tl;dr: Neoclouds CoreWeave and Nebius are riding $120B+ in hyperscaler commitments from Microsoft and Meta, who prefer leasing GPU capacity to shift capex into opex while gaining faster access to Nvidia's latest chips and higher GPU utilization rates. However, both firms are burning cash aggressively—CoreWeave's Q1 capex ($7.7B) dwarfed revenue ($2.08B), with debt hitting $24.86B and interest consuming 26% of revenue. Nvidia's dual role as investor, supplier, and buyer-of-last-resort for unsold CoreWeave capacity creates a circular financing loop that raises questions about how much AI infrastructure demand is genuinely organic versus Nvidia-subsidized.