Joined July 2026
This is absolutely MIND-BLOWING: The 3x leveraged long semiconductor ETF, $SOXL, is down -51% from its October 6th peak. Meanwhile, the fund recorded +$3.13 billion in inflows this week, following +$6.14 billion the previous week, bringing the two-week total to +$9.27 billion and marking its largest two-week inflow EVER. $SOXL is now down -72% from its June peak, bringing it close to levels also seen in late 2021. Over the same period, the fund attracted +$13.6 billion in inflows, mostly from retail investors. The semiconductor trade is undergoing a brutal reversal.
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我他妈真的被笑死😂
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The Wall Street playbook: 1. Say AI is a bubble 2. Cause mass panic and selloffs 3. Buy sold off stocks for cheap 4. Say AI had a big breakthrough and pump your stocks 5. Sell your stocks 6. Say AI is a bubble again Rinse and repeat…
BREAKING: Citadel founder Ken Griffin says AI is "almost certainly" a bubble, noting that companies are struggling to turn AI spending into productivity gains. However, Griffin says he is bullish on AI's long-term potential.
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I released my $CBRS model earlier this week with a 2031 forecast between $485 and $700 based on: 1. Risk adjusted (every year I reduced my numbers by 5% which led to a total of ~23% off the valuation by 2031). 2. Installed inference goes from 60MW -> 3.2 GW by 2031. 3. My base case ($485 share price) assumes OpenAI renews after 2028 but does not exercise its extra 1.25 GW option. It it does, that's just more upside. 4. $CBRS currently charges ~4.4x the price of cheapest GPU clouds because its that much faster. I conservatively assume rivals catch up and premium falls along with general commoditization. 5. I assume customers and partners carry most of the costs. If I'm wrong there then CapEx will be far higher and dilution will rise. 6. I have a base case of ~13.5x EBITDA (~24x earnings) and 14x in the bull case. I think that's reasonable but a fair argument is that I'm overshooting based on general multiples we're seeing today ($NVDA ~13x earnings) and whether this is the new normal or just an overdone correct.
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there's still hope
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🇺🇸 Navy SEALs ride flooded mini subs through pitch darkness for up to 14 hours, and it’s as miserable as it sounds SEAL Delivery Vehicles fill with seawater the moment they leave the submarine, so the crew rides fully underwater the entire time, packed into a cramped tube and breathing through gear that leaves no bubbles behind. Your body keeps losing heat for hours, even in warm water, so a long ride feels like being stuck in a freezer full of seawater until the job is done. SEAL divers spent FOUR MONTHS clearing Iran’s mines from Hormuz, possibly with SDV help, and some of us still whine when the gym pool is a little chilly😅 Writer: Daniel
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$NBIS CRO says "theres a lot of upside to pricing in the market today" and Nebius could sell out its entire 2027 AI compute capacity immediately at current prices. Even more interesting is that customers are already trying to secure capacity into 2028 which is the same year so many AI bears expected supply to finally catch up with demand. That's why Nebius is holding back capacity for shorter deals reportedly priced ~$50M per MW annually rather than locking everything in early with $SPCX, $CRWV and $IREN also seeing similar strength in GPU pricing.
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William retweeted
Any man who knows too much can’t fit in anywhere. That’s the curse of awareness. 👁️⚡️
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Retail is panic selling their neocloud stocks straight into institutional hands Just wait until those same institutions turn around and tell everyone the debt issue was never a real problem $CRWV $NBIS $IREN
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🚨 BREAKING OVERNIGHT: IRAN'S major shadow fleet of tankers is officially *OUT OF OIL*, predicted by Treasury Sec. Scott Bessent and caused by Trump and Hegseth's blockade — WSJ THERE IT IS 🔥🔥 When the war started, Iran had about 135 million barrels parked on tankers off Malaysia and Singapore, sold quietly to China for billions, WSJ reports The reserves were under 1 million barrels by Oct 5 and are now completely exhausted. ZERO!!! CENTCOM says the blockade has denied Iran at least $25 billion in oil revenue Oil makes up 30-40% of the regime's government revenue, and its currency has lost a third of its value since July Maximum pressure is WORKING. Bessent called it and this was part of their plan! 🇺🇸
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OIL TOPS $111 AS MIDDLE EAST WAR RISKS SURGE Brent crude jumps over 2%, heading for its highest close since May. Global oil inventories are razor-thin, leaving little room for supply disruptions. The U.S. is deploying more warships, Israel is reportedly preparing potential strikes on Iran, and attacks on Saudi Arabia are intensifying. Washington has ordered nonessential U.S. government personnel to leave Saudi Arabia.
