Money in, revenue out — the full breakdown.

The read

The structural story is that the next tranche of frontier funding may not be equity at all. A vendor credit wrap lets a lab borrow against a supplier's balance sheet, which changes who bears the risk without changing the lab's cash position. Until definitive documentation exists, runway analysis should treat it as unfunded.

The read

This is the first week in several where the revenue denominator moved as visibly as the capex numerator. Azure crossing $100B annual and AWS reaching a company-reported ~$169B annualized run-rate improve observability, but neither company breaks out AI-attributable revenue, so the ratio remains an estimate. Backlog figures are contracted, not recognized: Microsoft's $678B RPO converts only about 30% inside twelve months.

The read

The category's most important number is still unobserved: whether contracted backlog converts to revenue at the pace its financing assumes. Core Scientific's AMD agreement is the more interesting structural event, because it gives an accelerator vendor a named landlord and gives operators a second rack supply chain to negotiate against — both contracted, neither energized.

The read

Open weights got materially more useful and materially more conditional in the same release. Private-cluster owners can now run a 2.8T MoE with a million-token context, but procurement has to classify intended use against the license before deployment, and Inkling-Small's roughly 600 GB BF16 footprint sets a hardware floor that most enterprise clusters will meet only at NVFP4.