The cloud computing hierarchy is getting reshuffled. A new breed of specialized data center operators, known as neoclouds, is finding itself in an increasingly powerful negotiating position with the very hyperscalers that have dominated the industry for over a decade.
The reason is straightforward: everyone wants Nvidia GPUs, and neoclouds have them.
The deals reshaping AI infrastructure
Microsoft alone has committed more than $33 billion in capacity agreements with neocloud providers. The largest single arrangement is a $19.4 billion deal with Nebius, a specialized GPU cloud firm, which will give Microsoft access to over 100,000 Nvidia GB300 chips.
The neocloud category includes companies like CoreWeave, Nebius, Lambda, and Crusoe, all of which have built their businesses around a single thesis: purpose-built GPU infrastructure for AI workloads, nothing else. No general-purpose compute, no sprawling product catalogs, no legacy architecture weighing down their cost structures.
