Open Source Wins, AGI Is Here, and Scorsese's AI Toolkit with CEOs of Cerebras & Black Forest Labs

**Chamath Palihapitiya** (0:00)
We are in the race for superintelligence, and Andrew Feldman is back.
And obviously, CEO and founder of Cerebras, doing inference chips, pioneered the space, had a successful IPO. We've talked about this a couple of times. We got to see each other in January at Davos. IPO happens. The boys and I got to sit with you recently.

**Andrew Feldman** (0:22)
That was fun.

**Chamath Palihapitiya** (0:23)
At Liquidity.

**Andrew Feldman** (0:23)
That was really fun.

**Chamath Palihapitiya** (0:25)
Had a great discussion with the boys, but I wanted to deep dive with you about a couple of topics. The first one is the build out of AI.
We've never seen a build out like this since, you know, the Great Wall of China.

**Andrew Feldman** (0:41)
Right. Who knows?

**Chamath Palihapitiya** (0:42)
The pyramids. I mean, it feels like the amount of capital, time and intelligent people on the planet dedicating themselves to the build out of something.
I can't think of anything in our lifetimes with perhaps, you know, before our lifetimes, the war effort.

**Andrew Feldman** (1:00)
Right.

**Chamath Palihapitiya** (1:01)
This is a mobilization and a scale that we read about, we hear about, but you're actually doing it. You have customers who are building data centers and you're a key piece of that.
AppLovin started with an $8 domain and no VC funding and became one of the largest ad platforms in the world. Now that same engine powers AppLovin ads for e-commerce. Your ads run inside mobile games, reaching over a billion people with full screen distraction-free attention. The platform finds buyers and optimizes for profit. You set the target, it does the rest. One cookware brand went from $4 million to $16 million, turned profitable and is on pace for $80 million this year. Visit applovin.com/all-in to launch your first campaign today. Maybe you could just enlighten us in 2026, what is Cerebras doing and what is happening with this build-out out in Texas. These are some gigantic, gigantic efforts.

**Andrew Feldman** (2:03)
The size and scope of what is being built, the physical size and scope, usually when we talk about software or we talk about hardware, we're talking about chips and boxes and they don't have the same sort of physical enormity. What we're talking about now are data centers that are in the next several years going to use more power than the previous 50 years on Earth took.

**Chamath Palihapitiya** (2:27)
Wow.

**Andrew Feldman** (2:27)
We're talking about individual buildings, the size of football fields that have more power coming into them than mid-sized cities.
They're being built across the US, they're being built in Canada, they're being built throughout the Nordics, they're being built here in Paris and throughout France and Europe, in the Middle East, in nations that weren't front and center in anybody's mind previously. Kazakhstan, Tajikistan are building out Georgia, are building out data centers of size, Armenia. Everybody focused.

**Chamath Palihapitiya** (3:00)
Every country and every state, obviously in America, feels they need to participate in this. The people who are buying the capacity, the Open AI, Xanthropics, SpaceX, AI, the Googles, they are insatiable right now.
They're building. How many years out, when you talk to them, they were ordering chips from Cerebras before you were finished with the chips. They're putting orders in ahead of time.

**Andrew Feldman** (3:34)
The irony is, unlike many exciting times in technology, they're trying to capture yesterday's demand, right? The demand is way outstripping our ability to build data centers and to fill them with hardware, all right? And so, you know, we have a $25 billion backlog.

**Chamath Palihapitiya** (3:53)
$25 billion backlog.

**Andrew Feldman** (3:56)
And we are not alone in that. The Open AI, Xanthropics, you go through this list of, Google wants more data centers, Microsoft wants more data centers, AWS wants more data centers, right? All of these players are not chasing sort of, if you build it, they will come. They're chasing, the demand is booked.

**Chamath Palihapitiya** (4:17)
Right.

**Andrew Feldman** (4:17)
How do we keep them from leaving?
Right. And that's extremely unusual.

**Chamath Palihapitiya** (4:22)
It's very unusual. And now we have people who are, you know, we have a term for a token maxing.

**Andrew Feldman** (4:29)
Yeah.

**Chamath Palihapitiya** (4:30)
And there's a great debate. Is this actually creating value? I'm curious where you stand.
You know, is it even possible that this much demand could be created if value did not exist? There is clearly massive value happening.

**Andrew Feldman** (4:46)
Yeah.

**Chamath Palihapitiya** (4:47)
But there's also massive experimentation.

**Andrew Feldman** (4:49)
Oh, for sure. You know, I like in this to when we first started with AWS and it was so good to get around your own IT organization, right? That you told every engineer, yeah, go ahead, put on your credit card, sign up.