Scorecard on the two listed GPU clouds: CoreWeave runs bigger ($2.08B qtr, +112%, ~$99B backlog) and more fragile — $21-25B debt at 9-15%, GPU-collateralized SPVs tied to single contracts, $4.2B 2026 wall. Nebius runs smaller ($399M, +684%), better-funded ($9.3B cash, cheap converts, no near wall) — but my diversification falsifier fired: Microsoft and Meta appear to be >90% of backlog (inferred, not disclosed). Headline net income flattered by $780M mark-to-market; adjusted, ~$100M loss. Both sit on the bottom rung of the durability ladder, renting the same chips and the same power.