Would love to see you add a moat (or moatlesss?) analysis for these 3. Are they really just temporary, momentum plays, or is there a resilience aspect worth considering?
Hi Tom! For CoreWeave and Nebius, a lot of today’s advantage comes from scarce compute, access to power, scale, and execution. Those can be valuable for years, but they might fade on the other side of the cycle.
Cerebras is the one where I see the clearest potential long-term competitive advantage because it owns the underlying architecture. If wafer-scale inference keeps delivering a meaningful speed or cost advantage, that edge could survive even after GPU supply catches up. Whether that moat is worth today’s valuation is another question.
CoreWeave has $104 billion in backlog, but the cash timing is rough. The company has to fund the power and chips before customers can use the capacity. Financing matters as much as demand here.
Would love to see you add a moat (or moatlesss?) analysis for these 3. Are they really just temporary, momentum plays, or is there a resilience aspect worth considering?
Hi Tom! For CoreWeave and Nebius, a lot of today’s advantage comes from scarce compute, access to power, scale, and execution. Those can be valuable for years, but they might fade on the other side of the cycle.
Cerebras is the one where I see the clearest potential long-term competitive advantage because it owns the underlying architecture. If wafer-scale inference keeps delivering a meaningful speed or cost advantage, that edge could survive even after GPU supply catches up. Whether that moat is worth today’s valuation is another question.
CoreWeave has $104 billion in backlog, but the cash timing is rough. The company has to fund the power and chips before customers can use the capacity. Financing matters as much as demand here.