MLWhiz Weekly AI/ML Newsletter # 4

The week AI buyers became AI owners — and a lot of people decided they’re done with agents.

🏆 Story of the Week: OpenAI Just Bought 10% of Cerebras

For two years, I’ve been hearing the same question in every infrastructure conversation: how does the Nvidia monopoly end?

This week, we got the answer. And it’s not what anyone predicted.

It wasn’t a DOJ antitrust case. It was a procurement contract — but a procurement contract structured like nothing we’ve ever seen in this industry.

Cerebras filed its S-1 on Friday. But buried inside was a deal between OpenAI and Cerebras that is pretty hard to believe.

Here’s what OpenAI committed to:

• $20+ billion in chip spending through 2028

• 750 MW of capacity, with an option to expand to 2 GW

• A $1 billion loan to OpenAI from Cerebras at 6% interest

In exchange, OpenAI got about 10% of Cerebras post-IPO.

Read that again. The customer got equity in the supplier. The customer also got a billion-dollar loan from the supplier.

OpenAI is now Cerebras’s biggest customer, biggest creditor, and one of its biggest shareholders. People are calling it “circular…