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Andrew Feldman

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2025-10-06
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2025-10-06
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  1. “It's a very hard question, and I'm one voice in this. The problem with markets is that they do a lot of things that aren't productive in order to get one that is very productive. Ghibli may or may not have been net societally gain, but maybe the technology that is used in Ghibli is used for X-ray crystallography and later is fundamental to finding major scientific breakthroughs. That's the messiness. At any given point in time, right? you can point to in a thousand poppy strategy, which is what a market is, right? A market has a lot of bad ideas to get a few good ones. That's your business. Your business is investing behind a lot of big ideas, most of which fail. And the market is that writ large. And so in that environment, you can always point to, oh, that was a dipshit investment, Harry. Why'd you invest with them? I mean, they blew up. You can always say it after the fact. Look at 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

  2. “Painful, make the looking after of aged parents or sick parents. You go through society's ills and woes if we are going to consume this amount of power. The burden is on us to deliver value for it. If we use it and don't do that, then it's not a gain for 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

  3. “Yeah, it's feasible. Is it desirable or good for society? It's a different question. It's feasible. People often say we don't have enough power in the U.S. And this is strictly wrong. We have plenty of power. It's in the wrong places, right? It's not where we have people or where we have fiber optic cable. We have a ton of power in West Texas, in natural gas. We have a ton of power in upstate New York, in hydro. We have a ton of power in lots of places. We don't have people there. The problem is one of a mismatch. between where all the power is and where the people are or where the buildings are or where the telco fiber is that we need to get data to and from the data center the second observation is one of a community and that's that to the extent we consume this extraordinary amount of power we have an obligation to deliver amazing things and that's not all of us I think we have an obligation to deliver drugs that they're more efficacious to deliver better health care to make aging”

    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

  4. “And so that transition takes time. And what he pointed to was a demographic. Younger users are using it in a different way than older users. Older users are replacing something they already had. Younger users are using it in a way that never existed before. An operating system for life.”

    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

  5. “Computers to do things we were already pretty good at, that we replaced a typewriter. We replaced general ledger accounting with spreadsheets. We were good at those things. You didn't get a big jump. And what he predicted and then happened immediately thereafter by the mid-90s, you had a huge jump in productivity. We had begun tying them together. We'd built the internet. We had the first parts of a cloud. And all these things used compute differently in ways that had never been consumed before. And you got this massive jump in productivity. If you use OpenAI in various of their competitors, the way you use Google, you'll see a very modest jump in productivity. If you use them in a fundamentally different way, that was Sam's point. You'll see a huge jump. And if we reorganize ourselves around AI, you're going to see massive productivity gains. If we use AI to replace things we're already doing, Google or something else, you're not going to see very big jumps at all.”

    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

  6. “Absolutely right. I think in 1988, Robert Sallow, who won a Nobel Prize in Economics, he asked this question. He said, we see computers on every desktop and everywhere we look, except in the productivity statistics. And you say, well, that's a really interesting thing to say. And there was another economic historian who jumped into the fray, and he did this huge study. His name was Paul David, and he wrote a very famous paper called The Computer and the Dynamo. And what he studied was the adoption of electricity in the manufacturing sector between about 1880 and 1955. And what he showed was at the beginning, electricity produced very little productivity gains. It was basically used as a backup for belt-criven systems. And it wasn't until they reorganized the shop floor to take advantage of electricity that you got this huge jump in productivity. And if you roll that forward to the computer, what he was saying is, look, we used...”

    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

  7. “That you're faster than a thousand B200s, you got to get a thousand B200s. You need to train the model for four weeks or six weeks. You got to stand up a cluster of Rachines. It's a bigger lift. I think the market right now is easier to move people off GPUs in inference. And the number of people doing inference is vastly higher than the number of people doing training.”

    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

  8. “It means that when a new model is built and everybody reads about it in a publication, it was done on a GPU for everybody to train it. They take the recipe that was originally done for the GPU and they have to move it to the recipe for their hardware, whether that's a TPU, whether that's an AMD GPU, whether that's another dedicated chip like ours. You have to move it. And that's a harder software lift. In inference, the truth is nobody cares about CUDA. Nobody even cares about PyTorch. What they want is an API. It's literally 10 keystrokes to move from a GPU-based solution on OpenAI OSS 120B to R solution. It's 10 keystrokes. That's it. It's nothing. The answer is that while we are faster at training and we are faster at inference, it's easier to demonstrate inference, right? You just put up a side-by-side to show.”

