Neoclouds are specialist providers that rent clusters of Nvidia GPUs to AI laboratories, startups and large technology companies. Many originated in crypto: CoreWeave began by mining Ethereum, while Bitcoin miners have signed AI hosting contracts worth more than $135 billion. Their model depends on three scarce resources: chips, electricity and capital, but the rapid depreciation of GPUs weighs heavily on their finances. On October 14, 2026, Gartner forecast that more than 80% of neocloud providers would cease operating independently by 2030, triggering steep declines in the shares of CoreWeave, Nebius and IREN.
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