- CBRS's wafer-scale chip puts memory on-die, avoiding HBM bottlenecks; author sees it positioned for inference, where most compute spending may land over the next decade.
- Demand is strong: core revenue more than doubled to $210M last quarter, FY guidance rose to $880–890M, and management expects 2027 core revenue to more than triple from a $25.4B backlog.
- Growth is costly: 14% GAAP and 41% core gross margin, Q3 guided to a 38–40% trough, over $375M quarterly stock-based compensation, and a shift toward operating data centers.
- MBZUAI and G42 supplied 86% of 2025 revenue; even after a 60%+ fall, ~40x guided core revenue keeps the author sidelined pending margin confirmation, outside-OpenAI/UAE revenue, and a less demanding valuation.
Investment pitches
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