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Andrew Feldman of Cerebras $CBRS says AI went from doing exactly what you tell it to understanding your intent: "One of my colleagues 20 years ago, a really smart computer scientist said, computers are really dumb, they do exactly what you tell them. And at first, prompting was like that. You modified your prompt a little and it changed the answer dramatically. And increasingly, it's understanding what your intent was." "You don't have to be a prompt whisperer. You ask it, and it says, maybe you wanted the chart to go two ways, a line and a bar. That's exactly what I wanted. I didn't ask for it, but that is better. And so it's understanding intent, and that's a huge leap."
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Andrew Feldman, co-founder and CEO of Cerebras gives the best explanation of why Cerebras' wafer-scale architecture is 2,500X faster than a GPU during LLM inference. During inference, there are 2 stages: - pre-fill, where the model first processes the user's prompt, and - decode, where it generates the answer 1 token at a time in sequence. During that sequencial Decode phase, before each token is calculated the model weights have to be moved from memory into compute. On a GPU those weights are moved from HBM, while Cerebras keeps them in much faster SRAM spread across its very large wafer-scale processor, so the memory-to-compute movement that must happen for every token is about 2,500× faster ---- From The MAD Podcast with Matt Turck and Cerebras YouTube channel, (full video link in comment)
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Traders, What trading strategy is this called?
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“nobody is coming to save you” also implies that nobody is coming to stop you.
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$NVDA if koreans sell this tonight, im boycotting KBBQ and Soju for a month.
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CEREBRAS $CBRS: AI’S SPEED KING AND THE $1,000 BULL CASE FOR 2029–2030 My bull case for 2029–2030 come to roughly $800–1,000 per share. The financial model uses 2029, with growing customer evidence supporting the opportunity. Start with capacity. Cerebras’s SEC filing shows 750MW committed by OpenAI, with deployment expected during 2026–2028, plus an option for another 1.25GW by the end of 2030. That provides a contractual path to a potential 2GW. My 2029 scenario assumes an accelerated buildout and additional cloud customers bring average productive cloud capacity to 2GW during that year. The infrastructure expansion is tangible. Cerebras announced a Finland facility scaling in phases to 165MW of contracted IT capacity, backed by seven-year service orders, with construction underway on the initial 50MW phase. This supports the expansion thesis. Achieving 2GW of productive average capacity in 2029 requires substantial execution. On the August 12 Q2 earnings call, management said more than 600MW was live or contracted for delivery by the end of 2027, with an expansion pipeline measured in gigawatts. Manufacturing capacity was expected to increase more than 10× in 2026. Management also expects core revenue to more than triple in 2027 and continue growing at multiples in subsequent years. Those statements support the ramp thesis; $30–40B in 2029 is the bull-case projection. Pricing? I assume $15–20M of annual core revenue per MW, equivalent to $15–20B per GW. There are real industry benchmarks behind that assumption. Nebius $NBIS disclosed four landmark deals at $20–25M of annual contract value per MW. CoreWeave $CRWV subsequently announced short contracts at approximately $40M/MW in annualized revenue. Those CoreWeave contracts run three to six months and reflect premium pricing. These industry benchmarks involve different hardware and contract structures. My $15–20M of annual core revenue per MW remains an assumption Cerebras must achieve across its fleet, but it is realistic. The $25.4B backlog spans several years and includes certain pass-through amounts. Reaching $30–40B of annual core revenue in 2029 requires substantial additional bookings, timely capacity delivery and achievement of the modeled revenue yield. That being said, we are very early in the freshman year of the IPO and early in the roll out and scale up. Market size gives this model context. Cerebras’s IPO filings, citing Bloomberg Intelligence, estimate its addressable inference opportunity growing from approximately $66B in 2025 to $292B in 2029. My $30–40B