Episode Details

erebras priced last night and opened on Nasdaq today in the largest global IPO of 2026. We break down the thesis, the risks, and what a twenty-times-oversubscribed AI chip offering tells you about where the market thinks the industry is heading. Plus: the U.S.-China chip deal in limbo at the Beijing summit, and new Microsoft data showing the U.S. is only twenty-first in global AI adoption despite building most of the world's frontier models.