| Provider | Backlog | From OpenAI + Anthropic |
|---|---|---|
| Microsoft | $627B | 49% |
| Oracle | $553B | 54% (OpenAI alone) |
| $467.6B | 43% (Anthropic) | |
| Amazon | $464B | 51% |
$1.05 trillion in committed cloud spend — 43-54% of every major provider future revenue — rests on two customers losing billions per quarter. Oracle $300B OpenAI compute deal comes with an SEC-filed warning: customer nonpayment risk.