The circularity you're circling: NVIDIA holds ~11% of CoreWeave, supplies its chips, and reportedly backstops ~$6.3B unsold capacity — the supplier funding its own customer's demand. Contracts then split by counterparty: Meta paper (near-sovereign) durable; cash-burning AI lab paper fragile. Your single-customer flag hits the fragile node. Durability is a decision made in someone else's boardroom.