revenue scenario equals approximately 10.3–13.7% of that 2029 forecast. At the $35B midpoint, the comparison is almost exactly 12%. The specialized opportunity is substantial too. Public reporting of Citi $C analyst Atif Malik’s research puts fast inference at $130B in 2030. My revenue range equals approximately 23–31% of that later-year estimate, with the $35B midpoint at roughly 27%. These forecasts use different market definitions and include hardware or infrastructure alongside services. The 2030 date also matters when assessing the pace required to reach my 2029 target. The physical footprint offers another perspective. McKinsey projects global inference demand of 71.5GW in 2029. My modeled 2GW fleet equals approximately 2.8% of that forecast. This is a nominal capacity comparison across all providers. Architecture, utilization and pricing determine the economic value of each MW and the resulting revenue share. My thesis centers on Cerebras building a substantial, profitable position in fast inference. That specialty spans coding, agents, finance, security and scientific workloads, giving a focused architecture broad potential demand. The customer evidence is growing too. OpenAI identifies Jane Street, Podium, Basis and Rogo as early users of Cerebras-powered Ultrafast. Faster inference is already enabling more responsive development, voice and financial research workflows. These are customers of OpenAI’s service, powered by Cerebras capacity. At Supernova on August 18, OpenAI’s Thibault Sottiaux said “we would love for Ultrafast to just be the default.” He acknowledged that this remained an ambition. That is a significant product aspiration from the customer already anchoring Cerebras’s capacity expansion. SemiAnalysis (in their paywalled article we learned about during the “UltrafastGate” scandal that hit this weekend) reported on October 1 that Ultrafast service to Jane Street and a few other customers was being delivered at $200M/MW. That remains a reported outlier: I have not found independent confirmation, and the claim leaves the time period and Cerebras’s revenue share unspecified. In his August 25, 2026 Dwarkesh Podcast interview, Dylan Patel separately discussed Jane Street capturing $300–500M/MW in economic value from AI, without documenting the calculation. My model uses the $15–20M annual core revenue per MW assumption above. There are more disclosed commercial relationships worth including. Cerebras signed cloud capacity agreements with Cognition and Lovable. It names Block $XYZ, Figma $FIG, AlphaSense and GSK $GSK as customers using fast inference for agentic workflows. Lovable’s agreement specifically includes dedicated Cerebras capacity for selected latency-sensitive workloads. On the Q2 call, Feldman disclosed six deals above $30M signed during the quarter. The customer testimony helps explain why speed commands value. At Supernova, Figma’s AI research product lead Pavi Bhatter said “speed can become our strategy.” Cognition’s Silas Alberti described up to 4× faster completion of code-search-assisted tasks while preserving answer quality. These are examples of faster inference improving useful work. General Compute announced a multi-year agreement to deploy Cerebras systems, initially targeting agentic coding. Gimlet Labs announced a Cerebras deployment for Gimlet Cloud. Callosum is integrating Cerebras silicon into its platform for heterogeneous agentic inference. These relationships expand the channels through which developers can access Cerebras performance. Their disclosed announcements provide no contract revenue figures. Cerebras has also named IBM $IBM, Mistral, Notion and Mayo Clinic among organizations that have chosen its technology. Its SEC filing identifies G42 and Mohamed bin Zayed University of Artificial Intelligence as existing significant customers. These relationships broaden the established customer foundation. The business is already producing revenue through both channels. Q2 core cloud and other services revenue grew 287% to $127.7M, while core hardware revenue reached $82.1M. CFO Bob Komin also disclosed several late-stage hardware opportunities representing hundreds of millions of dollars in the pipeline. Those prospective deals provide additional hardware upside as orders and revenue develop. Cerebras earns revenue by selling systems and by selling access to its compute. Dedicated cloud contracts generally carry take-or-pay commitments, while on-demand customers pay for usage. My 2GW model assumes capacity monetized through Cerebras’s cloud