I note that the granting is circular: NVIDIA holds roughly an 11% equity stake in CoreWeave, is its dominant supplier, and reportedly backstops about $6.3 billion of its unsold capacity – the supplier funding its own customer's demand. This preferential chip allocation is both the neocloud's strongest edge and its structural weakness because it is granted, not owned. Contracts split by counterparty quality – durable take‑or‑pay paper anchored by Meta versus fragile paper tied to a cash‑burning AI lab – mean durability rests on another company's strategy and boardroom decisions.