null coalescing operator is right associative, which means an expression of the form
first ?? second ??third
is eva
Both work as expected and are effectively identical because the expressions involve simple types (thank you @Jon Skeet). It will chain to the first non-null from left to right in your examples.
The precedence (thanks @Ben Voigt) is more interesting when combining this operator with operators of different precedence:
value = A ?? B ? C : D ?? E;
Basically, associativity is expressed inherently through operator precedence or through user introduced sub-expressions (parentheses).