'Nvidia Rival' Cerebras Jumps 70% on First Day of Listing... Intraday Market Cap Hits $100 Billion

'Nvidia Rival' Cerebras Jumps 70% on First Day of Listing... Intraday Market Cap Hits $100 Billion

Cerebras, an artificial intelligence (AI) chip manufacturer dubbed an 'Nvidia rival,' successfully debuted on the stock market, surging nearly 70% above its initial public offering (IPO) price on its first day of listing.

Cerebras listed on the Nasdaq market on the 14th (local time) and closed trading at $311.07, up 68.15% from its IPO price of $185.

On that day, Cerebras' opening price soared above $350, with its intraday market capitalization exceeding $100 billion (approximately 149 trillion won). However, it gave back some of its gains in the afternoon, recording a closing market capitalization of approximately $95 billion.

Cerebras raised a total of $5.55 billion (approximately 8.3 trillion won) by selling 30 million shares in this initial public offering (IPO). This is the largest IPO by a U.S. technology company since Uber's IPO in 2019.

Cerebras is a semiconductor startup that boasts Wafer-Scale Engine (WSE) technology, which transforms an entire wafer into a single AI chip.

This chip is characterized by a gigantic wafer forming a single chip, and it uses high-speed S-RAM instead of commonly used D-RAM for memory.

Consequently, the 'inference' computation speed of AI models answering user questions is evaluated as faster than Nvidia's graphics processing units (GPUs).

As a result, last year's revenue surged by 76% compared to 2024, reaching $510 million, and net profit turned to black at $88 million.

This year, the company continues to thrive, having signed a $20 billion cloud contract with OpenAI and agreeing to supply its products to Amazon Web Services (AWS) data centers.