Cerebras IPO: The Tech Breakthrough That Could Change Everything

Cerebras is an AI chip company set for a groundbreaking IPO, and its revolutionary chip that could accelerate the development of AGI from 15 years to just 5. 

We explore the implications of their unique chip architecture within the context of their partnership with OpenAI. As Cerebras positions itself to raise $4.8 billion, we analyze how its innovations could disrupt NVIDIA's monopoly and shape the future of the AI market.

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TIMESTAMPS

0:00 Intro
1:30 Cerebras Chip Design
3:22 OpenAI's Investment
5:29 IPO
7:37 Inference vs. Training
11:59 Memory
13:34 Distribution
16:17 The Bear Case
18:04 The IPO Landscape
20:50 Investment Strategies
22:04 Closing Thoughts

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RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Creators and Guests

Host

Ejaaz Ahamadeen

Host

Josh Kale

What is Limitless: An AI Podcast?

Exploring the frontiers of Technology and AI

Josh:
There's a chip being built right now in California that the founders of OpenAI

Josh:
believe is so important that getting access to it could decide who builds AGI first.

Josh:
In fact, the co-founder of OpenAI just testified last week that he and Ilyas

Josh:
Zizgever calculated it would take 15 years to build AGI until they discovered

Josh:
this hardware that could get them there in just five.

Josh:
The name of this company is called Cerebris and they're actually going public tomorrow.

Ejaaz:
For the longest time, it has been a unanimous consensus of who the king of AI is.

Ejaaz:
It's been NVIDIA and they've own the entire moat on AI, AI chips specifically.

Ejaaz:
And this moat has made them famous and pretty valuable.

Ejaaz:
They are worth $5.3 trillion, the most valuable company in the world.

Ejaaz:
But with success, there's a double-edged sword.

Ejaaz:
And it highlighted a bunch of constraints that NVIDIA GPUs couldn't really fix.

Ejaaz:
One of these constraints is something known as inference.

Ejaaz:
GPUs that NVIDIA create aren't as hyper-optimized towards that.

Ejaaz:
And that is the issue that Cerebris focuses on specifically.

Ejaaz:
They create these chips which generate lightning-fast inference.

Ejaaz:
What this means is if your AI models run on these Cerebrus chips,

Ejaaz:
they are lightning quick.

Ejaaz:
And in the current AI industry, we're heading towards a world where inference

Ejaaz:
is valued and matters way more than AI training for models.

Ejaaz:
In fact, it's estimated to be 10 to 50x as large by JP Morgan in their latest report.

Ejaaz:
So the point is, if Cerebrus' chips can fulfill that constraint found for inference

Ejaaz:
for AI models specifically, this could be the first real threat that NVIDIA faces on their own.

Josh:
Okay, so let's talk about briefly, before we get into the IPO,

Josh:
what makes Cerebris so special, so different? Because clearly there's some novel architecture here.

Josh:
Perhaps we can use this describing it as the pizza problem where

Josh:
every chip you've ever owned it kind of starts the same way it takes the

Josh:
silicon wafer about the size of a dinner plate here

Josh:
that i have for scale so it's this big giant thing

Josh:
and it gets cut into a series of tiny little chips that goes into your iphone or

Josh:
your ipod or your macbook or whatever it is but cerebris

Josh:
decided to question that they said what if you don't cut the pizza what

Josh:
if the whole pizza is the chip and that's exactly what they

Josh:
did they just took that giant wafer and instead of chopping it

Josh:
up into smaller chips they just created it all in one big

Josh:
thing and they had this breakthrough that allowed them to fit

Josh:
1.2 trillion transistors on

Josh:
a single wafer as opposed to someone like nvidia who currently

Josh:
has 21.5 billion and we could see the

Josh:
discrepancies on the screen here it is a huge amount of

Josh:
additional compute that you could put on a single chip now what does that result

Josh:
in because the information doesn't have to travel as far the chip is able to

Josh:
access it all so much faster so they put all the memory on the chip all the

Josh:
processes on the chip and the result is just significantly faster AI that works

Josh:
for the entire stack between inference all the way up to pre training.

