GSK

Passing up on $Cerebras(CBRS.US) at ~$100B MC.

The bull case is compelling since they're a genuine architectural-paradigm story in AI compute.

Highlighted by a stellar list of customers using their chips:

- OpenAI: $20B+ contract

- $Amazon(AMZN.US): AWS data centers

- $Meta Platforms(META.US): Llama API for devs

- Perplexity: sonar model

- $GSK(GSK.US): biomed models

- Mistral AI: Le Chat

- Notion: enterprise search

- AlphaSense: enterprise search

All of that diversifies them away from G42 in the UAE which have been the historic rev driver.

Regardless, not too sure when I'll look to initiate a position, maybe like the $200 mark?

Kinda feel there's some downside risk rn when you layer on top:

- $NVIDIA(NVDA.US) Vera Rubin volume ramp (H2 2026)

- potential Nvidia absorption of Groq

- CUDA moat

So current valuation looks like all the execution upside is being aggressively priced-in.