Number Theory: Can the GPU-neocloud party go on forever?

A new wave of tech companies, “neoclouds”, has been grabbing headlines in recent months for securing billions in debt financing from Wall Street’s biggest financial institutions. These firms, which offer cloud computing services for AI development, have acquired vast quantities of Nvidia’s sought-after graphics processing units (GPUs) — one of the most valuable assets in the AI ecosystem. The charts examine the quick rise of neoclouds, their disruption of traditional players, amid the rise of Chinese startup DeepSeek's AI offering.