Josh:
And this is a really huge win for for a lot of the industry.

Josh:
It's a big breakthrough.

Ejaaz:
And it's not just a theoretical concept, is it either? Like so OpenAI,

Ejaaz:
about probably like six months ago, invested $10 billion into their company,

Ejaaz:
and they acquired the rights to basically take over all their chip designs and

Ejaaz:
use it for OpenAI models specifically.

Ejaaz:
And we've seen that manifest in their existing models.

Ejaaz:
So OpenAI has this like world leading coding AI model, right? It's called Codex.

Ejaaz:
But what most people don't know is there's a fast mode for Codex.

Ejaaz:
It's called a GPT Codex Spark.

Ejaaz:
And it is absolutely rapid. There's like near zero latency.

Ejaaz:
It's running on cerebrous chips. So the concept isn't a concept anymore.

Ejaaz:
It's proven at scale to work with these big models.

Ejaaz:
And if you are someone that is working on the frontier of software engineering

Ejaaz:
and, you know, every iteration cycle, the speed at which you design and ship software matters a lot.

Ejaaz:
Or if you're in financial services and you need to get that product out or make

Ejaaz:
that trade, you need the fastest chips.

Josh:
So these chips are incredibly fast. I mean, we're talking 50 times

Josh:
more data on a chip than some of the nvidia chips but the

Josh:
result is that it's very expensive these chips are not cheap to

Josh:
make the good thing is is that money doesn't seem to be a problem

Josh:
when it comes to a lot of these ai companies and open ai

Josh:
has committed to what 10 to 20 billion dollars already

Josh:
and this is taking us to the headline news of the day which is the ipo the company

Josh:
that everyone is super excited about in terms of accelerating the rate that

Josh:
we get to agi is actually going public and the numbers are pretty big i mean

Josh:
this is a big deal this is the first AI hardware company to really go public

Josh:
as we're going on this parabolic trajectory.

Josh:
And I think the numbers are going to get pretty staggering in a very quick way.

Ejaaz:
Yeah. So to give some context on this, about a week and a half ago,

Ejaaz:
Cerebrus announces or basically files for their IPO.

Ejaaz:
And there's a prospectus that comes out, right, which explains basically,

Ejaaz:
you know, why they're raising and how much specifically they're going to raise.

Ejaaz:
A week and a half ago, that number was $3.5 billion that they were going to

Ejaaz:
raise. And the The price per share was roughly around $115.

Ejaaz:
Something happened immediately after that, though, which is they became 20x oversubscribed.

Ejaaz:
So there were 20 times more people that wanted to invest in this thing,

Ejaaz:
qualified, institutional, etc., for their IPO, such that they had to revise the terms, Josh.

Ejaaz:
So this ended up issuing 2 million more shares at a higher expensive price per share.

Ejaaz:
It's 150 bucks. So the total amount that they're raising is actually $4.8 billion,

Ejaaz:
call it $5 billion, $1.3 billion above what they were expecting to do,

Ejaaz:
which tells me that there is an insatiable amount of demand for this particular IPO.

Ejaaz:
Everyone's talking about SpaceX, they're talking about Anthropik and OpenAI's

Ejaaz:
potential IPOs later this year.

Ejaaz:
But this is one of the real IPOs that show that there's a huge demand in the West for AI companies.

Ejaaz:
And it's exciting to see because this is the first of many.

Josh:
Yeah, well, we have Cerebris kicking things off. Then we have the rumor for

Josh:
SpaceX, OpenAI, Anthropik, Databricks, perhaps even Stripe.

Josh:
That's a combined potential $3.6 trillion in market cap that could be entering the market.

Josh:
And we have this hot ball of money. We just filmed an amazing episode last week

Josh:
about the AI stack and where every company kind of lines up and where the opportunities

Josh:
are for this new era of AI investing.

