20VC: Cerebras CEO on the Future of Data Centres, Token Costs and Memory | We are Not in an Infra Bubble & Dario Got a Bad Deal with Elon for Compute | Should US Companies Sell to China & Why Most Layoffs are AI Washed with Andrew Feldman
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 26 May 2026
⏱️ 62 minutes
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Summary
Andrew Feldman is the co-founder and CEO of Cerebras Systems. This month, Cerebras went public achieving a market cap of $70BN, the largest semiconductor IPO in history. Cerebras has a massive commercial backlog with a monumental, multi-year $20 billion compute agreement from OpenAI.
AGENDA:
05:58 - Why we are not in an infrastructure bubble and it is just the start
08:00 - Sam Altman's superpower is his ability to forecast capex spend.
08:58 - Anthropic did not get a good deal with Elon. They got a deal that was available.
10:39 - What is going on with the price of memory and why is it a problem?
16:40 - Are Google best positioned to produce tokens and what challenges do they face?
19:23 - Is Coreweave dramatically undervalued or overvalued?
24:34 - My biggest advice to entrepreneurs scaling their business
30:13 - Why most of the layoffs are AI-washed and
33:41 - What will we spend on tokens for software engineers in five years?
34:48 - Why does the role of HR change so significantly in the world of AI?
35:36 - Why lawyers are the biggest inhibitor of enterprise AI adoption
39:20 - Why Jensen and Nvidia are wrong to sell chips to China
42:49 - What needs to change in the U.S. to build a strategic asset in chips?
51:00 - Should Cerebras invest in companies building on top of their platform; as Nvidia is?
53:28 - Nothing changed when Cerebras IPO'd but I did make 800 millionaires.
Transcript
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| 0:00.0 | We can't build data centers fast enough to keep up with demand. |
| 0:04.5 | We have a $25 billion backlog. |
| 0:07.6 | If demand stays high, we're going to continue to see memory shortages for at least the next |
| 0:12.3 | several years. |
| 0:13.3 | I think it has been in video strategy to try and create competitors for the traditional |
| 0:18.2 | hyperscalers. |
| 0:19.2 | I think they have funded and backstopped and over-allocated to |
| 0:23.0 | the neoclods. They have created a dependence, which is probably not healthy. So over time, |
| 0:28.5 | the history of our industry is a massive reduction in the cost per unit compute. For hard |
| 0:35.0 | problems, there is no upper bound to how much faster you want to be. |
| 0:39.5 | This is 20VC with me, Harry Stebbings, and I'm so excited to welcome a dear friend, |
| 0:43.4 | Andrew Feldman, found an CEO at Cerebrus. |
| 0:46.1 | Now, this show just makes me incredibly happy and proud to do, because this is a true testament |
| 0:50.2 | of resilience, of grit, of building really hard things. And last week, Cerebrus went public, the largest semiconductor IPO ever. |
| 0:59.0 | The price went from $185 to $311. |
| 1:02.0 | They got over $5.5 billion. |
| 1:05.0 | It was an incredible day for an incredible team. |
| 1:08.0 | Today, we deep dive on the future of chips, the future of US-China relations, |
| 1:12.9 | the future of data centers and energy. This was an incredibly wide-ranging conversation, |
| 1:17.8 | and I just want to say a huge thank you to Andrew for being a great friend to me over the years |
| 1:22.1 | and for being a fantastic advisor to 20VC. But before we dive into the show today, |
| 1:26.7 | you have the idea, but often with AI tools, |
... |
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