The new stock CBRS has hit the bottom and rebounded, rising to $380 on the day of IPO and reaching a bottom price of $200. The current price is $240, with a market value of 5.11 billion for FDV The only commercial player of wafer level WSE and OpenAI exclusive inference supplier Fiona's article provides a comprehensive introduction, please add one more point: 1. Detour Nvidia's computing power monopoly and focus on wafer level AI chips (WSE). In terms of business model, it is not a company that sells hardware, but a software hardware integrated computing power solution, similar to Nvidia's CUDA ecosystem; 2. It will not pose a threat to Nvidia in the short term, but will coexist in the long term. The future market share depends on the improvement of technology iteration and delivery capabilities; 3. The customer base is relatively single, with two main customers, the United Arab Emirates and OpenAI. This is not only a risk point for the single customer base, but also a positive factor, especially with OpenAI's cooperation and orders, which have locked in performance pressure for the next three years. The success of OpenAI's IPO will also promote the growth of CBRs, but CBRs' orders are not the largest in OpenAI, with Nvidia being the largest; 4. Second tier fund Arkk bought 0.9% equity, with a cost of approximately $270, and is currently experiencing a floating loss; 5. The main shareholder is locked in, with a lock up period of 180 days The relationship between CBRs and OpenAI: OpenAI will lock in all of Cerebras' high-speed inference production capacity for the next three years using a combination of 20-30 billion yuan in long-term loans, 1 billion yuan in loans, and 10% free equity. This will not only hedge against Nvidia risks but also turn computing power costs into equity assets; For CBRS, it is a "3-year performance guarantee+top-level endorsement", but it is also a "double-edged sword of single customer dependence"; At present, CBRs have high growth potential, and the biggest risk point comes from the black swan event of OpenAI; My personal strategy is to buy at low prices, hold for the long term, and the cost below arkk is the ideal position