Cerebras Falls 8%

Cerebras reported financials for the first time since its IPO in May. Revenue increased 92% from a year earlier. The artificial intelligence chipmaker saw its stock pop out of the gate, but the shares are down 28% since then. Cerebras said revenue almost doubled in the AI chipmaker's first earnings report since its initial public offering last month.

The stock fell 8% in extended trading as the company forecast a drop in its gross margin. 5 million a year earlier, according to a statement. 9 million, or 46 cents per share, a year ago. Capitalizing on investor interest in infrastructure for running AI models, Cerebras went public on the Nasdaq in May.

07. 72. 5% in the first. The company said it expects core revenue growth of 88% from a year earlier to $914 million.

5 million and $865 million, representing 69% growth at the midpoint, Cerebras said. S. technology company since Uber 's debut in 2019. 3 billion Cerebras is trying to challenge AI chip leader Nvidia in one corner of the market, and it also operates a service for running AI models through data centers filled with its processors.

Cerebras enjoys a performance advantage in part by packing many times more SRAM memory on its chip than Google's latest tensor processing unit or the Groq 3 LPU chip that Nvidia announced in March, Mizuho said in a June 8 note to clients. During the first quarter, Cerebras said its chips will go inside Amazon Web Services' data centers, and it announced a deal worth over $20 billion to supply OpenAI with computing power. m. ET.

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