By Stephen Wright
Publication Date: 2026-08-09 07:16:00
The stock market has spent this year moving from one artificial intelligence (AI) anxiety to another. But the endgame might be coming into view.
Concerns about overinvestment in data centres seem to have subsided for the time being. Another issue however, might be on the horizon.
The latest AI risk
Microsoft (NASDAQ:MSFT), Amazon and Alphabet have been spending big on data centres. And for a while, the question was whether this would actually generate any returns.
For the time being, that seems to have been answered – all three have reported strong growth in cloud computing revenues. But the new concern is where this is coming from.
Microsoft recently revealed that OpenAI now accounts for roughly 70% of its AI revenue and around 45% of its commercial backlog. That brings customer concentration risk on an epic scale.
In other cases, Anthropic is thought to be doing a lot of the heavy lifting. But the overall…
