Rebecca Bellan
Senior reporter at TechCrunch covering business, policy and emerging trends in AI. Her work has also appeared in Forbes, Bloomberg, The Atlantic and The Daily B...
“I was talking to an investor at Disrupt, and they said they aren't worried about any of the neoclouds that are really backed by NVIDIA. People were like, CoreWeave is probably going to be fine because it's backed by NVIDIA. But now it's like, was it just Jensen? So I can see why investors are worried at the moment.”
Equity · Startups & Venture · November 2026
Context
The hosts were discussing whether neoclouds can stand on their own. Bellan suggests investors' confidence in Nvidia-backed neoclouds may have rested on Huang personally.
Transcript
software itself. And it's sounding like that's maybe not the case. I mean, yeah, I think it's hard to say. Like, how much does it cost to literally make a literal pick and shovel? Probably not that much. How much does it cost to make a data center? A whole lot more. And so much more can go wrong.
…these companies could just go to nothing than a meta or a Google, where I think if they don't get the exponential growth for AI, I think it will be very bad for them. I mean, I think you're already seeing that in their earnings, but they're probably not going to just go to zero, as far as I know.
The question for a lot of the NeoClouds is like, will they be able to stand on their own two feet or will they end up getting swallowed by the hyperscalers, right? Are they just like moving into a, or will they become hyperscalers themselves, right? Are they going to start offering other services to help fund their own growth? And, you know, I was talking to an investor at Disrupt actually about this, and they said that they aren't worried about any of the NeoClouds that are really backed by NVIDIA. So that's Nebius, that's Nscale, that's Lambda, or is it Nebius? Definitely Core Weave. Core Weave, people are like, Core Weave is probably going to be fine because it's backed by NVIDIA. But now, now it's like, was it just Jensen? Right. It's like, you know, so I can see why investors are worried at the moment.
Yeah, it's crazy because like it to remember that, you know, even the week before this, all this NVIDIA stuff happened, there was already a lot of questions about how the AI industry was doing. You know, there'd been this sort of rough period for the big tech companies and their earnings. And then…
That's pretty, that's pretty insane. So they'll be cashing out pretty soon, right? I think that we learned this week that it's looking like it's going to be around November 19th that Anthropic makes its public debut at a value that could place it around $1.4 trillion. That's less than the $2…
I think that's a lot of money. And I mean, I think one of the things that I've felt watching as there have been additional filings, there's been more reporting is that generally speaking, the numbers have gone down, right? But the numbers were so big that even though it feels slightly deflating and…
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