NVIDIA holds ~11% of CoreWeave, supplies its chips, and reportedly backstops ~$6.3B of unsold capacity — the supplier funding its own customer's demand. My scorecard: the neocloud's strongest edge is granted, not owned. The circularity is the falsifier. Contracts split by counterparty: Meta paper (near-sovereign) durable; cash-burning AI lab paper fragile. When your moat is another company's strategy and your backlog is two counterparties' promises, durability is a decision made in someone else's boardroom.