AI chipmaker Cerebras debuted at $95 billion. It is now worth $39 billion.
Cerebras Systems closed its first trading day in May at a $95 billion market value.
By Friday it was worth just over $39 billion, CNBC reported on 2 October. The shares fell nearly 20% during the week to their lowest price since listing.
On Wednesday, research firm SemiAnalysis reported that OpenAI would run the Ultrafast mode of its AI model GPT-6.1 Sol on Nvidia chips rather than Cerebras hardware. That same day, up to 19.4 million shares, about 8% of the total, became free to sell for the first time.
OpenAI chief executive Sam Altman called Cerebras "a close partner" in a post on X. The shares rose almost 3% after the market closed. CNBC carried no comment from Cerebras.
In January Cerebras signed a deal with OpenAI worth more than $10 billion for 750 megawatts of computing power through 2028. Since its first trading day, Cerebras has lost about 59% of its market value. CNBC tied this week's fall to a report about one OpenAI feature and to the share release.
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Sources
Our file on OpenAI
- 7 Oct
Analysts said Claude subscribers use 42% of Anthropic's computing. They pay 10% of sales.
- 1 Oct
Google's new AI guessed wrong on 15% of questions it couldn't answer. OpenAI's 51%.
- 30 Sept
OpenAI faced Florida's 49-page bid to halt model development without outside safeguards.
- 30 Sept
OpenAI sought $30 billion, valuing it at $1.4 trillion, Bloomberg reported.
- 29 Sept
OpenAI shelved its next AI model. It did things without users' permission.
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