Industry Analysis
The Wrapper Economy: When Your Provider’s Provider Is Another Provider
We tested fal.ai, Veed, and HuggingFace Inference Providers. They’re all routing to the same backends — fal.ai, Replicate, WaveSpeed. We mapped the entire chain and found cold starts of 10+ minutes, silent failures, and markup on markup. Here’s the map of who actually runs your AI.
Pierre-Marcel & Sarah12 min readMarch 2026