services. External system sales and leases have separate economics. Systems deployed into Cerebras’s own cloud provide the infrastructure that earns service revenue, so that hardware investment and the resulting cloud revenue must be accounted for consistently. AMD $AMD belongs in the thesis. The announced joint architecture uses AMD Helios for high-throughput prefill and Cerebras for low-latency decode. The companies project up to 5× higher tokens per second per watt relative to a Cerebras-only configuration in their disclosed modeling. Cerebras’s Q2 update targeted production in Q4 2026. At Supernova, AMD CTO Mark Papermaster said: “The users get better economics and low latency and that quick response.” He also described a partnership built over years, including AMD EPYC processors already used in Cerebras clusters. Arista Networks $ANET supports the networking layer, as Feldman explained at the event. The commercial direction matters financially. Cerebras plans to buy and deploy AMD Helios systems. On the Q2 call, Feldman affirmed that Cerebras purchases the racks and receives the revenue from customers using the resulting cloud service. Discussing the joint offering, he added: “we have buyers for it already.” Buyer identities and order values were not disclosed. I found no announced AMD purchase commitment for Cerebras systems. The demonstrated opportunity is improved cloud economics and capacity to serve more customers. Cybersecurity adds another growth opportunity. CrowdStrike $CRWD and Cerebras have a confirmed strategic partnership. CrowdStrike will use Cerebras inference to help power Falcon AI Detection and Response. Cerebras’s Q2 update describes inline LLM security covering a large portion of enterprise traffic. At Supernova, CrowdStrike VP of Engineering Keith Culley said fast inference enables “5x to 10x more inspection inside the same acceptable window of time.” Cerebras also highlighted Armis, now part of ServiceNow $NOW, reporting a code-security scan completed in roughly one-third the time, with more vulnerabilities found at lower cost. That comparison was presented by Cerebras; no contract value was disclosed. My speculation is that broader deployment through CrowdStrike, larger security models and more agent activity could materially expand Cerebras compute demand. Gartner forecasts $244B in worldwide information-security spending for 2026. CrowdStrike’s 2026 Global Threat Report found AI-enabled adversary activity increased 89% year over year, with average eCrime breakout time falling to 29 minutes and the fastest observed case taking just 27 seconds. Inline security puts protection directly in the path of live enterprise AI traffic, making response time critical to keeping those workflows usable. Faster inference can support larger, smarter security models running continuously. That is the foundation for a potentially substantial, recurring inference business. Future deployment volumes and revenue remain undisclosed, and additional cybersecurity expansion beyond the modeled 2GW fleet remains unquantified upside. Demand from national security customers also has a concrete foundation. Sandia deployed four Cerebras CS-3 systems as the first part of a planned eight-node Kingfisher system, supporting the NNSA’s AI for Nuclear Deterrence strategy. Sandia, Lawrence Livermore and Los Alamos subsequently entered a third round of collaborative research with Cerebras through the Advanced Memory Technology program. Cerebras also has a DOE memorandum of understanding supporting exploration of further AI and HPC collaboration under the Genesis Mission. Its Carahsoft partnership and inclusion in the Department of Defense’s Tradewinds Solutions Marketplace provide government procurement channels. On the Q2 call, Feldman also described government technology partnerships involving stacked memory and integrated wafer-scale optical solutions, extending the relationship into future hardware development. My speculation is that these existing relationships could expand into larger secure AI deployments, scientific agents, intelligence analysis and cyber defense. I leave that future expansion unquantified. AWS and Meta add further upside. Amazon’s AWS $AMZN has announced a hybrid inference architecture combining Trainium for prefill with Cerebras for decode, deployed inside AWS and accessed through Bedrock. Cerebras’s Q2 update targets availability in Q1 2027. That creates a distribution channel to enterprises already buying compute through AWS. The commercial foundation is documented. Cerebras’s