(https://www.marketwatch.com/story/cerebrass-stock-looks-like-a-risky-bet-on-ai-hype-a26d66ee?mod=mw_rss_topstories) because it trades at a steep sales multiple — that's the headline everyone's chasing. But that's relative valuation theater: high-revenue-multiple = bubble. Except nobody's asking whether Cerebras is growing revenue at 60% YoY with 40% operating margins, or 8% with negative FCF. One deserves the multiple, one doesn't.

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