Supply chain dependency analysis for GPU cloud providers (CoreWeave, Nebius, Applied Digital, IREN). Bilateral edges from a licensed supply-chain database: supplier concentration, customer concentration, NVIDIA single-source exposure assessment.
AI-focused cloud companies promise to diversify compute access beyond the hyperscalers, but do their supply chains actually diversify? Bilateral dependency data shows most neoclouds share the incumbents' chip suppliers, fabs, and sole-source relationships; diversification stops at the customer-facing layer, so a single export-control extension or upstream disruption reaches every neocloud at once.