I. Payers are expanding from a few model companies to enterprises.

Microsoft has sent a signal that the market previously underestimated: nearly 90% of its annual Microsoft Cloud revenue comes from customers outside of frontier model companies; the new additions to commercial RPO in the quarter also came entirely from this segment. This does not mean that companies like OpenAI and Anthropic are unimportant; they remain a key source of frontier capabilities, compute demand, and product innovation. The real change is that outside of frontier model companies, traditional enterprises are growing into a second pillar of payment.

Amazon provides validation in the same direction. AWS's Q2 revenue accelerated from a year-over-year growth of 28% in Q1 to 37%; both AWS's AI business and chip business have individually reached an annualized revenue exceeding $25 billion. We cannot attribute all of AWS's growth directly to AI revenue, but it at least indicates that external enterprise customers' demand for cloud, model, and compute capabilities is becoming stronger.

This changes the risk structure. In the past, the market worried that cloud providers were investing more and more, ultimately just renting equipment to a few model companies; these model companies would finance and purchase from each other, making revenues look lively, yet the sources of payment were not diversified enough. Now, the simultaneous signals from Microsoft and Amazon indicate that enterprise customers are beginning to become more significant payers, and AI infrastructure no longer relies solely on a few large tenants, with revenue sources starting to broaden.

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