The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Cerebras CEO on Why Raise $1BN and Delay the IPO | NVIDIA Showing Signs They Are Worried About Growth | Concentration of Value in Mag7: Will the AI Train Come to a Halt | Can the US Supply the Energy for AI with Andrew Feldman
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Oct 6, 2025 
Andrew Feldman, Co-founder and CEO of Cerebras, discusses the strategic move behind raising $1.1B before going public, focusing on scaling manufacturing to meet AI demand. He analyzes the current chip landscape, expressing concerns over NVIDIA's growth tactics amidst competition. Feldman highlights energy challenges in AI, advocating for diverse solutions beyond just nuclear. He also emphasizes the talent scarcity in the field and warns of risks in the concentrated market of AI leaders, offering insights on sustainable growth and innovation in chip design.
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Raise To Buy Optionality
- Take large strategic funding now to keep optionality and scale manufacturing and data centers.
- Use pre-IPO rounds if they don't distract from execution to secure growth capital.
Treat Big Deals As Options
- Rapid announcements are often options on an uncertain future rather than firm spend commitments.
- Treat big headline deals as purchased rights to capacity, not precise guaranteed demand.
Depreciation Is Relative To Generational Gains
- Depreciation depends on how much faster the next generation is, not on a fixed calendar life.
- Chips stay valuable longer if successive generations don't dramatically improve system-level performance.
