Cerebras CBRS's earnings call was highly valuable. This dark horse in the AI chip industry holds $26.1 billion in orders, and its revenue is projected to triple next year! 1. The Microsoft MSFT order is confirmed. The financial report mentions Microsoft Azure as one of the top three cloud vendors. Adding to the previous deals with Amazon AWS and Oracle ORCL, they've secured three major contracts in just six months. However, note that details won't be released until the first half of next year, and revenue calculations will only begin then. This money hasn't yet entered the current $26.1 billion order pool; it's pure hidden growth! 2. HBM price increases are good for them. Other companies making AI chips can't avoid HBM memory, and now shortages and price increases are crushing costs. Cerebras CBRS's own architecture doesn't use HBM at all; it uses TSMC TSM's in-house wafer foundry equipment. Management says the memory shortage will continue until 2028, meaning competitors are paying more every year while Cerebras is reducing costs. 3. New Chip Progress Ahead of Schedule The WSE-5 wafer was taped out on June 15th and entered system testing in less than five months. The CS-5 system is scheduled to ship in early summer 2027, doubling the speed. TSMC's TSM wafer supply for 2027 has already been secured. The bottleneck now isn't chips, but land, electricity, and data centers. Management itself admits that data centers worldwide are experiencing delays. 4. The Only Pitfall Cerebras' biggest risk isn't unsold chips, but the computing power promised to OpenAI, which may be delayed due to data center construction delays. OpenAI and Cerebras signed a very large computing power contract, reaching 750MW. This contract uses a take-or-pay model. The contract includes a delay compensation mechanism. If Cerebras fails to deliver on time, OpenAI can receive a certain amount as a credit. More problematic is that if the delay exceeds 90 days, both parties have the right to cancel the corresponding batch of contracts. 5. The guidance is truly impressive. Q4 core revenue guidance is $310 million to $330 million, a nearly 40% increase sequentially, with core operating profit margin turning positive for the first time; full-year guidance has been revised upwards to $940 million to $960 million; management reiterated its goal of tripling revenue by 2027. They've already secured Microsoft, AWS, and Oracle!