CBRS 预计长期表现良好，得益于更优的推理速度和订单积压的大幅增长。

that's where Cerebrris comes in. Ticker symbol CBRS. Instead of cutting a silicon wafer into hundreds of chips just for them to beworked back together again in a data center, Cerebrris keeps the whole wafer as one chip, roughly the size of a dinner plate. 4 trillion transistors, 900,000 cores, and instead of expensive stacks of high bandwidth memory, the model's working memory is right on the chip itself.

That means data never has to leave the chip, which is why Cerebrris can serve standard open models up to five times faster than Nvidia's B200s.

Cerebras went public this summer, and their latest earnings report showed a $25.4 billion backlog against $900 million in revenue this year. That means their backlog is 29 times bigger than their current business today. And about 20% of that is scheduled for delivery by mid 2028. That works out to around $2.8 billion a year or roughly three times this year's revenue.

So this is another very focused and very early bet on Agentic AI that I expect to do very well over the long term. The two big things to know about Cerebrus are that most of their backlog is a single contract with Open AI. So, a very high concentration risk, but with the company that made GPT6 Astra in the first place.

And second, they still lose money today. They reported a net loss of $450 million on $180 million in revenue, or a loss of about $2.98 per share, although over 85% of that loss came from stock-based compensation triggered by their IPO. And they're sitting on $8.6 billion worth of cash.

and Cerebrris is the one pure play bet on inference speed, which is going to be more and more important as more companies and consumers put AI agents to work.