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 the hype with Cathie Wood. 2】Don’t bottom fish with Cathie Wood. 3】Don’t listen to Cathie Wood’s random analysis. 4】Best to just mute Cathie Wood. 5】Hedge fund managers who failed and switched to being ETF managers? Don’t trust them. But about Cerebras itself: The company is solid, just overpriced. For IPOs with no upward momentum post-listing and continuous declines, you’ll need to wait for a long consolidation phase. Its semiconductor innovation model needs to prove itself with performance, go through a shakeout, and its balance sheet is actually decent. The hype has passed, so now it’s about waiting for the next speculative opportunity.