YouSaid · the spoken record

Andrew Feldman

lines on the record: 79
first: 2025-10-06
most recent: 2025-10-06
sittings or episodes: 1
sources: podcast

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“Minutes. And of course, their costs. You know, it's probably true for world class athletes too. If you listen to what Ronaldo talks about, I mean, he worries about everything he puts in his body. He trains every single day. They work on rest. Rest isn't rest. Rest is something you work on. So your body rejuvenates faster. This isn't 30 hours a week or 40 hours. These guys are the best in the world at everything.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm happy to jump on. My view of your LinkedIn post, by the way, is there are two, exactly two things I've read in my life that feel like they understand what entrepreneurship is. And the first is Ben Horowitz's book, The Hard Thing About Hard Things. And the other is your tweets and your LinkedIn posts. They have the feel of what my life is. This notion that somehow you can achieve greatness, you can build something extraordinary by working 38 hours a week and having work-life balance. That is mind-boggling to me. It's not true in any part of life. And your willingness to jump in and say, no, that's not how it's done, guys. You can have a great life. You can do many, really good things and there are lots of paths to happiness. But the path to build something new out of nothing and make it great isn't part-time work. It isn't 30, 40, 50 hours a week. It's every week.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I guess I don't, I've never thought of that. I look at it the other way is that every day I go to battle with Goliath, every day, every dollar we sell is a dollar that if we didn't work at it, if we didn't think, if we didn't invent, if we weren't 10 times better, would default to NVIDIA. And before I competed with NVIDIA, I competed with Cisco 15 years. And every dollar that we sold there, if we didn't build better product, if we weren't more aggressive, if we weren't more creative, would have defaulted to the market share leader. And I think for me, in my career, I take great pride in facing every day the most wicked curve, the curveball pitcher.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Company will change a great deal. Because what entry level has generally meant in consulting firms, at investment banks, has been doing shitwork, in particular being really good at spreadsheets and writing summaries of other people's research. AI will be better at that. That will change a great deal. I mean, I always thought that was a terrible way to spend an extraordinary year 22 through 24 years. You are coming out of top schools. There's so much to be learned. There's so much you can contribute. But to do huge hours doing spreadsheets, I think there's vastly more productive thinking those students, those young people are capable of and more learning that they can do and therefore be vastly more productive in the following years. And I think AI will change that.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Nobody does it. Nobody differentiates and modifies the training based on The type of error the students are making, and that's exactly what you ought to do. So I think the way we teach will change a great deal. What it means to be entry”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“The result wasn't read on a paper. Oh, look, you got wrong here. But they compared the type of mistakes you made, the type of mistakes thousands of other students made, and said that for this group of mistakes, we have found that the following workbook is extremely effective at remedying this hole in their thinking.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“They're not out of work. In fact, there's more demand for them. I think it will have really interesting effects on the way we educate children. And that's an interest of mine. We've sort of been educating children the same way since Alexander the Great was tutored by Aristotle, right? And it was sort of like get a smart person. They're older. They say I'm behind you. They tell you what to do, read, you read it, you talk to them about it. They correct your paper. This form of instruction has been sort of unchanged. Maybe YouTube changed it a little bit in that you had different instructors. But imagine a system where, for example, you made a set of mistakes in your math.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Five years, absolutely wrong. I think economic dislocation isn't resolved in very short periods of time. That might be true in 15 years, but in the three to five year time frame, I certainly don't believe that will be the case. The adoption of AI or the diffusion of AI into the economy, it will nibble its way in. Let's ask this question. Alpha-fold solved one of the hardest problems in chemistry. a problem that had been opened for years. Name a drug that's resulted from it. Not one. Now, I believe there will be, but alpha folds four years old now. This was a massive breakthrough for which the inventors were given Nobel Prizes. Where's the drug? Show me the medical benefit. It will get there. It will be important. Continuations of the model will have fundamental impact. But where are the x-ray crystallographers who are displaced because of it? That was what x-ray crystallographers were doing only physically.”