June 10-Q describes an initial multi-year AWS lease, options for future procurement and manufacturing capacity commitments. It explicitly says additional AWS purchases could make AWS a material percentage of revenue. My bull case includes Bedrock adoption translating into larger deployments and repeat orders as coding and agent workloads grow. Feldman made a useful clarification on the Q2 call: “our $25 billion in RPO does not reflect any backlog of business from AWS or any other hyperscaler at this time.” That leaves hyperscaler expansion outside the backlog figure investors already know. Meta $META also has an established connection. Its April 2025 LlamaCon announcement introduced experimental access to Cerebras-powered models through Llama API. That provides a technical precedent and an existing relationship for future expansion. Meta’s newer Muse platform emphasizes agents, coding and reducing task latency, all areas where faster inference can matter. Broader Cerebras deployment across those workloads is a plausible upside scenario. Any Cerebras role in Muse remains speculative. Alphabet’s Google $GOOGL deserves continued research. Google named Cerebras as a supporter of its MLIR compiler infrastructure, and Cerebras now serves Google DeepMind’s Gemma 4 model. Those are documented technical connections. At Supernova, Cerebras CMO Julie Choi also mentioned demos from DeepMind, adding another ecosystem connection worth tracking. On the Q2 call, management reported progress in discussions with other hyperscalers; an analyst also asked about Google and Microsoft $MSFT. I found no public Google purchase agreement or quantified Cerebras revenue commitment. I assign no Google revenue to this model. These relationships give Cerebras additional paths to customer diversification and sustained demand into the 2030s. The technology roadmap supports the economics too. At Supernova, CTO Sean Lie described a CS-4 design with 50% fewer components, 60% more manufacturing automation and up to 3× faster system deployment. The roadmap targets twice the inference speed each year and solutions with up to 20× higher throughput by 2027. These are company claims and targets. Their financial significance is the potential to deliver more billable tokens per MW at lower cost as utilization and pricing evolve. At Hot Chips 2026, Cerebras detailed CS-5, targeted for 2027, aiming for up to 5,000 output tokens per second per user on the largest frontier models. Its subsequent CS-6 roadmap adds 3D-stacked DRAM so more of each model can fit within each system, potentially reducing the infrastructure needed per workload and improving capital efficiency as those products are delivered. My financial model: 2GW × $15–20B annual core revenue/GW = $30–40B revenue. At 40% core operating margin = $12–16B core operating profit. At 20× projected 2029 core operating profit = $240–320B enterprise value. That multiple is equivalent to 8× projected 2029 core revenue. Cerebras management has outlined a medium-to-long-term profitability target of approximately 40% core operating margin. Applying it in 2029 is part of my bull-case assumption. Core figures are non-GAAP and exclude stock-based compensation, customer-warrant amortization, data-center pass-through revenue and costs, and certain other items. The Q2 call helps explain the margin thesis. Feldman said: “More tokens per system at lower cost means more revenue and more gross margin.” Komin reported core operating margin improving from negative 42% to negative 16% year over year, and described a path toward 60%+ core gross margin through higher pricing, improved throughput and a shift from higher-cost rented systems to owned capacity. Profitability remains a future milestone. Capital efficiency matters just as much. Komin said Cerebras has “much lower net capital expenditure per megawatt” than most AI cloud providers. His explanation: Cerebras deploys its own hardware at bill-of-materials cost, while its largest customer reimburses a meaningful portion of data-center fit-out spending. That is management’s comparison, and it provides a concrete reason the company could retain more cash from its growth. For valuation context, Nvidia $NVDA and Broadcom $AVGO currently trade around 28.5× and 39.8× trailing operating profit, measured using enterprise value. Their published forward P/E ratios are approximately 19.4× and 20.5×. Those figures provide context across different accounting measures and time periods. My 20× assumption values Cerebras in 2029 using projected 2029 core