September 2026 - The State of AI Infrastructure: Multi-Cloud and GPU Spend 

Download the report to see how AI is reshaping enterprise multi-cloud strategy and GPU spend.

Enterprise cloud spending is being reshaped by AI, and multi-cloud strategies are shifting in response. This report examines how spend is allocated across AWS, Azure, Google Cloud, and Oracle Cloud Infrastructure, how AI token spend is consolidating around services like AWS Bedrock and Azure OpenAI, and how GPU rental commitments are being structured across On Demand, Savings Plans, and Reserved Instances.

In this report, you’ll get:

• Multi-cloud spend distribution across AWS, Azure, GCP, and OCI, and which provider captures the most share as a secondary cloud
• Consolidation of AI token spend into AWS Bedrock and Azure OpenAI
• Shift in GPU rental spend on Nvidia H100 and B200 instances from On Demand pricing to Savings Plans and Reserved Instances
• Concentration of GPU spend with a single primary cloud provider, even as other workloads stay multi-cloud

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