GPU Cloud
Accelerator rental: neoclouds, sovereign AI compute, and enterprise private GPU clusters.
Stack position
Where GPU Cloud sits in the AI stack
L9 · Cloud
Hyperscale cloud platforms renting general compute, storage, and managed services.
L10 · GPU Cloud
Accelerator rental: neoclouds, sovereign AI compute, and enterprise private GPU clusters.
L11 · AI Infrastructure Software
GPU runtimes, training frameworks, orchestration, and inference serving.
L12 · Foundation Model
Frontier and open models across text, vision, audio, and reasoning; revenue is token-metered.
Icons mark layer roles — not company logos. Position only; not a price chart.
Why this layer matters
Accelerators become a rentable product: buy silicon, build or lease a datacenter, sell compute by the hour or the token, collect recurring revenue. Hyperscaler capacity, neoclouds, sovereign programmes and private enterprise clusters all run this model.
What is the bottleneck?
The economics depend on utilisation and on the depreciation schedule assumed for hardware — both assumptions, not observations.
A structural observation about supplier concentration and lead times — not a view on any security.
Who sits in this layer?
Company
CRWVPrimary business sits hereAccelerator rental at scale — compute sold by the hour rather than the device.
Company
NBISPrimary business sits hereAI cloud platform renting accelerator capacity to developers and enterprises.
Public 13F filings citing these securities
Research context, not a recommendation. These are facts on file with the SEC; the classification that puts a security in this layer is ours, and the filer made no such claim.
- ARK Investment Managementreported a position inCRWVForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
- Appaloosa Managementreported a position inCRWVForm 13F-HR for the period ending 2026-06-30, filed 2026-08-14 · SEC filing
Rows below are public SEC Form 13F-HR filings, reported by the filing entity for the period shown and filed later — they are never current holdings. Form 13F covers long US equity positions only: it excludes short positions, cash, non-US holdings and most derivatives, and a reported position may have been sold since. Assigning a ticker to a layer is XingAI's classification, not the filer's. Nothing here is a recommendation, and an institution reporting a position is not a reason to take one.
Coverage boundary
Coverage boundary: US-listed tickers or ADRs only (same rule as TSM / ASML). Important suppliers without a US listing are omitted even when they matter to the stack. That is a coverage rule, not a quality ranking.
No hand-listed notable omissions for this layer yet. The US-list / ADR rule still applies.
Checked 2026-10-09. Not exhaustive.
Same track
Descriptive positioning only. The positioning label says whether a company's business is exposed to a layer, never whether to buy it. Layers with no exposure are not recommendations to add any.