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

**Andrew Feldman** (0:00)
We can't build data centers fast enough to keep up with demand. We have a $25 billion backlog. If demand stays high, we're going to continue to see memory shortages for at least the next several years. I think it has been Nvidia's strategy to try and create competitors for the traditional hyperscalers. I think they have funded and backstopped and over allocated to the Neo clouds. They have created a dependence, which is probably not healthy. So over time, the history of our industry is a massive reduction in the cost per unit compute. For hard problems, there is no upper bound to how much faster you want to be.

**Harry Stebbings** (0:39)
This is 20VC with me, Harry Stebbings, and I'm so excited to welcome a dear friend, Andrew Feldman, Found and CEO at Cerebras. Now, this show just makes me incredibly happy and proud to do, because this is a true testament of resilience, of grit, of building really hard things. And last week, Cerebras went public. The largest semiconductor IPO ever. The price went from $185 to $311. They got over $5.5 billion. It was an incredible day for an incredible team. Today, we deep dive on the future of chips, the future of US-China relations, the future of data centers and energy. This was an incredibly wide-ranging conversation. And I just want to say a huge thank you to Andrew for being a great friend to me over the years and for being a fantastic advisor to 20VC. But before we dive into the show today, you have the idea, but often with AI tools, you hit a wall. Well, Base 44 is where that friction disappears, turning how you talk into how you build. Full stack web and mobile apps, sites, autonomous super agents, all built in minutes, not a weekend spent on damn configuration. Base 44 ships it all out of the box, the backend, the database, the authentication and the hosting. It handles the heavy lifting, so you can just stay in the flow. It doesn't just replace the busy work, it multiplies you, it makes you so much more capable, an effective version of yourself. In this market, being fast is the baseline, but to win, you gotta be first. And Base 44 is that edge. It's the move that lets you skip the troubleshooting and get straight to the breakthrough. Launch your next big thing at base44.com, that's base44.com. After Base 44 helps you launch, Corgi helps you cover what comes next. My word, what an arresting first line. Get your arse covered with Corgi Insurance. And I'll tell you why. If you're running a business right now, you already know this pain all too well. Getting insurance, it's really slow, it's confusing, and my word, it's full of paperwork. Well, that's exactly why Corgi is here to change the game. Corgi is the first and only insurance carrier, designed specifically for tech companies, allowing you to get covered in minutes instead of days. Corgi provides essential coverages for all growth stages, such as D&O, E&O liability, cyber, commercial, general liability, and more. Get your arse covered. I love the way we say arse, with Corgi Insurance alongside thousands of other startups at corgi.com/20vctoday.
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**Andrew Feldman** (4:28)
You have now arrived at your destination.

**Harry Stebbings** (4:31)
Andrew, dude, it is so lovely to have you on the show. I have to say, I was quite emotional last week when I saw the IPO because you are one of the kindest, greatest people.
I love getting to know you. I so appreciate our relationship. To see that culminate last week with the IPO is really special. Congratulations for last week, dude.