Cerebras is a good example here. Largest IPO of 2026 and as of Friday, down 33% from their top and about $15 away from their initial price.

CFO was at Bird (a SPAC flop) and CEO was previously charged by the SEC with a felony... for cooking the books.

Everyone wants you to believe that a giant wafer is the future (and soon enough layers of wafers), but a P/E of $500, just doesn't make sense for a company selling AI fast tokens.

Especially with a whole bunch of other solutions just waiting for tapout and competing with everyone else for more and more memory allocations to be able to hold the models.