Hardware's Moment: How the Cerebras IPO Vindicated Eclipse's Physical-World Thesis

Cerebras' public debut delivers Eclipse Ventures a $2.5 billion return and validates a thesis increasingly shared across venture capital: as artificial intelligence commoditizes software, the real value lies in physical-world infrastructure—semiconductors, robotics, energy. The shift marks a generational reallocation of capital, with 85% of global GDP tied to the physical world and hardware emerging as the new frontier where competitive advantages endure.