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“Scale sort of pioneered it. Touring was in a different market completely and pivoted to it and found great success in it. There are these collections of others. I think clearly the provisioning of value added tagged or evaluated data is really important. Whether it's durable, whether we get machines that do it every bit as well as people is a question that is really hard to answer right now. That's why it's curious, is that clearly it's important now and the question is, will it clearly be important in three years? That's a question I don't know the answer to. Maybe it could go either way.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“There are this collection of extremely unsexy things that are causing tremendous pain across the industry. Data cleaning, your data pipeline. These things are, you know, nobody puts on their LinkedIn data pipeline expert. And yet these are some extraordinarily valuable cats. Nobody leads with a leader in the cleaning and tokenization of data. And these are extraordinarily important roles. Many AI projects fail on those fronts, have nothing to do with the AI. They fail because the data was a disaster. They fail because everything except the AI was a failure. That's an area that profoundly underinvested in.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“For coders are young is because they understand the needs and demands of their target customer basic extraordinarily well. That's an area where people are going to get clobbered is to take a mentality that said it's enough to be smart in this field to build a good chip. That has historically not been the case, that there are real returns to having done 15 or 20 of these in the past.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“The silicon industry is not a place for 25 year old CEOs, no matter how smart you are. The returns to having built parts before in what we do are enormous. The number of different relationships that are necessary, you need a relationship with the fab. You need a relationship with the EDA toolmaker. You need back-end design engineers. You need logic design engineers. You need IP relationships with IP providers. It has been an extremely difficult road for young CEOs. On the other hand, young CEOs in many of the markets you invest in have done extraordinarily well, particularly where they look like their customer. The reason that the entire social networking world was built by young founders is they were building a product for their friends. And that is an advantage. The reason that AI startups who are doing tools for other students”
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“You know what it felt like that? And it was the brainchild of my co founders. It was their invention. It was a physical manifestation of their ideas.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we did. And we weren't running around like chickens without our heads. We were going through engineering process. Each failure was, we did a full FA, a failure analysis. Each time we fixed the cause, we did another one. Didn't work. Did another one didn't work. And each time we got a little better. And we got better and better and better than we solved it. The first one that worked, the founders were in a tiny little lab that was a converted conference room that for cooling we had the windows open and we'd blown a hole in the wall so we could get external a chiller outside and pour it in and when we had it running the founders stood there together and stared at the box running which is about as interesting as watching paint dry and we stood there and we couldn't believe it it was like we have just solved a problem that for 75 years the smartest people in our industry have been unable to solve and we stood there for like half an hour and it was it's one of the highlights of”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“My bets here have been pretty good. To go to wafer scale, solve a problem that nobody had previously solved. Gene Amdal, one of the fathers of our field, failed. IBM failed. TI failed. Everybody's failed at this. We had a period of about 15 months, between about 2017 and early 2019, where we couldn't make one. And we were running a burn of about $6 million a month, $7 million a month. And we stayed with it and our board stayed with it. The result was...”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“All mistakes, he retrospect. If we hadn't won them and we had the resources for it, that would have been a resource planning mistake. I mean, I'm in the business of making big bets and making lots of mistakes, Harry.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think their orders exceeded everybody's expectations. You can be a professional salesperson in Silicon Valley for 20 or 30 years and not see a $500 million order. You can go around the valley right now and talk to VPs of sales or EVPs of sales at dozens of public companies who've never seen an order of that size. They were bold and they were early. And, you know, when we started doing business with G42, nobody heard of them, not everybody in the world heard of them.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“They bought so much, they consumed, and the data I gave you was through the first half of 24. They placed such big orders they consumed all our manufacturing capacity. They are building at such an extraordinary rates that through the first half of 24, they consumed an enormous amount of our manufacturing capacity.