AI chipmaker Cerebras jumps 89% on Nasdaq debut, raises $5.55B
Business
Cerebras Systems, a company building AI hardware, saw its shares jump 89% on its first day of trading on Nasdaq, opening at $350 after setting an IPO price of $185.
The company raised $5.55 billion and is now valued at over $106 billion, making this the biggest IPO so far this year.
Oversubscribed IPO with Amazon and OpenAI
Cerebras's IPO was so popular that orders were more than 20 times the available shares, a clear sign that investors are excited about AI tech right now.
The company's unique chip design has attracted big names like Amazon and OpenAI as clients.
After a security review delayed its plans, CEO Andrew Feldman says Cerebras is back and ready to power the next wave of AI growth.