Debut at the peak—CBRS is the only 'Value Destroyer' among the billion-dollar IPOs in the past two years. Lessons since 2021: 1】Don’t chase highs with Cathie Wood. 2】Don’t bottom-fish with Cathie Wood. 3】Don’t listen to Cathie Wood’s nonsense. 4】Best to just mute Cathie Wood. 5】Don’t trust hedge fund failures turned ETF managers. As for Cerebras itself: it’s a good company, just too expensive. After its IPO, there’s been no upward momentum—just a continuous decline. It needs a long period of consolidation. Its semiconductor innovation model requires performance validation and a shakeout of weak hands. The balance sheet is actually decent, but the hype has passed. Now, it’s just a matter of waiting for the next speculative opportunity.