https://k4i.com/tags/cerebras/ Recent content in Cerebras on k4i.com Hugo en-us Sat, 04 Jul 2026 00:00:00 +0000 https://k4i.com/cerebras-has-a-real-moat-and-a-real-problem-great-silicon-a-two-customer-revenue-base/ Sat, 04 Jul 2026 00:00:00 +0000 https://k4i.com/cerebras-has-a-real-moat-and-a-real-problem-great-silicon-a-two-customer-revenue-base/ <p>Cerebras is two companies wearing one ticker. One is a genuinely differentiated silicon engineering shop with an architectural edge that the rest of the industry is now scrambling to copy. The other is a revenue base so concentrated that until roughly two months ago it had, functionally, two customers — both in Abu Dhabi. Any honest read of CBRS has to hold both at once, and the second one deserves far more weight than the momentum around the stock suggests.</p> https://k4i.com/the-sram-question-hanging-over-the-memory-trade-does-inference-still-need-hbm/ Sat, 04 Jul 2026 00:00:00 +0000 https://k4i.com/the-sram-question-hanging-over-the-memory-trade-does-inference-still-need-hbm/ <p>The memory bull case rests on a single assumption, and it is worth stating plainly because everything else follows from it: every incremental dollar of AI compute requires proportionally more high-bandwidth memory. GPUs pair with HBM, HBM is scarce and expensive, and that scarcity is precisely what handed Micron and SK Hynix gross margins near 85% and market caps north of a trillion dollars. If the assumption holds, memory demand scales with the AI buildout indefinitely. The SRAM wildcard is the possibility that a meaningful slice of AI demand quietly stops needing the memory these companies sell.</p>