Andrew Feldman disputes short seller's two-year lifespan estimate for Cerebras wafers
Cerebras CEO Andrew Feldman cites TSMC qualification at 105C, fleet temperatures averaging under 65C, and a company-reported figure of fewer than 0.5% of all deployed CS-3 wafers decommissioned since 2024 against Culper's claim.
By Ryan Merket · Published
Primary source: Cerebras Newsroom
Why it matters
Wafer life drives replacement cost, depreciation, and margin math for Cerebras as Cerebras builds 750MW for OpenAI through 2028. If Culper's two-year estimate held, the economics of that deployment would look very different from the picture Feldman gave public shareholders on November 5th.
Cerebras co-founder and CEO Andrew Feldman has answered Culper Research in public, arguing in a blog post on November 5th that Culper's central claim about wafer life is wrong. Feldman wrote that Culper argued Cerebras wafers "wear out after about two years" and said nearly every financial conclusion in the report, covering margins and the value of the OpenAI agreement, depends on that number.…
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