Cerebras Fell 16% After Hours. Its Core Revenue Grew 103%.

Wall Street saw a revenue miss. Cerebras saw a beat. Both are true—and the difference reveals its cloud inference business, OpenAI exposure and valuation risk.

The short version: the cloud business is compounding at rare speed, but the current price leans on a fourth-quarter acceleration nobody has seen yet, and customer concentration, warrant dilution and a lock-up release due within three months all raise the cost of any slip.

What Cerebras does and where the money comes from

• Cerebras builds wafer-scale AI pro…