Chris Murphy

Hedge Fund Thinking Made Simple
Ex–HF SMD (17y; CFA, CPA-inactive)
only, not investment advice

[Chris Murphy @ChrisMurphyHQ]

Cerebras deck - with revenue build - link to full 109 pages pdf at end of thread - includes:

[Chris Murphy @ChrisMurphyHQ]

@ethanrkho Most PMs are short on courage.

[Chris Murphy @ChrisMurphyHQ]

A reallocation for me will likely be driven by a competing investment idea that is undersized with a meaningfully higher IRR after I take the post tax hit on reallocating Cerebras. /9

[Chris Murphy @ChrisMurphyHQ]

Cerebras shares went through their first larger unlock the last week of June (15% of shares)… and yesterday Equityzen funds started their distributions. Cerebras seemingly putting in a bottom during the first unlock window and then trading higher today is a good tactical sign. /1

[Chris Murphy @ChrisMurphyHQ]

And I need to work fast to keep refining my view of value so I don’t inadvertently undervalue the upside value. /8

[Chris Murphy @ChrisMurphyHQ]

@NoLimitGains Summer Fridays are more illiquid markets

[Chris Murphy @ChrisMurphyHQ]

@cerebras Indeed.

[Doug Garber @PitchThePM]

How much is first place in AGI worth?
Chris Murphy argues Cerebras Systems is becoming an “arms dealer” in the AI race — powering the models competing to win chat, agents, and eventually AGI.

His core view: Speed matters.

And right now, he believes Cerebras is the fastest.
Full episode live now.

[Chris Murphy @ChrisMurphyHQ]

@PitchThePM @fabknowledge Amazing interview - really enjoyed it.

[Chris Murphy @ChrisMurphyHQ]

@cerebras 👀

[Doug Garber @PitchThePM]

New Buy-Side Insights is out!
Sat down with Chris Murphy — 17 yrs scaling a multi-billion fund, now running a pre-IPO PA strategy — on why $CBRS is his largest position.

Also in the issue:
• Tracking the AI Capex Supercycle • Walleye picks GPT-5.5 over Claude • Inked deals, broken deals, and the mercenary ethos of HFs
• $META: compute > people • Getting into T. Rowe with Priyal Maniar

Coming up: $META deep dive w/ @DivyaNarendra (@SumZero ), @SemiAnalysis_ on $CBRS

Become a subscriber today!
https://t.co/31KnSyBRqt

[Chris Murphy @ChrisMurphyHQ]

If someone has the point of view that the demand for tokens goes up by orders of magnitude

While at the same time compute supply can’t keep up

Is there not an obvious pure play inference company?

[Chris Murphy @ChrisMurphyHQ]

@PitchThePM Graviton = CPUs. Misspoke.

[Doug Garber @PitchThePM]

Chris Murphy explains why AWS is interested in Cerberus' chips: "Because they want to win"

Full episode now live.

[Chris Murphy @ChrisMurphyHQ]

@conormyhrvold @FundamentEdge Agree. AI definitely will tell you things that are not true so people that don’t have common sense or good bullshit detectors are going to make foolish mistakes and with high confidence.