Cerebras ($CBRS.O) Equity Research Report

Nvidia Killer or AI Headfake?

• Irrational Analysis is heavily invested in the semiconductor industry.

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CBRS.O Equity Research Report

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The attached report has been typeset in LaTeX because this is a special occasion. Cerebras is a company I have followed since 2019. Huge fan of their unique technology. The wafer-scale engine really is a wonder of engineering.

Unfortunately, the IPO structure and their marketing behavior indicate that management seems to be more interested in seeking exit liquidity on public markets rather than fixing the issues with their technology and becoming a real competitor to Nvidia. My report is broadly negative because I want them to win and genuinely believe they are currently on a path to irrelevance.

I would like to take a moment to thank the nine peer reviewers who provided extremely valuable feedback on the technical, financial, and tone/vibe/structural aspects of this report.

Note: Several people have contacted me about paid consulting/advisory roles. I don’t do paid anything. That is against my employment contract and various ethical rules in my head. I love my day job and prefer to keep it. Happy to help out for free in my spare time if your query is sufficiently interesting.

Send me an email: irrational_analysis@proton.me