Scrutica
AI-focused cloud companies promise to diversify compute access beyond the hyperscalers, but do their supply chains? Bilateral dependency data — supplier concentration, customer concentration, and NVIDIA single-source exposure for CoreWeave, Nebius, Applied Digital, IREN and peers — shows most neoclouds share the incumbents’ chip suppliers, fabs, and sole-source relationships, with diversification stopping at the customer-facing layer. A single export-control extension or upstream disruption therefore reaches every neocloud at once. The edges shown are the public-provenance subset.