Josh:
And this sits very squarely right in the hardware era, right next to someone

Josh:
kind of like NVIDIA, right? Like they're not quite Nvidia's size.

Josh:
They're nowhere near Nvidia's size, but they're competing on the same kind of

Josh:
level, the same type of architecture that a company like Nvidia is just at a

Josh:
very different angle using these huge pizza-sized wafers.

Ejaaz:
Yeah, so what I put and want to make on the Nvidia thing specifically is,

Ejaaz:
okay, so there's one framing of this where if the Cerebrus IPO is successful,

Ejaaz:
it's the first real signal that Nvidia's monopoly on AI chips is actually going

Ejaaz:
to be threatened, right?

Ejaaz:
And this might sound like a crazy thing to say, right? It's a small company,

Ejaaz:
they're raising $5 billion versus NVIDIA's $5.3 trillion.

Ejaaz:
There's another company which proved that NVIDIA's mode might also be shakable, right?

Ejaaz:
And that is Google last week, who became the most valuable company.

Ejaaz:
I don't think they're currently the most valuable company, but they beat NVIDIA.

Ejaaz:
And the reason why they did that was because they released these brand new TPUs,

Ejaaz:
their version of their own GPUs, which they train their Gemini model on,

Ejaaz:
which so many customers, including Anthropic and OpenAI, want to use to train

Ejaaz:
and inference their own model.

Ejaaz:
So the point is, the ground is shifting beneath NVIDIA, even though they have

Ejaaz:
like decades and decades worth of experience building these GPUs,

Ejaaz:
there might still be valid, compatible threats against their particular mode.

Ejaaz:
The other thing I want to say is, and I mentioned this earlier,

Ejaaz:
inference versus training.

Ejaaz:
For the longest time, people have said AI training is where all the money is going to be.

Ejaaz:
And that's where NVIDIA has lived and breathed over the last decade.

Ejaaz:
But what has shifted recently is what matters more is what happens after the training.

Ejaaz:
How many people are going to be using agents that query the models.

Ejaaz:
Inference is where the money is going to be made, where the value of the opportunity

Ejaaz:
is going to be huge. And Cerebrus plays directly in that point.

Ejaaz:
NVIDIA actually proved this because they acquired another company called Grok

Ejaaz:
for $20 billion, which does something similar to what Cerebrus did.

Ejaaz:
So it's validating the fact that Cerebrus is going to be valuable and now the

Ejaaz:
public can get exposure to it. It's cool.

Josh:
And I have some older benchmarks about how fast Cerebrus runs versus the rest

Josh:
of the world. uh taking a model like llama for maverick uh cerebris was delivering

Josh:
at 2500 tokens per second which is more than two times nvidia's flagship blackwell chip

Josh:
And then if you lower it down to Llama 3.1, which is a $70 billion parameter

Josh:
model, it was 20 times faster than NVIDIA.

Josh:
So the actual rate that it's able to deliver these tokens is huge.

Josh:
And one of the most important things that we're seeing right now is kind of

Josh:
reasoning, chain of thought, deep thinking of these agents.

Josh:
And when you're able to deliver tokens at a much faster rate,

Josh:
you can get from the question to the answer much quicker.

Josh:
One of the new things that we've seen in Codex recently that has become super

Josh:
popular is the backslash goal command.

Josh:
Where you can set it a command it'll go off and think for 24

Josh:
36 72 hours of time to

Josh:
collect enough information to get to a single answer this can

Josh:
make that process significantly quicker and therefore make agents

Josh:
much more capable so the reasoning speed in terms of inference in terms of delivering

Josh:
reasoning it's so important and although currently i believe fast mode on chat

Josh:
gpt is about 1.5 times the cost you have to suspect that that cost is going

Josh:
to go down at some point and that makes Cerebris a really compelling company.

Josh:
And I think that's what OpenA I saw when they made this huge investment in them.

Josh:
Now, Ijaz, I have to ask you, what are you thinking about this IPO?

