Nvidia Corp (NASDAQ:NVDA) isn't just selling GPUs – it's playing a high-stakes chess game. By backing neo-cloud players like Nebius Group NV (NASDAQ:NBIS) and CoreWeave Inc (NASDAQ:CRWV), the chipmaker is quietly controlling access to AI compute power, forcing hyperscalers to dance to its tune.
Microsoft, already deep in the AI race, has just taken the bait by leasing massive Nebius capacity, turning the startup into a strategic lever for Nvidia's broader ambitions.
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Nebius, already reliant on Microsoft, benefits directly from this arrangement. Nvidia's early-access GPUs, combined with Microsoft's leasing support, have vaulted Nebius ahead of most competitors, giving it an outsized role in the AI infrastructure boom.
Meanwhile, CoreWeave—once a rising star—is left exposed as its heavy dependence on Nvidia's supply makes it vulnerable to shifting priorities. In this game of power, supply equals influence, and Nvidia is quietly writing the rules.
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Nvidia's Neo-Cloud Leverage
By seeding Nebius with GPUs and equity stakes, Nvidia ensures hyperscalers remain dependent on its controlled supply. Microsoft may have thought it was securing AI capacity—but in reality, it's helping Nvidia strengthen a new strategic ally.
Nebius' rapid growth isn't purely organic; it's a calculated effect of Nvidia's supply strategy, a move that extends the company's influence over the AI compute landscape without ever building the capacity itself.
Microsoft's Tactical Play
Leasing Nebius' capacity gives Microsoft temporary relief in its AI deployments for Office 365 and other cloud products, but it also locks the company into Nvidia's ecosystem.
CoreWeave lacks that anchor tenant, leaving it exposed if Nvidia shifts allocations.
The current arrangement highlights how hyperscalers are no longer in complete control—they're playing by Nvidia's rules. In this high-stakes chess game, Nebius emerges as Nvidia's strategic weapon, Microsoft unwittingly the key piece, and CoreWeave the wild card that could be sidelined.
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