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I went there to do business as a Jewish guy before we had any business done, right? What I found surprised me, and we don't do much in Saudi, and I think they're making great strides, and we don't do anything in Qatar right now. I think they're making great strides. It may well sort of be colored by the fact that I spend time in Abu Dhabi and I spend time in Dubai and I spend time in Riyadh and I spend time in Doha. Sure, it's colored by those things. But I think...”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Having visited, spent time now in the UAE and Saudi and Qatar, I think the returns to moderation, the economic gains, someone said we're too busy to hate right now. We're too busy building. Those have been writ large so clearly in the UAE with the rise of Dubai and the UAE in return for making peace with Israel in return for a more moderate position. I really believe that that is the path to the future.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Power infrastructure ends up at the local level, which is not necessarily where big ideas and sort of strategy is well knitted together. We have starved our universities of compute. If you want to do interesting training work at a university, very hard to get enough compute to do that. We're just not set up for that. Those are two dimensions. I think the Trump administration's done a good job in generally relaxing some of the regulations that were painful.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I am sure that in every government program there's abuse. Was there more abuse in the H1 than in other areas? I don't think so. Having the best and the brightest come to your universities. And once they benefit from sort of our great institutions to want to stay and contribute, first with a J1, which is the student visa, and then enter the H1B lottery through the approved process to get a green card and become citizens. And this is how my parents did it. I think it's one way to bring an extraordinary amount of talented people to the U.S.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“The great CEOs in our industry, Jansson Hock 10, Lisa. I mean, you go down the list at Sundar, at Microsoft. They came and their parents came. We've got to take that really seriously.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I think China thought long and hard about their power infrastructure, their form of government allowed them to plan strategically, our decentralized form of government has left us with sort of a patchwork of power infrastructures. Even if the federal government wants to support you, their local regulations, like at the city and county level of towns that can interfere with a project and set a project back billions of dollars. I mean, Samsung built a fab in Texas and they had to change the design of a fab because of a local fire ordinance. And the U.S. government worked for years to get deployment of billions of dollars in taxes. And a local fire ordinance set them back eight months, 10 months, and caused them to redesign the FAB. That's a problem that we have to sort of collectively work through. We have the premier universities historically drawn talent from around the world. If you look at”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it benefits neither the position we're in. The arms race certainly didn't help either the US or Russia in the 80s and 90s. We both spent money, we wish on weapons, we wish would have been spent on infrastructure people or other things. We will be much stronger if we can find ways to peacefully engage before these issues. We knew the guys at DeeDee and Bike Dance and Olli and Baidu extremely well. They're talented engineers trying to build cool stuff. I think our governments hurt loggerheads.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think right now sovereignty plus the fact that we deliver their inference through the fastest hardware on earth makes their product, the Lechat product really compelling. They're using their advantages to compete. There were in Europe too few AI labs that are doing interesting work. They sort of looked around and sort of used strategic advantage. We want to be Europe's leader, played that card really well. Hats off to them and then they raised it a huge valuation.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, the short answer is why does it make sense for AWS to build a training part? Well, because they want to get rid of the 78% gross margin that NVIDIA is charging them. It might be on the high-end chips, 85%. People don't like that historically. Historically, people sort of put that in the back of the mind and they remember it. When Intel stumbled, the number of people who came out of the woodwork to kick them when they were down was extraordinary. And it was sort of years of pent-up frustration when the giant stumbles. We've seen that again and again.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the reason we were able to raise at a higher valuation from better investors and more money is because we had them. And others who were out looking for money had negative margins. As you prepare for being a credible public company, people do look at your margins. That's a really important part of moving from being an idea to being a real company.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, absolutely not. One takes 90%. Even at Intel strength, they had dominance in x86 and zero market share on the cell phone and almost no share in the switching market. Broadcom had dominance in the switching silicon market, which is a form of processor in silicon, and no share in x86 or other forms of compute. Yeah, it will not all accrue to one or two companies.”
