OpenAI CEO Sam Altman backs Cerebras after NVIDIA chips decision
Cerebras, a major player in AI hardware, saw its stock climb 6.3% on Monday after OpenAI's CEO Sam Altman publicly backed the company.
This comes right after a sharp 20% drop last week, when OpenAI said it would use NVIDIA's chips to power its "Ultrafast" mode for GPT-6.1 Sol instead of Cerebras's tech.
With Altman's reassurance, Cerebras shares rose to $177, still down by nearly half from their post-IPO high, but a solid recovery.
Cerebras holds $10B OpenAI contract
Even with recent ups and downs, Cerebras holds a $10 billion contract with OpenAI to supply massive computing power through 2028.
The company's market cap is now over $39 billion (down from its huge $95 billion debut), but Citi analysts said their view of Cerebras's revenue outlook between 2026 and 2028 remains unchanged.
Despite NVIDIA being the go-to for many, Cerebras is working hard to show why it matters in the AI hardware scene.