He seems to be saying the cloud provider revenue has something wrong with it because it stems from serving training and inference. It doesn’t follow.

Cloud procider revenue is generally understood to be highly durable and safe because it is associated with both diversified customers and workloads which are expected to be reasonably constant in aggregate.

Zitron's point is thay OpenAI and Anthropic have generated considerable sector concentration in GCP and Azure. If the LLM sector were to contract in volume, this concentration could harm cloud providers financials more than what would normally be expected based upon their prior revenue streams.

27% of GCS revenue this year was from OpenAI and antropic, last years was 47%. With all the cross self dealing, this isnt a revenue source thats going to stay stable.