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Neocloud companies such as CoreWeave, Nebius, IREN and Applied Digital lease computing power to major AI developers, but their debt-heavy business model has raised concerns about financial stability. CoreWeave has $35.1bn in debt, and shares in several firms have fallen by about a quarter or more over the past month as investors react to customer spending forecasts and other setbacks. Analysts warn that a slowdown in AI investment could hurt the sector, with Gartner predicting that 80% of neocloud firms will cease independent operations by 2030.
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