Analyst: Neo Clouds Aren't Winning Enterprise Customers, They're Trading GPUs Among Themselves
DavidLinthicum · x · 2026-09-30
Analyst David Linthicum, who has covered the neo cloud space for three years, flags that something is 'genuinely weird' about the GPU neo cloud gold rush:
- Instead of pursuing enterprise customers, neo clouds are cutting huge deals with other tech providers that also need GPU capacity — creating a circular, vendor-to-vendor demand loop.
- He says insiders recognize the oddity but few are willing to say it out loud.
- Drawing on his unpaid consulting work building detailed reports for clients evaluating neo clouds, he lays out three observations on how these providers differ from past tech waves (thread excerpt).
Core claim: neo cloud demand looks more like inter-supplier GPU resale than genuine end-market adoption.
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