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“Which part of the chip mark? We talk about AI silicon, or we're talking about silicon in general, or we're talking about.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“MIS the largest compute market in the first part of the 21st century how did AMD miss it how did how did how did ARM win it all the leaders missed it and then you say all right maybe there's something in the guts here that I don't understand right you got to really get in there and it's not on a PowerPoint it's not in a two by two it's not at some sort of consultant level it is deep in the DNA of the small number of people who can build these things you know we are lucky at cerebras we've got one of the top six or eight teams in the world other startups don't”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Business through buying PA Semi. Amazon got into the chip business through acquiring Annapurna. Google acquired the talent from a collection of companies and then set it in a BU that was aside and under somebody who had enormous respect in the organization and ors and had a 10 or 15 year view. These are things that have been challenging in many companies. Chip building is an MBA nightmare. Your analysis that says Intel had between 2000 and 2010 some of the world's leading architects, the world's leading fabs, and proved completely unable to build a working cell phone part. And you ask yourself why? They had everything they needed. And you do an MBA chart and it's like, it's impenetrable. And the answer is this is really hard. Very small sort of mental model differences produce tremendously different results. How did every leader...”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that there is a long history of software companies failing to build chips. The list is very large, whether open AI can do it, whether they can do it through partnership with other vendors, with Broadcom, with smaller, more innovative companies is an open question. Companies at the size of Microsoft have been unable to deliver chips. There are plenty of examples as you look across the Fang group where chips were tried. I mean, probably the most successful is Google. They're 10 years in. Modern software does not fit well in a chip making framework. Weekly sprints don't work well on two-year-long projects. Move fast, break things often is not the way you think in the chip world. The way you think in the chip world is measured twice before you cut once because your bugs cost you six months and tens of millions of dollars. It's a very different mentality. And where there's been success, it has frequently been acquired. Apple got into the”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“It is completely unclear. The most successful two companies to date, OpenAI and Anthropic, neither are vertical. OpenAI used Azure, 100% infrastructure for years. And Anthropic has used a combination of AWS and Google. And so neither are vertically integrated to date. Now, whether that's the right strategy going forward, whether they'd make those decisions again, but it's clear that it's not the only strategy, that there are plenty of working models where you are not fully integrated from chip through system, through data center, through software all the way to the top.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think if the bus can build them for a million a megawatt and you're spending $12 or $14, that's how you lose money. You lose money because it begins as can you get access to low-cost power? It then continues to once you have access, can you get permitting? Does that take long or do you have real access?”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“It has a structure that they really understand, right? It looks like a bond to them. It looks like a piece of real estate. You get a tenant, they pay rent every month, you can loan against that, you get an investment grade tenant that's basically a bond. It has the advantage of falling into a category or a pattern that is really well understood in the debt market and in the capital markets. And that's an advantage. Core weave and some of their sort of financial engineering and innovations there help the world see that. Like many things, lots of people will enter. The smart will make money. The less sophisticated will lose money. Building data centers is not for everyone.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, somebody like for Elon, who's the fastest in the world and maybe the best at building plants and large construction projects, it takes six months, eight months. And for the rest of the world, it takes a year and a half, maybe longer.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“CSMC can't build fabs fast enough. The truth is that these are both for TSMC and Samsung. These FABs are the most amazing manufacturing plants on the planet. These are 30 billion, 50 billion dollar factories. Their ability to build them quickly enough is very much limited. That in turn limits and keeps the supply below where it would like to be of chips, not just our chips or NVIDIA chips, but everybody's chips below where it might otherwise be keeps the cost up. Right now there's a shortage of data center capacity. There's a huge amount of investment that has gone into that. There's a lot of words, but where are these gigawatt facilities that everybody's been talking about? Everybody's committing to, the where are they? Well, they're not up yet.