Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems  / Equity Capital Markets

<ul>
<li>Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.</li>
<li>Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  </li>
<li>The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.</li>
</ul>


Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.


Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management's guidance.</li>
<li>Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.</li>
<li>Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.</li>
</ul>


Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management's guidance.
Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.
Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.


PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

<ul>
<li>Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.</li>
<li>The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. </li>
<li>Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.</li>
</ul>


Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.
The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. 
Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.


Cerebras IPO Preview: Does The Size Matter? Top-Tier VC Investors and $1B+ Deal With UAE’s G42

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

<ul>
<li>Microsoft today announced a major Copilot update, called "Wave 2", introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.</li>
<li>Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.</li>
<li>We remain Structurally Long PC Makers - We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. </li>
</ul>


Microsoft today announced a major Copilot update, called "Wave 2", introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.
Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.
We remain Structurally Long PC Makers - We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. 


PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

In my follow-up piece, I discuss Cerebras Systems valuation analysis, including peers, multiples and the company’s revenues forecast for 2024 and...

Andrei Zakharov

PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

Vincent Fernando, CFA

Cerebras IPO Preview: Does The Size Matter? Top-Tier VC Investors and $1B+ Deal With UAE’s G42

Cerebras Systems, a manufacturer of the largest AI chip ever built and hardware company that launched supercomputers in the United States, filed...

Andrei Zakharov

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

MSFT's Copilot update brings new collaborative interface and enhanced capabilities to Office apps, gaining traction with large corporations like...

Vincent Fernando, CFA

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Market Cap (USDm)

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Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

In my follow-up piece, I discuss Cerebras Systems valuation analysis, including peers, multiples and the company’s revenues forecast for 2024 and...

Andrei Zakharov

PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

​Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

Vincent Fernando, CFA

Cerebras IPO Preview: Does The Size Matter? Top-Tier VC Investors and $1B+ Deal With UAE’s G42

Cerebras Systems, a manufacturer of the largest AI chip ever built and hardware company that launched supercomputers in the United States, filed...

Andrei Zakharov

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

PC Monitor: Microsoft Copilot Wave 2 Unveils Major AI Boost; Reiterate Structural Long for PC Makers

MSFT's Copilot update brings new collaborative interface and enhanced capabilities to Office apps, gaining traction with large corporations like...

Vincent Fernando, CFA

Elan Micro reports strong 3Q24 revenue, expects growth acceleration in PC industry driven by AI PCs. Structural Long rating maintained.

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...