Training and running AI at scale requires massive data centers. The capital requirements have created an oligopoly of three American companies controlling nearly two-thirds of the global market.
Cloud Infrastructure (Q2 2025)
🇺🇸AWS (Amazon)30%
🇺🇸Azure (Microsoft)20%
🇺🇸Google Cloud13%
🇨🇳Alibaba Cloud4%
Others33%
Big Three combined: 63% of $99B quarterly market
The Big Three invested over $260 billion in capex in 2025. China's Alibaba Cloud and Huawei Cloud serve a large domestic market but have limited global reach.
Global Cloud Infrastructure
🇺🇸 US & Allies🇨🇳 China
Key Relationships
Microsoft → OpenAI → Azure
$13B investment. Deep vertical integration from model to enterprise apps.
Amazon → Anthropic → AWS
$8B investment. Claude on Bedrock. Plus custom Trainium chips.