Cerebras Tumbles 10% to Record Low as OpenAI Reportedly Shifts to Nvidia
CBRS is trading near its 52-week low of $146.82 (0.2% above the low).
Summary
Cerebras shares fell 10% Monday to around $147, on track for their lowest close on record and less than half the IPO price from May. The decline follows a report that OpenAI's GPT-6.1 Ultrafast Tier is dropping Cerebras for Nvidia chips, despite OpenAI's CEO recently calling Cerebras a 'close partner.' Cerebras is heavily exposed to OpenAI, which accounts for $20 billion of its $24.6 billion revenue backlog. Broader chip sector weakness, with the iShares Semiconductor ETF down 2%, adds pressure. The stock is now trading near its 52-week low of $146.82.
At the time of this announcement, CBRS was trading at $147.16 on NASDAQ in the Technology sector, with a market capitalization of approximately $32.9B. The 52-week trading range was $146.82 to $386.34. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.