocks.

Jane Street last week reported a $15bn loss in July after an investment in Leopold Aschenbrenner’s hedge fund Situational Awareness as well as other AI stocks backfired. But the firm had still generated more than $40bn in net trading revenues in the year to last Friday.

Choppy markets have been a boon to trading specialists’ market-making divisions, which use powerful models and advanced technology to rapidly profit from small differences in asset prices.

In 2025, Jane Street, Hudson River and Ken Griffin’s Citadel Securities made more than $60bn in trading revenues. Hefty hauls this year have also beaten trading desks at major investment banks such as JPMorgan Chase and Goldman Sachs, which also benefited from whipsawing in markets.

Like its peers, Hudson River has made significant investments in AI infrastructure. Proprietary firms are in a race to secure computational capacity and augment trading models used across financial markets.

“The amount of compute I’ll have next year versus this year looks exponential,” Iain Dunning, the firm’s head of AI, said on a recent Odd Lots podcast. “We’re doing things today that I didn’t really dream of.”

Hudson River declined to comment. Bloomberg News first reported Hudson River’s results.

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