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I did see the show with Netflix or Prime. What a sad story of somebody who was so self-destructive and so talented. But should we be playing soccer players or basketball players? I have no idea. And I don't spend a minute worrying about whether we're paying extraordinary people too much. No company ever went bankrupt by paying extraordinary people too much. If you want to go bankrupt, pay mediocre people too much. That's how you mess up. Nobody's ever struggled by paying truly extraordinary people too much.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“It may well be that's what we have to think about. I mean, we've paid Charlie Sheen two and a half million dollars an episode for two and a half men. I'm pretty sure that there are lots of people whose net productivity to society is above that.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“There are engineers who have skills that no number of other engineers working together can achieve. There are scientists who have ideas and who have brains that are can't be replicated by lots of other talented people working together. Ought they to be paid more than world-class soccer players? I have no idea. Maybe, maybe not.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“Them in our universities in order to make the number of engineers we need to meet this demand. That's a bottleneck. And it's why the best and the brightest are getting such extraordinary compensation”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think if you go back to planning, if you've got customers demanding 5x that your capacity, I mean, probably didn't get your planning right, right? You probably should have planned better. I think there are bottlenecks at every level that are real and meaningful. I think the first one is expertise. We have fundamental limitations in AI expertise. We're not making enough AI practitioners. We're not making enough data scientists who understand data pipelines. Our universities aren't minting enough. Our challenges in the US with immigration don't help that. We have historically sucked the best and the brightest first on J1s to come to our schools and then H1s to stay. If that is not our policy, we need to make them. If the government decides that that is not the way they want to build a workforce, instead they want to build it out of people who live here, we need to do a better job of training those people. We need to do a better job of teaching them in K-12. We need to do a better job of educating.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they've proven themselves to be the greatest company in the first quarter of the 21st century. They've proven themselves to be extraordinary company in the first quarter of the century. And I don't know if four trillion is right, but I think a very big number, maybe it's too low, is right because of what they've achieved.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“They're heavily dependent on a very narrow sector. And that's a risk. That seems to me to be a challenge in the new world order. And all the advice that sort of the pundits give, you know, diversified portfolio, when the world changes and that portfolio is not, you keep holding it and it's not diversified anymore because of consolidation, then there's real risk.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the risk there is not that they consume. That's not the risk. I think they're that much value because we believe the future economy will reward that. I think the issue is that people then think the S&P is a safe investment or a safer investment than it might be. The risk is the mismatch in the mental model people have. Risk comes in financial markets where people fundamentally underestimate risk. When risk is priced properly, then what happens is your outcomes are not surprising. If people continue to think the S&P is sort of an index of the global economy and it's not, it's 30% or 50% seven companies. Then they're exposed to sector risk that they weren't signing up for. They thought they were diversified. And in fact,”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I do think of this idea that to consume the resources we're consuming, we have to be sure that we produce some extraordinary outcomes. I worry that the opportunity is so big that as a community,”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it's not unavoidable. It's a very reasonable decision for countries that don't have lots of alternatives. Canada has more falling water than anywhere else on the earth. The opportunity for Canada to develop the cheapest power on earth is mind-boggling. There is cheap power in lots of places. But in order for countries that wish to and don't have the natural resources of Finland that has geothermal or Iceland that has geothermal or Canada that has falling water, nuclear is a very reasonable and cost-effective strategy, especially over a several decade view”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's confusing on net, it's probably more to help. The Biden administration was misguided and afraid. The Trump administration, I think to his credit, he surrounded himself with some smart people in the AI space. On net, it's been positive”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source
“A ton of energy for that that's not useful. Let's see. And so I think the answer is we need to be sure that at a societal level where we use government dollars, where we use tax breaks, where we use permitting breaks, we are sure that we are giving these to disproportionately to projects that matter to society.”
2025-10-06 · The Twenty Minute VC · 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 · IDENTIFIED FROM THE TRANSCRIPT · source