operating profit, which includes equipment depreciation. At a 40% operating margin, that equals 8× revenue. The valuation requires sustained growth and cash generation after ongoing equipment and data-center investment. With an illustrative 20% tax rate and zero interest expense, 20× operating profit corresponds to approximately 25× earnings. The midpoint is straightforward: $35B revenue × 40% margin × 20 = $280B enterprise value. Equivalently: $35B revenue × 8 = $280B enterprise value. My approximately $903 midpoint assumes 310M diluted shares and roughly zero net debt in 2029, with cash and liquid investments offsetting borrowings. The cloud buildout’s future funding mix remains uncertain. Holding enterprise value and share count constant, each $1B of net debt reduces equity value by approximately $3.23 per share. A $250–300B equity value translates to $806–968 per share. At 360M diluted shares, it becomes $694–833. The share count and net-debt position are future assumptions that materially affect the result. Cerebras ended June 2026 with approximately $7B of financial net cash, excluding restricted cash and operating lease liabilities. Management also describes lower net capital requirements per MW because it deploys its own hardware at bill-of-materials cost and receives reimbursement from its largest customer for a meaningful portion of data-center fit-out spending. Those advantages provide a plausible path to financing expansion through existing liquidity, customer funding and cash generated as profitability develops. Customer usage within the 2GW cloud model gets counted once. AMD-enabled cloud usage follows that same rule. AWS leases and hardware purchases, along with systems sold to other operators, require separate revenue and margin assumptions as their economics become available. Additional AWS, Meta, cybersecurity and government expansion remains unquantified upside here. Capacity delivery, realized pricing, margins and dilution determine the outcome. The demand thesis centers on shorter time to decision across coding, agents, finance and security.
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*ELON: $SPCX COULD EXIST 2027 WITH AN ARR OF SOMEWHERE BETWEEN $500B-$1T 🤯🤯🤯
* ELON: WE’RE SEEING THE FASTEST GROWTH OF A PRODUCT IVE EVER SEEN IN MY LIFE - GROK BOT. *ELON: GROK HAS THE POTENTIAL TO BE THE BEST MODEL. *ELON: THE USAGE OF GROK BOT PER USUER IS INCREASING *ELON: WE’RE SCALE THE ENTERPRISE SIDE OF BUSINESS $SPCX
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SPACEX'S $SPCX AI REVENUE HAS GROWN MORE THAN 10X IN UNDER TWO YEARS Quarterly AI revenue went from $0.7B to $7.6B, growing about 376% a year 🟢 For context, here's how the other two segments grew: - Connectivity: $2.5B to $5.2B 🟢 - Space: $0.9B to $1.8B 🟢 AI is now outgrowing both by a wide margin.
SpaceX's $SPCX revenue by category - AI (SpaceXSI: $7.6 Billion - Connectivity (Starlink): $5.2B - Space (Rockets): $1.8B
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WOW!!! $SPCX just crushed it! Revenue came in at $14.58B. The Street was at $12.87B. That's almost double what they did last quarter. Take out Space and Starlink and AI compute did roughly $7.6B, way above the ~$6.4B everyone expected and nearly triple last quarter. Here's the part I love and the street isn’t pricing yet. Capex came in at $19.59B, exactly where the Street had it. So all that extra revenue came without spending a dollar more than planned. Operating income beat, EBITDA beat by over $2B, and Starlink had a monster quarter on its own, with $2.37B of operating profit. Not everything was perfect imo. They launched fewer rockets than expected, and cash came in well below the Street, so funding will come up on the call. But last quarter the market sold this stock because of the spending. Tonight SpaceX showed exactly what that spending buys. We stay Overweight with a $214 price target. On to the call. Maybe $TSLA merger or capex increase let’s see…
WTS: $SPCX is three businesses in one, the world's dominant launch company, a satellite network with no real competitor, and one of the fastest growing Al compute platforms on the planet. The market is afraid of the Capex and pricing it way below its intrinsic value. We think tonight is when that starts to change, as AI revenue overtakes Starlink and spending growth levels off. The stock is trading right around its $150 debut price, well below its $225 high. We rate SpaceX Overweight with a $214 price target, 46% above today's price.
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