# EP 165: Cerebras IPO, Premium Tokens, Neo Clouds, and the Angstrom Era

- Show: [The Circuit](https://hardwarepodcasts.com/podcast/the-circuit)
- Published: 2026-05-18
- Length: 56m
- Episode: 168
- Page: https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era
- Listen: https://share.transistor.fm/s/8357dfce

## Summary

Hosts Ben Bajarin and Jay Goldberg analyze the recent Cerebras IPO, noting it is the first semiconductor startup to go public since 2022, signaling a shift in industry consolidation. They debate the economics of 'premium tokens' in inference, arguing that while hardware providers target high-value workloads, enterprise cost controls and hyperscaler routing will likely dictate pricing. The discussion highlights Applied Materials' long-term visibility and the structural shift into the 'Angstrom era,' where Moore's Law has ended and manufacturing requires entirely new tooling and processes.

## Chapters

- [0:05](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=5) Introduction and Cerebras IPO Context
- [6:18](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=378) Premium Tokens and Inference Economics
- [15:03](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=903) Enterprise Token Budgets and Consumer Behavior
- [29:35](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=1775) Applied Materials Earnings and Memory Demand
- [40:07](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=2407) Neoclouds: Nebius vs. CoreWeave
- [49:43](https://hardwarepodcasts.com/podcast/the-circuit/2026-05-18-ep-165-cerebras-ipo-premium-tokens-neo-clouds-and-the-angstrom-era#t=2983) The Angstrom Era and End of Moore's Law

## Topics

- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Chips, FPGAs & semiconductors](https://hardwarepodcasts.com/topic/chips-and-fpgas)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Direct-to-consumer & e-commerce](https://hardwarepodcasts.com/topic/direct-to-consumer)
- [Retail, wholesale & distribution](https://hardwarepodcasts.com/topic/retail-and-distribution)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)

## Most relevant to

large enterprises

## Mentioned

- Cerebras (company)
- Applied Materials (company)
- Nebius (company)
- CoreWeave (company)
- NVIDIA (company)
- AMD (company)
- Apple (company)
- Micron (company)
- SK Hynix (company)
- OpenAI (company)
- Anthropic (company)
- Gemini (product)
- Claude (product)
- GPT (product)
- Siri (product)
- Azure (product)
- AWS (product)
- HBM (product)
- DRAM (product)
- NAND (product)

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- [No More Naming](https://hardwarepodcasts.com/podcast/the-amp-hour/2015-07-23-no-more-naming) (The Amp Hour)
- [Bonkers Birthday Badinage](https://hardwarepodcasts.com/podcast/the-amp-hour/2012-06-18-bonkers-birthday-badinage) (The Amp Hour)
- [Re-scoping the problem](https://hardwarepodcasts.com/podcast/the-amp-hour/2017-06-13-re-scoping-the-problem) (The Amp Hour)
- [IMEC & the End of the Road(map) | EDS and the Trade War | Restoring Notre Dame](https://hardwarepodcasts.com/podcast/ee-times-current/2019-05-17-imec-the-end-of-the-road-map-eds-and-the-trade-war-restoring-notre-dame) (EE Times Current)

## Citing this page

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