{
 "id": "9.02",
 "slug": "hyperscalers-neoclouds-and-model-labs-the-tenants-and-owners",
 "url": "/parts/building-shell-site-and-construction/hyperscalers-neoclouds-and-model-labs-the-tenants-and-owners",
 "name": "Hyperscalers, neoclouds & model labs",
 "qualifiers": "the tenants and owners",
 "layer": {
  "id": 9,
  "name": "Building shell, site & construction"
 },
 "parent_id": null,
 "children": [
  "9.02a",
  "9.02b"
 ],
 "summary": "The hyperscalers, neoclouds, and AI labs that occupy data center capacity as tenants or owner-operators, and whose capital spending ultimately drives demand for every layer below this one.",
 "description_md": "These are the buyers: the companies that lease or self-build the buildings from Layer 9.01's developers and REITs, fill them with the compute from Layers 1 through 4, and sell the resulting capacity as cloud services or use it to train and run their own models. The category splits into three tiers with different economics — diversified hyperscalers funding data centers from broad cloud and advertising revenue, neoclouds that are effectively single-purpose GPU-leasing vehicles often financed against the hardware itself, and model labs whose compute is frequently backstopped by a hyperscaler partner or dedicated project financing.\nThis layer doesn't manufacture anything, but it's the layer every other part of the taxonomy is downstream of: capital expenditure guidance from this group is the earliest signal for order books across silicon, networking, power, and construction. For investors, the key distinction is balance-sheet quality and revenue diversity — a hyperscaler's data center spend is one line in a much larger business, while a neocloud's spend is the business, which makes its debt and lease commitments far more sensitive to utilization and to the resale value of GPU generations as they age.",
 "ai_delta": "AI training and inference workloads are the primary driver of the capital spending that funds every other layer of this taxonomy.",
 "bottleneck_status": null,
 "scale_tiers": [
  "hyperscale_building",
  "ai_campus",
  "gw_class"
 ],
 "density_modes": [
  "any"
 ],
 "scale_notes": "Concentrated at hyperscale-building scale and above; individual labs and smaller neoclouds may lease enterprise-scale capacity as well, but the volume that defines this category sits at campus and gigawatt scale.",
 "flow": [
  "shell"
 ],
 "companies": [
  {
   "company_id": "alibaba",
   "name": "Alibaba",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "BABA",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "alphabet",
   "name": "Alphabet (Google)",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "GOOGL",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "amazon",
   "name": "Amazon (AWS)",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "AMZN",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "apple",
   "name": "Apple",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "AAPL",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "baidu",
   "name": "Baidu",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "BIDU",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "kt",
   "name": "KT",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "030200.KS",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "meta",
   "name": "Meta Platforms",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "META",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "microsoft",
   "name": "Microsoft",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "MSFT",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "naver",
   "name": "Naver",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "035420.KS",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "oracle",
   "name": "Oracle",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "ORCL",
   "product_note": null,
   "note": null,
   "source_url": null
  },
  {
   "company_id": "samsung-sds",
   "name": "Samsung SDS",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "018260.KS",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "sk-telecom",
   "name": "SK Telecom",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "017670.KS",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "tencent",
   "name": "Tencent",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "public",
   "ticker": "0700.HK",
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "bytedance",
   "name": "ByteDance",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "private",
   "ticker": null,
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "g42",
   "name": "G42 (Khazna)",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "private",
   "ticker": null,
   "product_note": null,
   "note": "region: Gulf",
   "source_url": null
  },
  {
   "company_id": "huawei",
   "name": "Huawei",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "private",
   "ticker": null,
   "product_note": null,
   "note": "region: China and Asia",
   "source_url": null
  },
  {
   "company_id": "humain",
   "name": "Humain",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "private",
   "ticker": null,
   "product_note": null,
   "note": "region: Gulf",
   "source_url": null
  },
  {
   "company_id": "stargate-uae",
   "name": "Stargate UAE",
   "role": "operator",
   "confidence": "inferred",
   "ownership_type": "unknown",
   "ticker": null,
   "product_note": null,
   "note": "region: Gulf",
   "source_url": null
  }
 ]
}