Cerebras IPO is the only thing to talk about this week. 🔥 IPO prices at $185/share. Pops nearly 70% right after. The first wafer-scale chip company to make it public — after a 40-year curse killed every prior attempt. A water-cooler-style convo on what Cerebras actually builds, why a 23 kW wafer is a power and cooling nightmare, why 44 GB of SRAM is both the magic and the wall for LLM inference, and the cursed Trilogy Systems saga that Gene Amdahl tried — and failed — to pull off in 1983. Why does Cerebras leave the whole wafer intact instead of dicing it? How do they route around defects to harvest ~900K working cores out of ~1M? Why is power delivery vertical, and why does the wafer literally expand a tenth of a millimeter when it heats up? What does the OpenAI deal actually buy — wafers, or tokens? And why does that distinction matter? Chapters:  0:00 Cold open: 23 kW per wafer  0:15 Cerebras IPO day at $185  2:39 What's a wafer-scale engine  10:30 Power, cooling, and thermal expansion  18:12 The 44 GB wall  26:35 The Trilogy Systems curse  32:11 Supercomputing → training → inference  39:36 The OpenAI deal and the Wild West Relevant reading:  Vik's Substack post on the Cerebras IPO and OpenAI deal: https://www.viksnewsletter.com/ [https://www.viksnewsletter.com/] Follow Chipstrat:  Newsletter: https://www.chipstrat.com [https://www.chipstrat.com] X: https://x.com/austinsemis [https://x.com/austinsemis] Follow Vik:  Newsletter: https://www.viksnewsletter.com/ [https://www.viksnewsletter.com/] X: https://x.com/vikramskr [https://x.com/vikramskr] Follow Semi Doped:  Get more of Austin and Vik daily, free!  Sign up: https://www.semidoped.com/ [https://www.semidoped.com/]