    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

  9. “Well, what we were missing is that for 75 years, nobody could do it. Building a bigger chip had proven impossible before we did it. Nobody in the history of the computer had been able to build a chip bigger than about 840 square millimeters. In the 75-year history, the compute industry, and many people had tried and failed. After we did it, Elon tried dojo and they failed. It's really, really hard. Our strategy had never been done before, had never been successfully yielded. And so while it was obvious, it was hard.”

    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

  10. “Overcoming the limitation of Esraam, which is it doesn't store very much, by putting a huge amount down, by using more silicon area. Now, if you're an SRAM solution today in a normal size chip and you're trying to do a trillion parameter model, use four or five thousand chips. What a mess. You know how many cables that is? Do you know the impact to the AI? It's a horrible mess. And it limits you from doing things you want to do with the AI like speculative decode. It has all sorts of painful challenges. On the other hand, use one of these or two or four. And it's simple, it's easy. And this is what your friends had exactly right. And the reason we went to build a bigger chip. So we could fill it with this fast S fram. So we could get over the traditional limitations of SRAM. They're killing the store very much by using a lot of space, by using a huge amount of silicon area. So your friend is exactly right. You might listen to him again in 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

  11. “Not only is it fair, it's the reason we went away for scale. What your friend said is strictly true, in that SRAM is blazing fast and low capacity. HVM is a flavor of DRAM. It has high capacity and it's very slow. Now NVIDIA and all GPUs, including AMDs, chose a big capacity memory that is slow because it was perfect for graphics. You don't have to go to memory very often. You can hold a lot. You don't go very often. SRAM is blazing fast, but it can't hold very much. So the problem on traditional chips is if you put memory on the chip, you are using space that could be otherwise used for compute. You have a fixed amount of real estate. And so if you put half memory, half your real estate is available for compute. Our idea was that if we built a chip that was the size of a dinner plate, we could stuff it to the gills with fast.”

    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

  12. “Which has, for inference, is the fundamental limiter for the GPU architecture. And so it doesn't matter how much faster the chip goes, it matters how much faster the memory bandwidth is.”

    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

  13. “The question is in that case, whether you read people's marketing material or the actual performance results. Certainly people's marketing material would lead you to believe that generation over generation, there are huge gains. A little bit of engineering digging probably leads you to the conclusion that you're getting two, two and a half X per meaningful generation move, not more. If you compare apples to apples, 8-bit to 8-bit, 4-bit to 4-bit, if you compare actual performance, you might have more flops on the chip. but your memory bandwidth didn't improve more than 2x so you can't get to them. These chips are a solution and if you make one part fast it's a system you make one part fast and the other part doesn't move as far forward it becomes the new bottleneck doesn't matter how many flops your chip has if you can't get data onto and off of the chip those are wasted the question isn't how much how much faster is the chip it's how much faster is the solution that includes memory”

    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

  14. “We are in unprecedented waters. People are clearly still getting value from H100s, and that's more than two years, right? So if you say it's a two-year depreciation, you're empirically wrong. And I think people are still...”

    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

  15. “The truth is there may be and there likely a huge number of moving parts that make it impossible to clearly describe without giving out more than they wanted to give out.”

    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

  16. “Okay, you don't call him home. I've never called my mom Shirley. I mean, I never call her. I mean, that was just mom or something else, but 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

  17. “It was designed for nobody to understand it. If one wants to make something very clear in an investment, we've invested this amount of this valuation, the deal's done now. If you want to make something more difficult, it's up to this amount over an unbound specified amount of time at no valuation given or a valuation specified, but it can change. It wasn't designed for you or other analysts to anchor on different things. That's a very reasonable thing for both of them, but it just is not an analyzable thing. Beyond the fact that NVIDIA has chosen to try and lock up a portion of open AI's demand by investing in them. That's about as much as you can say.”

    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

  18. “You start buying business as opposed to winning business. We saw that with Cisco, who emerged it as a dominant position, you know, 99, 2000, 2001. That has been one of the strategies. Another strategy you see is this predatory pre-announce, where you announce B300s before anybody can get B200s. You start talking about Ruben before B200s are technically finished. You don't talk about the field failure rate of your products, which are massive. Rather, you sort of keep talking about the future in an effort to convince people to wait to make a good decision rather than go with technology that's better and present. I think these are the strategies of very large companies using their strengths. And I think that's what you're beginning to see unfold with NVIDIA.”

    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

  19. “I hope he's long on them then. I don't pick public market stocks. I don't like picking public market stocks. In the public market, you can lose money on good companies. You can make money on shitty companies. And that for me doesn't sit well. As an entrepreneur, as a David in the battle with Goliath, I want to make money when we build a great company, period. But can they continue to grow? I think we are seeing some things that big companies do as they begin to worry about growth. I think use your balance sheet more and your technology less. This is something that historically large companies have done as they feared for their technical prowess.”