Josh:
Is this something that you're interested in investing in?

Ejaaz:
It's a tricky one because my default answer is yes.

Ejaaz:
But if I want to like touch grass for a second to get off my eye holes...

Ejaaz:
The IPO is kind of already happening. It's just happening in the private market,

Ejaaz:
if that makes sense. Like, think about this, right?

Ejaaz:
NVIDIA, when they IPO'd, I believe was, they IPO'd at around $800 million.

Ejaaz:
That's million. It's under a billion dollars, right?

Ejaaz:
And currently we have like Cerebras, which, you know, they have one major customer

Ejaaz:
as OpenAI. They've proved the concept fair well, but they're raising $5 billion.

Ejaaz:
And this is all pre-IPO. So there's a lot of people that are making a lot of

Ejaaz:
money. we see this with the Anthropic secondary shares, OpenAI,

Ejaaz:
the same thing with SpaceX as well, before the actual IPO happened.

Ejaaz:
So the skeptics are saying, this is just going to be a retail liquidity event

Ejaaz:
where they're going to dump on retail and no one's going to really make any money after that.

Ejaaz:
I don't think there's a zero chance of that happening, but there is a chance.

Ejaaz:
Now, the bull case for this IPO is one specific reason, which is there is going

Ejaaz:
to be an insatiable demand for two things, Josh.

Ejaaz:
One is I need to use this AI to do things for me, whether it's agents or whether it's me prompting.

Ejaaz:
Actually, I'm more bullish on the agent side, but we can tap into that as a second thing.

Ejaaz:
Second thing is Cerebrus's chips has something very unique that NVIDIA chips can't get enough of.

Ejaaz:
And that's something called memory, specifically static random access memory.

Ejaaz:
It's a very unique type of memory, which Cerebrus installs into their chips.

Ejaaz:
And it's actually what makes them incredibly unique.

Ejaaz:
If you look at all the typical 99.9% of GPUs that people use,

Ejaaz:
they use this thing called high bandwidth memory.

Ejaaz:
It's composed of something known as dynamic random access memory.

Ejaaz:
It's kind of like the sister to static random access memory. It's cheaper.

Ejaaz:
It's more scalable. It's the sexier thing right now. It's what all the major

Ejaaz:
memory manufacturers have focused on for the last decade.

Ejaaz:
And that's what's being installed by default into these GPUs.

Ejaaz:
But there's one issue. They don't deliver the information that the memory stores

Ejaaz:
very effectively or quickly enough to allow these models to run very quickly.

Ejaaz:
Now, one solution to this is static random access memory, which Cerebris has

Ejaaz:
focused on for their entirety of their existence.

Ejaaz:
And they have perfected the design and installation method for their particular

Ejaaz:
chips. There's a reason why it looks so much larger.

Ejaaz:
You know, you used that dinner plate just now, Josh, versus the NVIDIA chips.

Ejaaz:
It is more expensive. You mentioned that the cost to use the things is more expensive.

Ejaaz:
But think about how much more value you could get by using quicker turns of your AI model.

Ejaaz:
You could end up having a super fast quant algorithm to trade your fund or to

Ejaaz:
deliver access to a product for millions of your different customers.

Ejaaz:
And that in itself might be worth billions and billions more than having a slower memory component.

Ejaaz:
So that is the clear distinction between them and what makes me the most bullish

Ejaaz:
on Cerebra's IPO specifically.

Josh:
Yeah, as I was reading about it earlier this morning, the SRAM versus DRAM conversation,

Josh:
one of the easiest ways that i was able to kind of differentiate between the

Josh:
two is an sram is much more similar to an ssd a solid state drive whereas dram

Josh:
is kind of similar to a htd a hard drive a hard disk drive something that has

Josh:
an actual needle where it has a lot more capacity but it's a bit slower meanwhile sram

Josh:
So long as there is power provided to it, it will retain that memory and information indefinitely.

