Cerebras Systems stock fell 3% pre-market on Friday after soaring over 68% the day before in a highly anticipated debut.
The semiconductor company initially set its share price at $185 when it began trading on the Nasdaq exchange, and it closed at $331.07 per share, nearly double its IPO price. Cerebras’ stock surged 68% by the end of the trading day, resulting in a market capitalization of approximately $95 billion.
Cerebras had initially marketed 30 million shares at $150 to $160 apiece.
The listing represents the biggest IPO of the year so far and highlights ongoing momentum in the AI semiconductor industry as companies compete to challenge heavyweight Nvidia.
“We built a chip the size of a dinner plate. It’s 58 times larger than any chip previously built,” Cerebras CEO Andrew Feldman told reporters Thursday. “We’re more than 15 times faster than the competition,” he added.
According to the company’s IPO press release, “Our flagship technology, the Wafer-Scale Engine 3 (WSE-3) is the world’s largest and fastest commercialized AI processor. 58 times larger than a leading GPU chip, the WSE-3 uses a fraction of the power per unit compute while delivering inference up to 15 times faster than leading GPU-based solutions as benchmarked on leading open-source models. Leading corporations, research institutes, and governments on four continents chose Cerebras to run their AI workloads.”
Cerebras has already formed partnerships throughout the AI industry, including collaborations with Amazon and OpenAI.
By CEO NA Editorial Staff
