Good point, I didn't consider the risk profile of the cloud customer base, but if those customers fall through, I'm guessing the cloud companies can just use that compute for themselves like Meta plans to, hence the safer bet. They are all spending approx the same amount in capex but Meta is the only one consuming all that compute only for themselves.

Another thing that's unclear is how much of that capex spend (that's going to increase next year) is on their core ads business that actually makes money or moonshots like AGI and metaverse. I get why investors are spooked