Josh:
So in DRAM, one of the big problems that happens is there is this cache memory

Josh:
and it has to continue to refresh itself over and over because it's a very short shelf life.

Josh:
With SRAM, that shelf life is infinite and it can be stored as long as there's

Josh:
power and it can be recalled very quickly without that constant refresh.

Josh:
And that's the huge breakthrough. So it's a really compelling product that I

Josh:
think is very impressive and very necessary in this world. The only real other

Josh:
GPU architecture we've seen that has had success is Grok.

Josh:
And we saw what happened with them. They had an amazing exit and they are working

Josh:
now directly with NVIDIA.

Josh:
So this is the direct comparison. And for that reason, I think I'm pretty bullish

Josh:
on the company because...

Josh:
Essentially, Cerebrus is tied to OpenAI success. We know that both founders

Josh:
are actually invested personally.

Josh:
Greg Brockman and Sam Altman are both personally invested in the company.

Josh:
OpenAI is invested in the company. And OpenAI has every incentive in the world

Josh:
to scale with them and to grow with Cerebrus.

Josh:
That aligned with the fact that this is the first AI IPO we've really had in

Josh:
this chain that's going to kick things off.

Josh:
I expect there to be a lot of excitement, a lot of enthusiasm so long

Josh:
as the market continues to go up so long as these this token demand continues

Josh:
i see no reason why cerebrus wouldn't follow in that path and actually be somewhat

Josh:
successful i think i'd love for everyone who's watching to share their takes

Josh:
are you investing in the ipo why why not this is uh it's going to be a big conversation

Josh:
over the next coming weeks as we go through this another

Ejaaz:
Thing is like um okay it's one thing having a good product right it's another

Ejaaz:
thing like getting the right distribution now them signing this like 20 billion

Ejaaz:
uh partnership chip with OpenAI is good, right? You get access to, what do they have now?

Ejaaz:
Almost like a billion weekly active users or something crazy like that.

Ejaaz:
The other thing is their chips are integrated into Amazon's Bedrock platform.

Ejaaz:
I don't know if you knew this, Josh, but Amazon basically like owns the entire

Ejaaz:
enterprise compute market because they give access to every enterprise that

Ejaaz:
wants to spin up an AWS instance or get access to specific tools through AWS,

Ejaaz:
their Amazon web service.

Ejaaz:
Now, they run Cerebrus chips themselves there. So Cerebrus now has a distribution

Ejaaz:
mode through that, right?

Ejaaz:
So the point is, distribution is solved, the ingenuity of going zero to one

Ejaaz:
with SRAM is also solved, and they have the consumer mode being funneled through OpenAI.

Ejaaz:
So all of this sounds incredibly bullish, but I do want to touch on the bear

Ejaaz:
case for a very brief moment, right and i mentioned the first one um earlier

Ejaaz:
on which is the valuation.

Ejaaz:
Is pretty steep, right? The fact that they were 20x oversubscribed and they

Ejaaz:
just revised the terms in the last five days to give even more access is kind

Ejaaz:
of, I'm just like, so typically, just for those of you who don't know,

Ejaaz:
for the average IPO over the last, I think, five years, the price on IPO pops up between 30 to 80%.

Ejaaz:
So if you're a retailer, right, that wants to get involved here and like buy

Ejaaz:
this thing, you might be buying it for like a significant premium.

Ejaaz:
And these things tend to dump a little bit after the first couple of days.

Ejaaz:
And then, you know, whatever, it figures itself out. So the valuation is pretty steep.

Ejaaz:
The other thing I want to say is that OpenAI is also building their own silicon.

Ejaaz:
They have a deal with Broadcom, MediaTek, and a bunch of these other intermediaries

Ejaaz:
to design their own chip.

Ejaaz:
And Sam has specifically said that one of the major cases that he's trying to solve is inference.

Ejaaz:
So I'm kind of looking at this and I'm like, okay, so you've invested in this

Ejaaz:
company, you're going, you know, you're running their chips,

Ejaaz:
it's doing the thing, but you're also building your own custom silicon.

