AI Chips

The Biden administration just did something that would’ve been unthinkable two years ago: it cleared around 10 Chinese firms to purchase Nvidia’s H200 chips, the company’s second-tier AI accelerators. No deliveries have shipped yet, but the regulatory door is officially open. This isn’t a minor bureaucratic adjustment. This is a fundamental shift in how Washington is thinking about semiconductor warfare with Beijing, and the implications are sprawling enough to reshape the entire AI supply chain. ...

Cerebras Systems went public yesterday and the market responded like a golden retriever seeing a tennis ball. An 81% first-day surge, $5.55 billion raised, year’s biggest IPO. The narrative writes itself: AI chip shortage, specialized hardware wins, the future is here. Except the narrative is doing what narratives do—oversimplifying a much messier reality where Cerebras has solved one problem brilliantly while inheriting several others that no amount of hype can engineer away. ...

Cerebras Systems went public yesterday and the market absolutely lost its mind. An 81% first-day surge, $5.55 billion raised, and suddenly every tech investor with a pulse is convinced we’ve found the next NVIDIA. But here’s what nobody wants to say out loud: a massive IPO pop usually means one of two things—either the market is pricing in something genuinely transformative, or it’s pricing in hype. Given what we know about Cerebras’s actual technology and competitive position, I’m betting it’s closer to the latter. ...