Andrew Feldman

Harry Stebbings × Andrew Feldman

AI demand is running ahead of infrastructure, with Cerebras carrying a $25B backlog after models became genuinely useful somewhere in 2025.Structural HBM shortages could persist for years as new fabs require $40B and five years, while Cerebras’s SRAM architecture avoids HBM and CoWoS constraints.Cerebras reports Kimi K2.6 running 6.7x faster than the next-fastest GPU cloud, while its $20B+ OpenAI deal keeps customer concentration in focus.

Peter Diamandis × Salim Ismail × Dave Blundin × Dr. Alexander Wissner-Gross × Andrew Feldman

Google’s AI comeback is a distribution-and-infrastructure thesis: Gemini reached 900 million monthly users, AI Mode exceeded 1 billion, and projected CapEx is $180–190 billion as Spark and Search embed agents in defaults and commerce.Cerebras’ 68% IPO surge to a stated $95 billion market cap validates wafer-scale inference, but the more-than-$20 billion OpenAI deal and decades-long domestic-fab constraints leave demand and supply to monitor.

Elad Gil × Sarah Guo × Andrew Feldman

Cerebras says useful AI in 2025 made inference latency a daily constraint, with systems running 15, 18, 20x faster than GPUs.G42’s $1 billion order enabled cluster testing, while an OpenAI agreement Feldman says exceeds $20 billion and an AWS deployment raise the stakes for a 10x manufacturing increase this year.Delivery and governance now matter as much as contrarian architecture.

Harry Stebbings × Andrew Feldman

Cerebras raised $1bn at a record valuation because it had margins while rivals had negative ones, despite still intending to go public; UAE orders may have represented 75-80% of revenue and consumed manufacturing capacity.Feldman argues two-year chip depreciation is empirically wrong and Nvidia’s pre-announcements and OpenAI investment signal defensive demand capture, while power sits in the wrong places; investors should watch utilization, customer concentration, permitting, and whether AI adoption delivers productivity.

Harry Stebbings × Jason Lemkin × Bhavin Shah × Andrew Feldman

AI is creating a golden age of software and extraordinary revenue growth, but thin wrappers, dilution, and uncertain recurring revenue are exposing the limits of the old scale-equals-durability model.Moveworks’ $2.85B sale shows the value of enterprise distribution and workflow integration, while CoreWeave’s IPO, a possible $2B put obligation, and constrained M&A make execution and liquidity the next catalysts.

Harry Stebbings × Andrew Feldman

Cerebras argues that GPU off-chip HBM is a fundamental inference bottleneck, while wafer-scale SRAM could challenge NVIDIA’s near-total market share.Feldman sees inference demand exceeding 100 times today’s market within five years, with chip providers potentially worth more than model companies, though G42’s 87% revenue concentration remains a key risk.