Decrypt published an analysis stating that Neoclouds, which provide GPU hashrate for the AI boom, are facing immense pressure. Gartner predicted on October 14, 2026, that over 80% of Neocloud providers will cease independent operations by 2030, and estimated that if AI providers maintain their current spending pace, up to $3.5 trillion in AI infrastructure spending could face impairment risk by the end of 2030.

As of October 21, 2026, CoreWeave's unsecured debt yield was approximately 15%, and its bond default insurance costs rose by 30% in one month. The company's stock price fell by 29% in October 2026, with a market capitalization of approximately $34 billion, significantly lower than its peak of $90 billion in 2025. During the same period, Nebius's stock price fell by 27%, and IREN's stock price fell by 32%.

The article points out that Neoclouds like CoreWeave often originated from cryptocurrency mining and now provide hashrate services to AI labs by renting out NVIDIA GPUs. Despite the challenges, CoreWeave co-founder Brannin McBee stated that almost all of the company's capacity for 2027 is sold out, with contracts extending into 2028 and beyond.