With neocloud stocks selling off this month, I wanted to know who actually talks about these GPU cloud companies on earnings calls. So I counted one word, "neocloud", on every call held by a US-listed company since January 2024: 36,283 calls from 4,179 companies, speaker-by-speaker transcripts.

The headline is simple. Nobody said it in 2024. It first appears in February 2025, and last quarter it came up on 64 calls, about 1 in 50.

Calls held Calls Said "neocloud" Share

Jan to Mar 2025 2,983 4 0.13%

Jul to Sep 2025 3,295 20 0.61%

Jan to Mar 2026 3,527 29 0.82%

Jul to Sep 2026 3,302 64 1.94%

Getting that table right took more work than the count itself. Three things nearly skewed it.

1. Speech recognition writes the word three ways

Transcripts made from call audio spell a new word however the model hears it. "Neocloud", "neo cloud" and "neo-cloud" all show up, sometimes on the same call.…