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  "id": "ai-lab-concentration-in-cloud-backlog",
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  "question": "Will Microsoft, Amazon, or Alphabet reveal that one customer makes up 10% or more of their revenue or future contracted business?",
  "dek": "A handful of richly funded AI labs may already loom so large in cloud sales that one of the big three cloud providers has to name them in official filings before the end of 2027.",
  "family": "T07",
  "subthesis": "T07.02",
  "sector": "AI.CLOUD",
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    "AI.MODEL.FRONTIER",
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  "approvedAt": "2026-10-22T12:42:50Z",
  "sectorName": "Hyperscalers, Cloud & Compute Services",
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      "id": "yes",
      "label": "A single AI lab crosses the 10% disclosure line",
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          "url": "https://www.profgmedia.com/p/two-red-flags"
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      "id": "no",
      "label": "No single customer crosses the 10% line",
      "summary": "None of the three cloud providers names a customer crossing the 10% mark in a filing through 2027. On this view the absence of such a disclosure is itself the evidence: cloud revenue growth across the big three continues to be reported in aggregate terms, with no filing attributing 10% or more of revenue or signed future business to any one customer.",
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          "claim": "Amazon invests capex in advance of customer monetization, laying out cash for land, power, buildings, chips, and networking gear before billing customers. These assets have long useful lives (30+ years for datacenters), creating a cycle where high…",
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          "entity": "https://deepstack.ltd/people/harris-associates-oakmark/",
          "claim": "Alphabet's multi-year AI spending is producing results visible in rapid Google Cloud Services growth and operating expense reduction. Despite the spending raising depreciation from 3.7% to 5.3% of revenue, operating margins expanded 4 percentage…",
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          "url": "https://fiscal.ai/fund-letters/harris-associates-oakmark-q3-2025-fscl_document_2DQC3KGA749"
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