Ejaaz:
Now, granted, that's probably going to take years to try and figure out.

Ejaaz:
But is the idea that you eventually acquire kind of Cerebrus,

Ejaaz:
but they're IPOing, so I guess you can't really do this and merge them together?

Ejaaz:
Or are you going to eventually ditch them and they're like an intermediary solution?

Ejaaz:
And so Cerebrus might end up like losing this customer going down the road.

Ejaaz:
I don't know, but those are the two things that sound out for me.

Josh:
That's fair. Yeah, there's also they're trying to compete against the CUDA moat,

Josh:
which is i mean very powerful and very very strong

Josh:
as we know they also are i mean they're trading devaluation point

Josh:
51 times revenue a lot of these larger ai companies are trading actually at

Josh:
fairly low multiples right now a lot of the major players in the mag 7 are are

Josh:
no more than like a 20 times revenue this is at 51 and there's also one interesting

Josh:
component where there is actually a memory ceiling currently on the chips where

Josh:
they're able to fit 44 gigabytes on a chip and currently,

Josh:
that's unbelievable, but it requires a lot more

Josh:
Innovation if they're going to continue to scale to provide

Josh:
inference for multi-modality and for video

Josh:
models or for ultra long context there's going to need to be

Josh:
continued innovation and i think that the ceiling is not quite as clear like

Josh:
we're not quite clear where this can go to we know it's incredible now i'm not

Josh:
sure people really know where that's going to go to that's perhaps a longer

Josh:
term problem that's not something that would really impact the company short

Josh:
term but it is something to be noteworthy of.

Josh:
I mean, this is, it's an amazing technology. It's like in your computer,

Josh:
if you have your RAM and your hard drive,

Josh:
as separate components, this merges them into one. And now everything is so

Josh:
much faster because of it.

Josh:
And the unlock that has for generating tokens, which is the single most important

Josh:
thing that we do, is huge.

Josh:
So I think as a company, Cerebris is something to be very excited about.

Josh:
This is going to be a fascinating use case or a fascinating case study as they

Josh:
go public this week to see what that type of impact has on the market.

Josh:
And overall, I'm feeling really excited for some bullish innovation.

Josh:
I mean, Cerebris is a huge unlock in the world of AI.

Josh:
Sam and Greg saw it first. The rest of the world is going to see it this week

Josh:
as they go public. And we'll see what the downstream effects of it are.

Ejaaz:
I mean, it's the first domino of many, right? I think another obvious reason

Ejaaz:
why it's getting a lot of attention is like, it's AI summer, right?

Ejaaz:
We've got a bunch of cool IPOs that are coming up.

Ejaaz:
You know, I've got a graphic here, which is actually severely outdated.

Ejaaz:
It's funny, it values Anthropik's IPO as being around $230 billion.

Ejaaz:
And I'm like, have you looked at the secondary market for their shares recently?

Ejaaz:
They're selling at like at a trillion dollar valuation. People are literally

Ejaaz:
leasing their homes out to be able to like fund like a purchase of Anthropic secondary shares.

Ejaaz:
It's pretty crazy out there. But the point being is you've got SpaceX.

Ejaaz:
You've got Open Air, you've got ByteDance from China, you've got Anthropic that

Ejaaz:
are all planning to IPO this year.

Ejaaz:
There is a lot of money that's going to be entering the market.

Ejaaz:
Some of it will be net new coming in from retail, coming in from funds that

Ejaaz:
don't typically invest in these things.

Ejaaz:
But a lot of it is going to come from alternative types of companies.

Ejaaz:
Now, we've seen signals of where this is going to come from.

Ejaaz:
Whenever, for example, whenever Anthropic announces a new product or feature

Ejaaz:
that replaces a certain segment or industrial sector, you see the top market

Ejaaz:
cap stocks of those sectors dump as they've tweeted the announcement out, right?

