Fragile Markets

There is something really fragile about the top companies' makeup.

Oracle just moved to almost 1 T, Broadcom is at 1.7 T...

There are 4 big hyperscalers now; they all buy most of their stuff from 1 supplier - NVIDIA.

NVIDIA makes all of its stuff from 1 supplier - TSMC

TSMC buys most of its stuff from 1 supplier such as ASML, and the Japanese companies...

The hyperscalers are deeply entwined with particular companies.

OCI depends on OpenAI and Meta, and NVIDIA (as customers)

Azure depends on OpenAI

Google depends on itself and Anthropic

AWS has many customers?

All of them need nutty amounts of power.

If claude, or chatgpt begin losing customers (switching costs are super low now) - what happens?

__________

Then there is the pvt credit market which is also depending on steady inflows because the round robins seem to have started. Banks like JP M are simply stepping back...

___

And then, gold, bitcoin and crypto treasury companies.

____

Looks like a weird pack of cards