TIL OpenAI and Anthropic Half of Big Cloud’s Backlog?! (as of mid-2026)

I was initially surprised to see this. But on reflection… if I had to rank the top 5 companies by overall compute/AI demand that aren’t also clouds and also don’t run their own cloud, OpenAI and Anthropic would clearly take positions one and two. But past that, my instinct would be that it gets really fragmented. Would guess… Cohere, Mistral, Perplexity, maybe Harvey? Gaps filled in with non-AI larger spend commits. Hard to say, feels like a Pareto-ish distribution situation. Interesting times, so they say.