$Cerebras Systems(CBRS)$ $Marvell Technology(MRVL)$ $NVIDIA(NVDA)$ $Advanced Micro Devices(AMD)$  An interesting take from a Bank of America analyst on NVIDIA's ecosystem. The argument is that NVIDIA's setup is becoming heavily reliant on custom ASICs, optics, switching, photonics, and data movement/memory layers. A lot of names are getting attention because of their role in trying to plug those GPU deficiencies — MRVL, various photonics companies, HBM players like Micron, and others. The idea is that NVIDIA's GPU limitations have created a multi-trillion dollar ecosystem around it.

Cerebras takes a different approach with its single wafer design. Putting everything on one massive chip eliminates or sharply reduces the bottlenecks that keep showing up in GPU-based systems. The memory hierarchy gets collapsed, replacing slow off-chip HBM with fast on-chip SRAM, and replacing inter-chip network fabrics with on-wafer wire-speed interconnects.

The view is that another $1T company could emerge, but it won't be MRVL — it will be CBRS. The call is to wait until the next $10B+ orders start coming in, with CBRS potentially reaching $1T by 2030, which would be 15-20X from here.