Cerebras Systems Inc. Class A Common Stock Supernova 2026

Welcome, everyone. Thank you so much for coming. It is with such pride and joy we see all of you here today. To point out that while we have years of experience in building the fastest AI, managing queues out in front of our building is new to us. So forgive us for the delays there. This has been a truly extraordinary last 3 or 4 months for us. The penalty of going public. Let's all stare at that for a little while. We can understand the cost of going public. This is it. Yeah. Right. Right. Going public is a truly extraordinary event. It allowed me to see engineers I've been working with for 20 years. It allowed me to know they actually own a coat and tie. We didn't know this. It was a time to share with our families after a decade of work.

It was sort of humbling in the sense that we're now able to step forward in a different way and participate in the biggest of the big leagues and be part of the show. We were able to do this in part because we rode this enormous wave. If you close your eyes and think back 3 years ago, AI was a novelty. It was sort of a parlor trick. It was something you showed your friends and didn't use at work. Then it became useful. Now it's a necessity. In that necessity, speed, latency shapes what we can build, and real-time AI feels like an active collaborator when you're engaged with it. In AI, speed is productivity. As you know, what we do at Cerebras is deliver the fastest inference speed in the industry.

When you have that speed, AI responds in real time. Users do more with AI. They stay longer, they run more interesting workloads. They solve more interesting problems. Speed makes new markets, and it allows new ideas to flourish. But until recently, there was a trade-off. There was a trade-off between speed and throughput. Everybody wants speed. Nobody says, "Give me something slower." Said differently, if you really want to punish a naughty 12-year-old, don't take away their phone. Set it to dial-up speed. For a week. This drives good behavior. You had a trade-off. You had a trade-off between smart and fast. If you went fast, you'd go to smaller models, more specialized models. But when speed is no longer a challenge, you can have both speed and intelligence. Then you can move AI to time-sensitive work.

Then you can move it to new parts of the business. All sorts of new things are possible. The underpinning of our performance is our Wafer-Scale Engine. I cannot share with you how many people along this journey told us it would never work. When it worked, they said you could never make it at volume. When we made it at volume, they said you would never package it. Then JP figured out how to package it. Then they said you only had one customer in the government. Then they said after we had a sovereign cloud, they say, "You do not have a hyperscaler." Then we want a hyperscaler. They say, "Oh, you do not have a frontier lab." Now we have a frontier lab. All right? That is the journey, not just of Cerebras, but for everybody who does work that is not obvious, that is hard, that is challenging.

This is at the foundation of our work. The foundation is insufficient. To deliver fast AI right now, you need a chip, you need system and a rack, you need to build massive clusters, and you need software to tie it together seamlessly. A lot of what we are going to be talking about in the next hour and a bit is how we build systems, how those systems tie together into clusters to deliver industry-leading performance and set the new bar. Speed is no longer sort of an infrastructure metric. I want you guys to really think about that. All right. For a long time, it was a benchmark. Look how fast we are.

But right now it shapes how products are built and it changes fundamentally the user experience. AI, as it becomes mainstream, users expect it to feel like the best software they have ever worked with. They expect AI not to be different. It is going to be in the same category as their favorite software tools. They want it to be immediate, fluid, and responsive. When the response arrives before your attention can move, you stay in the problem. All right? You keep building. As an infrastructure builder, when you allow someone to run a software that allows them to build interesting things, you are proud. That is why you build infrastructure. All right? That is why we do this. Okay. Last week, OpenAI announced a first look at GPT-5.6 Sol Ultrafast mode.

Ultrafast is a new service tier that runs OpenAI's most intelligent models at up to 14 times faster than standard. We are testing this with select customers to start. What this brings the industry for the first time is frontier intelligence instantly. Right? 14x speed removes the speed intelligence trade-off. You can now have both. There is only one place you can get this: frontier intelligence, and instantaneous speed. Customers now complete more useful work per second. Now, I am going to show you a little demo because that is what I want to do. Oh, new slide. Keep the CEO on his toes. Reorder the slide deck. This is a cool slide. On the x-axis, you have speed. On the y-axis, you have intelligence. All right? You want to be up and to the right on both. You want to be smarter and faster, and that puts you up here.

The only thing up here is GPT-5.6-Sol Ultrafast running on Cerebras. In the entire industry, the only thing here. Now I am going to show you a demo. What you are about to see is a speed run of a benchmark called Humanity's Last Exam. For those of you who worked on a PhD, this will be depressing because it will be fast. This is a leading industry benchmark, okay? It is designed to show graduate-level reasoning. We will be on the left. There are 2,500 questions. We are going to show one to start, then we are going to go to the entire set. Let us go. Okay, we are done. First question. This is the other guys. All right, now they are done. Now what we are going to do is take the entire exam. We are done. It took 11 hours, 11 minutes, and 26 seconds, less than half a day.

The other guys took more than three days. As my old soccer coach could tell you, this is the only thing I have ever been fast at. So I really appreciate the applause. Okay. What I would like to do right now is invite on stage one of the leaders in the leading frontier lab. I would like to invite Thibault on stage. Thibault is head of core products and platforms at OpenAI. We will go through a few questions and hear a little bit about what OpenAI is thinking around AI and ultrafast AI. Thibault? Want my water. It is good to see you.

If you ever think you're having a good year or a good several years, OpenAI success can disabuse you of that fact when you're growing as fast as any company in the history of capitalism has grown. You're having a pretty good run. What I understand right now is that you have 15 million people a week running Codex and ChatGPT agents. Awesome numbers. These products have sort of made an enormous impact on us. If you walk around our lab, and I think this is true in most companies now, everybody's got a GPT screen up. Talk a little bit about your strategy. Tell us a little bit about how things have been evolving and how you think of the landscape.

We are. We're trying to follow with the celestial theme.