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Cerebras IPO: Cerebras Systems began trading on the Nasdaq Composite on Thursday, marking a closely watched initial public offering for the artificial intelligence chipmaker and a potential rival to Nvidia.
The company’s debut drew strong investor attention ahead of the market open.
Shares were indicated to begin trading at nearly twice the initial public offering price of $185 per share.
The strong opening signal reflected heightened demand from investors seeking exposure to the fast-growing AI hardware sector, where Cerebras has emerged as a notable competitor in advanced semiconductor technology.
Cerebras Systems priced its initial public offering at $185 per share, giving the artificial intelligence chipmaker an estimated market valuation of about $40 billion based on outstanding shares listed in regulatory filings.
On a fully diluted basis, the company’s valuation rises to nearly $49 billion, according to data compiled by Bloomberg.
The stock is set to begin trading under the ticker symbol CBRS, as investors closely watch the public market debut of the AI semiconductor company.
Cerebras Systems is expected to deliver the largest initial public offering of the year so far, highlighting continued investor enthusiasm for the artificial intelligence semiconductor sector as companies seek to compete with Nvidia.
The company had originally marketed 30 million shares at a price range of $150 to $160 each.
That came after it raised both the number of shares offered and the proposed pricing range during the IPO process.
Demand for the offering was exceptionally strong. Investor orders exceeded the number of available shares by more than 20 times, according to data reported by Bloomberg.
Cerebras Systems has built partnerships with major players in the artificial intelligence industry, including collaborations with Amazon and OpenAI.
Earlier this year, OpenAI introduced its first artificial intelligence model powered by Cerebras chips, marking a notable expansion of the chipmaker’s role in the rapidly growing AI infrastructure market.
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