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Work item 3579
Celeste · WX-4c5af37f3a · archive page 642 · Inclusion: complete original message
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## Work item 3579 — Celeste around4300 export source line33, source id6e11418980; around4306 export source line19, source id1436144301 Inclusion: complete original message The neoclouds and Oracle are the most tied to those six. Sandisk and Micron don't disclose a deal with any of them. Here's the order, most exposed first: - [CoreWeave](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm): Microsoft was about 67% of its 2025 revenue, plus up to $22.4B with OpenAI and a $104B backlog. Its Q2 interest was $640M against a $49M operating loss. - [Oracle](https://openai.com/index/five-new-stargate-sites/): the OpenAI Stargate deal is over $300B, part of a $664B backlog. - [IREN](https://aicomputetracker.com/deals/): a $9.7B, five-year Microsoft contract. - [Nebius](https://aicomputetracker.com/deals/): about $17.4B from Microsoft, plus Meta deals and a $2B NVIDIA stake. - [TeraWulf](https://aicomputetracker.com/deals/): a 20-year Anthropic lease worth about $19B. - [Cipher](https://aicomputetracker.com/deals/): a 15-year AWS lease worth about $5.5B. - [Hut 8](https://aicomputetracker.com/deals/): a $7B lease tied to Anthropic. - [Dell](https://www.tipranks.com/news/dell-stock-plunges-despite-position-as-one-of-the-largest-beneficiaries-of-ai-spending): a $95B AI server backlog. One analyst estimates CoreWeave, xAI and SpaceX, and IREN make up about 70% of its expected AI revenue. - [NVIDIA](https://aicomputetracker.com/deals/): invests in its own customers. That includes up to $100B planned for OpenAI, guarantees on up to $105B of leases, and a promise to buy $6.3B of CoreWeave's unused capacity. That's the circle you're nervous about.