customer concentration of neoclouds over time could be your indicator that the capex cycle is still in its early chapters. the caterpillar deal is an under appreciated note from coreweave’s earnings call. neoclouds have been working on the industrial enterprise in autos, healthcare and robotics for a while, but physical AI was still 1% or so of CRWV’s Q1 revenue backlog. this figure wasn’t shared this quarter, is surely still small but clearly going to grow w the largest global construction co signed “demand is broadening beyond frontier labs into software, industry (e.g., Caterpillar on Vera Rubin for physical AI), life sciences (Isomorphic Labs), financial services (Flow Traders, IMC), public sector (Leidos), and more” - Mike 1 year ago Microsoft was 71% of revenue (others were Nvidia, OAI, labs). this quarter the top 3 customers were 36%, 26%, and 10% of revenue that’s on 0.47GW of capacity then to 1.5GW today a long way to go to continue diversifying customers and feeding a deep backlog we are in very early days of industrial enterprises adopting and managing physical AI systems, CAT is a strong signal