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AI chipmaker jumps to almost $70bn valuation in IPO

Jump in share price of Cerebras underscores strong demand for shares in companies linked to AI boom

Shares in chipmaker Cerebras Systems more than doubled as it began trading after raising $5.5bn from its initial public offering, in the latest sign of overwhelming investor demand for AI and semiconductor stocks.

Cerebras’ alliances with OpenAI and Amazon helped it launch the biggest IPO of the year, despite the Silicon Valley company being little known outside the tech industry and written off by many as an also-ran rival to Nvidia only a few years ago.

Wall Street’s fevered response to the IPO will only intensify investors’ anticipation for the debuts of OpenAI and Anthropic, which could follow Elon Musk’s SpaceX into the public markets as soon as this year.

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