Jessie Dong(@jessiedong_):follow the compute! for several of the biggest compute deals, the same group of gpus are behind them. an ai lab needs compute. maybe it buys from a hyperscaler, the hyperscaler gets capacity from a neocloud, and the neocloud buys the gpus. there are some different forms this can take like: - labs buy directly from neoclouds - hyperscalers buy from neoclouds and sell it to labs - labs make agreements directly with chip companies - chip companies can be backup customers to buy back capacity I do think adding every deal that's announced can overestimate demand as sometimes there's overlap. if you don't think there's a bubble, these relationships between labs and providers will only get closer

2026.09.24 14:23

follow the compute! for several of the biggest compute deals, the same group of gpus are behind them. an ai lab needs compute. maybe it buys from a hyperscaler, the hyperscaler gets capacity from a neocloud, and the neocloud buys the gpus. there are some different forms this can take like: - labs buy directly from neoclouds - hyperscalers buy from neoclouds and sell it to labs - labs make agreements directly with chip companies - chip companies can be backup customers to buy back capacity I do think adding every deal that's announced can overestimate demand as sometimes there's overlap. if you don't think there's a bubble, these relationships between labs and providers will only get closer