'Nvidia Rival' Cerebras, up 70% on listing day... Intraday market cap reaches $100 billion

'Nvidia Rival' Cerebras, up 70% on listing day... Intraday market cap reaches $100 billion

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

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

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

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

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

This chip is characterized by a massive 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, where AI models answer user questions, is evaluated to be 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 also turned to a surplus at $88 million.

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