Cerebras still has to prove the business model

Cerebras is a unique company because it keeps a huge amount of compute and memory close together.
That can make inference extremely fast, which is useful for agentic AI workloads where token speed matters.
OpenAI has validated the technology, but the stock is still under pressure because investors need more clarity on the business model.
Customer concentration remains a major risk, especially if too much revenue is tied to its own investor.
The company also has to solve power, cooling, data center capacity, and deployment timing.
The key question is simple: if NVDA trades at a below-market multiple while still growing faster, why buy the Nvidia alternative instead of Nvidia?