Shares of AI chip maker Cerebras Systems (CBRS) soared nearly 100% in the first trade after its IPO, hitting $367 in a volatile move.
The company priced its IPO at $185 per share on Wednesday night, valuing it at about $40 billion, according to the Financial Times. This valuation is a significant increase from the $8.1 billion valuation the company received just eight months ago, and highlights investor demand for artificial intelligence companies related to the rapid growth of tools like ChatGPT and Claude Code.
Cerebras makes chips designed specifically for AI workloads and competes in a market dominated by Nvidia and Advanced Micro Devices. Its systems are built to train and run large language models that require vast amounts of computing power.
The debut comes as AI stocks continue to attract significant investor capital.
Intel (INTC) is up 218% this year, while AMD and Micron Technology have more than doubled. The Philadelphia Semiconductor Index rose 66%, far outpacing the S&P 500’s 8% rise.
The soaring price of AI stocks has also raised concerns among some crypto investors that speculative funds are shifting away from digital assets and into AI stocks. Bitcoin is down 7% this year and remains below $80,000.
