In short: Named with Intel as the other name whose valuation only works "if this cycle is continuing through 2030" — Luria: "for Cerebras to be worth what it is, for most of the semicap and optical companies to be worth what they're trading at today, this cycle has to go through 2030 because their current valuations are not otherwise justified."
Cerebras builds very large specialised AI chips. It appears in the episode purely as a valuation exhibit: alongside Intel, it is one of the names whose current price only makes sense if the AI hardware cycle runs uninterrupted through 2030 — "their current valuations are not otherwise justified."
The point is not a company-specific criticism; it's that owning it and owning Micron at the same time means holding two incompatible views of the cycle at once.
33:53For instance, the market is now valuing some stocks in the semi and semicap hardware space as if this cycle is continuing through 2030. For Intel to be worth what it is, for Cerebras to be worth what it is, for most of the semicap and optical companies to be worth what they're trading at today, this cycle has to go through 2030 because their current valuations are not otherwise justified.
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