UBS estimates that OpenAI and Anthropic will account for 48% of Google Cloud's revenue next year, up from 27% this year. Ed Zitron, CEO of EZ Primary Research and an AI skeptic, warned on a Bloomberg Businessweek segment that this reliance on two unprofitable private companies, including OpenAI's $20.9 billion losses in 2025 and a delayed IPO, exposes hyperscalers to a potential $1.6 trillion annual infrastructure demand gap. He also noted that 69% of Microsoft Intelligent Cloud's year-over-year growth in 2025 came from OpenAI alone.