Leading research firm Gartner warned in a report on Wednesday that over 80% of emerging cloud service providers (neoclouds) will fail to survive independently by 2030 due to cost pressures and a lack of differentiated business models. This means four out of five companies renting NVIDIA GPUs will be acquired or exit the market directly. Gartner estimates that the AI infrastructure industry will face over $3.5 trillion in impaired assets by 2030.

Meanwhile, AI hashrate leasing company CoreWeave closed down 15.5% on Wednesday at $65.78, with an intraday drop of up to 17%, marking its largest single-day decline since listing. The company's five-year credit default swap (CDS) spread widened by 135 basis points to a record high of 1117 basis points, implying an approximately 63% probability of default within five years. CoreWeave CEO Michael Intrator attributed the market reaction to a "misjudgment," but the CDS spread continued to widen after the memo was issued. A Goldman Sachs report noted that the AI infrastructure industry faces an approximately $4.9 trillion revenue gap, and the pressure has spread to the broader AI financing ecosystem, with credit spreads for cloud vendors like Oracle also experiencing their largest expansion in months.