The Decoder's framing of the neocloud consolidation is one of the sharper takes on this infrastructure cycle. CoreWeave shedding a quarter of its value and Microsoft walking from a 23,000-chip Nscale deal suggest second-tier GPU landlords are absorbing the first shock of demand concentration. The headline thesis deserves nuance, though: Nvidia's 45% non-hyperscaler revenue is real exposure, but much of it sits behind purchase commitments and backed financing, so neocloud equity holders will likely feel the pain before Nvidia's P&L does. The deeper risk is circularity — providers financed with debt against GPU collateral are precisely the customers whose demand evaporates fastest in a downturn. If only seven to ten survive, expect the winners to have hyperscaler or sovereign backing, and expect Nvidia to keep supporting them, because its growth story depends on it.