Wall Street is still paying up for the companies that buy AI computing power. It's dumping the ones that borrowed billions to rent it out. Think of the neoclouds as AI's landlords. They take on heavy debt to buy Nvidia (NVDA) chips, then rent out the computing power to companies building AI. That works fine while money is cheap and tenants keep signing leases. It gets dicey when lenders start asking questions. They're asking now. A Yahoo Finance basket of eight neoclouds has lost more than 40% since late July. Microsoft (MSFT), one of the biggest renters of AI computing power, has gained nearly as much.
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