For Eclipse, the $2.5B Cerebras win is just the start of realizing its physical-world thesis

At first glance, it may seem that investor enthusiasm for physical-world tech is driven purely by AI, whether as an infrastructure input like chips and data centers, or through AI’s power to finally make robotics viable. However, Susan argues that there are other powerful tailwinds driving the momentum.

Besides technology — in this case, AI — what’s important for this market to thrive is capital, customer demand, talent, and policy. Susan means that along with investors and engineers moving away from SaaS to sectors like robotics, semiconductors, space, and mining, the U.S. government is also encouraging these industries through subsidies and favorable regulation.

“This is the first time I believe in America ever, from Henry Ford and Carnegie, those five forces are aligned,” Susan said. “For builders like us, this is the best time to build those companies.”