Cerebras stock surges on IPO, hits $100 billion valuation

Cerebras Systems made a spectacular debut on the Nasdaq, with its stock price nearly doubling on the first day of trading and pushing its market capitalization past $100 billion. This valuation solidifies Cerebras as a major player in the AI chip market, validating its decade-long focus on specialized wafer-scale processors designed for AI inference. The company raised $5.55 billion in its IPO, marking the largest U.S. tech IPO since Uber in 2019. Cerebras plans to use the capital to expand its cloud infrastructure, particularly to support its significant partnership with OpenAI.