Ejaaz:
So it might be like SaaS companies are cooked or whatever that might be,

Ejaaz:
but it'll be interesting to see the market dynamics because I think there'll

Ejaaz:
be a lot of money sloshing around into these big IPOs.

Ejaaz:
And then the major question that skeptics have is,

Ejaaz:
They don't think there's enough money. And this might be, you know,

Ejaaz:
the popping of the bubble metaphorically or financially.

Ejaaz:
We might see a bunch of these like crash after the liquidity event.

Ejaaz:
That's more of the bad case, but I'm choosing to remain bullish on this because

Ejaaz:
I think the demand is pretty insatiable, right?

Ejaaz:
Today, OpenAI announced like a huge partnership with enterprise for deployed engineers.

Ejaaz:
Anthropic did the same thing five days ago. So they're generating highest revenues.

Ejaaz:
Like Anthropic hit 45 billion ARR. they're aiming to hit 100 by the end of the year.

Ejaaz:
These aren't made up numbers. So, you know, I'm excited about it.

Josh:
Unbelievable businesses. And yeah, I think to your point, there may be some

Josh:
liquidity issues as we get to IPO number four, five, and six.

Josh:
This is the smallest of all or among the smallest of all of them that's happening.

Josh:
So I'm not exactly concerned about that yet, but it's going to be a crazy year.

Josh:
And this will certainly set some sort of a precedent for how the market considers IPOs.

Ejaaz:
Are you buying some of this tomorrow? I have to ask you.

Josh:
You know what? I think it'll depend on how it trades. I probably won't buy it

Josh:
at the open. Maybe wait a little bit.

Ejaaz:
You're going to wait for that 30 to 80% premium?

Josh:
I think the answer is yes. Like, I feel like I should, I should participate

Josh:
at least in a small amount in an IPO like this, because even if it is overpriced

Josh:
on the short term, it'll reprice itself over the next few weeks.

Josh:
And I feel like six months from now, this company will produce better products than it does today.

Josh:
And the same will also be true 12 months from now. So I'm not much of a trader. I'm more of an investor.

Josh:
This is a compelling investment. And I could also see a world in which it does

Josh:
get acquired or a majority of it does wind up getting bought out by another

Josh:
company. It's just incredibly important infrastructure.

Josh:
It seems valuable. We saw what happened with Grok. We might have an opportunity

Josh:
to actually participate in it again with Cerebris.

Josh:
I'm feeling bullish. I'm feeling like I want to get in the mix.

Josh:
I think I want to get involved a little bit.

Ejaaz:
Same. Hey, I'm down to buy NVIDIA at under a $10 billion valuation.

Ejaaz:
If it even achieves one of 10% of NVIDIA's market cap, that would be a win.

Ejaaz:
So yeah, I'm excited to see how this plays out.

Josh:
Yeah. Assuming that thesis holds up where we continue used to need tokens and

Josh:
those tokens were able to generate a profit, the people who can distribute and

Josh:
produce those tokens faster than everyone else will win.

Josh:
And I think that is a valid enough thesis to have me convinced.

Josh:
But to the listener, to everyone out there who has just watched 20 minutes of

Josh:
this episode, do you agree?

Josh:
Are you participating in Cerebris? Is this overpriced? Is it underpriced?

Josh:
Is it stupid? Should we even be investing or considering?

Josh:
Let us know in the comments down below. If you enjoyed this video,

Josh:
please don't forget to share with your friends. Ija, any final parting thoughts?

Ejaaz:
I'm actually curious whether the listeners of the show enjoyed this episode,

Ejaaz:
we do various different types of investment ones, the ones that we did last

Ejaaz:
week on the AI info stack got so much attention.

Ejaaz:
And we're going to do a follow up episode on that just we heard we read all

Ejaaz:
your comments, we're going to do it.

Ejaaz:
But on something like this, like, is this something that's interesting?

Ejaaz:
Do you want to hear about upcoming IPOs? I'm curious to hear from you guys.

Ejaaz:
But aside for that, I think we're all good.