    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

  20. “I would say they're always grumpy people who like it'll never work and you'll never beat Goliath. And truth is, most things don't work and most of the time Goliath wins. But there's no alpha in that. There's no money made for you or me betting on the biggest of the big dogs to continue not to lose. How uninteresting is that? Of course. If NVIDIA keeps growing at the rate they're currently growing 11 years from now, everybody on Earth works for them. Do the math, right? However, is it possible that our economy looks very different in five years? Is it possible that the things we value are very different, that we have reorganized around AI? We've seen a major bump in labor productivity. We have benefited dramatically and the economic pie is much larger. I think that's not only likely, it's almost certain.”

    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

  21. “100%. I've been wrong if you would have said a year ago, two years ago, pick a time at which it would have been conceivable that open AI would get the valuations they're getting. It wouldn't have been conceivable. Three months ago, six months ago, nine months ago, when was it like the day before? I think that's true with the demand we're seeing. It's true with valuations on companies we're seeing. It's true with the rate of ideas entering the 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

  22. “It's brutal. There's a very interesting question about in extraordinarily rapidly moving environments, what the right planning cadence is, what you really need is good planning changing rules rather than good planning. We have to make big bets. We're making five and seven-year investments in data center capacity. We are making hundreds of millions now on term of billions of dollars of bets in supply chain. And those are not three-month bets. I think what you need to do is use different rules that have historically been used. You plan more frequently. You have a shorter view. You take options on the future. And if the future moves against you, you lose the premium on the option. You pay a little price to secure some capacity. And if you don't use it, you just go, all right, that was sort of a way to manage uncertainty about 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

  23. “Number one. I think number two, what this signals more than anything is that there is unbelievable demand and nobody knows where it will go in the future. That it's so big and happening so quickly that they don't know. We have customers coming to us and saying we would like between 5 and 40 million queries per second. Well, how do you not know by a factor 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

  24. “The first thing Harry is we are in a stage of the market where the claims are enormous, where tens of billions of dollars are being done here and there and nobody's reading the fine print that it's over five years and it's up to. This is the great sort of CYA word in marketing history is it will be up to 100 billion over five years, right? Well, up to means it could be 30, it could be 12, could be 40. You could pick a lot of big numbers and it won't be bigger than that. And so as you read these deals, I think you have to really think about the timeframe over which they're being done. You have to think about whether anybody is actually counting. Lots of people are saying they're going to bring hundreds of billions of dollars of jobs to the US and this and that. In eight months, has anybody got a little spreadsheet like nine jobs plus one factory? I mean, who holds anybody to account? And the answer is nobody. I think that's no.”

    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

  25. “They're the We still have every intention going public. I think it's very common in late stage to do a pre-IPO round if you can get it done very quickly, if it doesn't distract you and keep moving. I think there were so many opportunities in front of us that gathering the capital so that we could continue to prosecute these opportunities was a no-brainer.”

    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

  26. “Think incremental improvements, make believe gains achieved by dropping from 8 bit to 4 bit. Those aren't going to get us to the promised land in AI. We've got real work to do as a community. I think this funding puts us in the catbird's seat for 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

  27. “Look, it was the largest raise ever done in our category. It was done at the highest valuation and with the premier investors. At late stage investing, you're looking for the likes of Fidelity. They are the, what would the English call it, the sort of Oxford or Cambridge of investing, right? They are the premier public market investors. And when they choose to lead around, it brings Wall Street a great deal of confidence. We were really happy to partner with them and with the treaties to lead the round. And then we were able to get enormous participation from Tiger Global, from Valor from 1789. So that's point one. I think point two is that we now have sort of the dry powder to really push, take the opportunities in front of us to build out our manufacturing, the scale and scope we want, to add new data centers. We added five this here in the US to add more data centers. And we have more big 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

  28. “Harry, I'm okay with any questions, naive or otherwise. Happy to do it anytime. I read your LinkedIn posts, your Twitter posts. I'm rooting for your mom.”

    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

  29. “Things are moving at a rate that six, eight, 12 months out. Everybody's unsure. It's so fast. It's so big. There is unbelievable demand and nobody knows where it will go in the future. The question of depreciation is how much faster are future generations than the current generation? That's the actual question on depreciation. People often say we don't have enough power in the US. And this is strictly wrong. We have plenty of power. It's in the wrong places. Risk comes in financial markets where people fundamentally underestimate risk. No company ever went bankrupt by paying 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