15/15) We estimate $CBRS private investors paid ~$23/share - far lower than todays prices... Insiders have sold $400M+ since the IPO. 19.4M shares unlocked today, and over 50M more will unlock in early November. We are short and think shares are headed lower.

14) Before that, $CBRS CEO Feldman was at Riverstone, which received SEC charges, while Feldman plead guilty to one felony count of violating internal accounting controls. Riverstone would go bankrupt and return just $1.06 per share to shareholders, 92% lower than its spin-off.

11) $CBRS bulls now view the OpenAI deal as a stamp of credibility. It's the opposite, in our view: $CBRS handed OAI a massive discount on compute, and after accounting for reduced useful lives, we believe the deal will prove value-destructive.

10) ex $CBRS employees corroborated: "the customers won’t see reduced reliability, but Cerebras will have to put in more equipment as a buffer", "they’ve kind of obfuscated this challenge from the customer." We think $CBRS 60% gross margin targets are fantasy.