Neoclouds have limited cybersecurity. Next time agents successfully go rouge, they'll try taking over a neocloud to run more copies. This is bad. Thus: neoclouds should greatly strengthen their cybersecurity and every company with strong cyber models should help with that.

Neocloud Lambda has raised $1B in private debt to buy Nvidia AI chips and lease them to Microsoft. It's the latest in a string of loans, underscoring the high cost of the AI boom.

Neoclouds are scaling faster than the hyperscalers ever did because AI turned scarce power and GPU-ready infrastructure into the biggest bottleneck in computing. $CRWV reached $2.6B of quarterly revenue by quarter 26 versus ~$600M for $AMZN AWS at the same point while $NBIS is already ~$580M by quarter seven as both monetize capacity in a market where demand significantly exceeds supply. What makes the model even more durable that the demand is increasingly contracted with CoreWeave sitting on $104B of backlog and Nebius above $46B as $MSFT and $META effectively help finance outside capacity they cannot build fast enough on their own.