Public Cloud & AI Update: Highlights from Expert Call

We hosted a call with Aran Khanna, CEO of Archera, a high-growth company advising customers on $5.5bn+ in annual cloud consumption spend. By customer segment: enterprise commitment growth continues to be fueled by sustained migration velocity, with AI spending still sub-10% of IT spend for most enterprises but net new and increasingly durable; ISVs/Digital Natives accelerated the most in 2026, with 3Q marking the third consecutive quarter of acute GPU shortages and mature customers increasingly adopting neoclouds; roughly three quarters of tokens consumed through major CSP platforms among AI-focused customers were tied to open weight models (GLM and Kimi seeing growing adoption). By cloud: AWS NTM committed dollar growth rose from 35% in June to just shy of 38% in September, with consumption growth climbing from 38% to 40%; Azure NTM committed growth was just under 39.5% in September, up from 36.5% in June, and is reportedly ending convertibility of resource commitments from January;