Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses we can understand, with moats we can trust, run by people we admire, at prices that leave room for error. Cerebras gives us exactly one of those four things — the people are able and energetic — and asks us to pay fifty times revenue for the other three on faith. This is a genuinely remarkable engineering company. Building a working computer chip the size of a dinner plate is something the rest of the semiconductor industry spent fifty years assuming was impossible, and Cerebras did it three generations in a row. Demand is real: revenue roughly doubled again in the first half of 2026, and the company carries a $25.4 billion backlog.
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