Pretty much.
As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers.
SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue.
That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.
No guarantees, but speculative high-risk names in emerging tech with runway for massive scale: IonQ (quantum computing), Rocket Lab (space launches/systems), and Oklo (advanced nuclear reactors). These could theoretically 10x if execution and markets align over a decade. Extremely volatile—most such bets fail. Not advice; DYOR.