Cerebras stock pops 9% after Sam Altman calls the chipmaker a 'close partner'
Cerebras stock climbed in premarket trading after OpenAI's CEO Sam Altman reassured investors that the firm is a "close partner."
TL;DR
- Cerebras stock increased by 9% on Monday, recovering from a previous week's drop.
- OpenAI CEO Sam Altman referred to Cerebras as a "close partner" in a post on X.
- The stock had fallen 20% after reports that OpenAI would use Nvidia GPUs for its GPT-6.1 Sol "Ultrafast" mode instead of Cerebras chips.
- Cerebras signed a $10 billion deal with OpenAI in January for computing power.
- Cerebras, a competitor to Nvidia, sells AI chips and systems designed for faster AI model execution.
- Analysts from Citi have kept their revenue outlook for Cerebras unchanged but noted the stock's performance is tied to gross margin stabilization.
- Cerebras' market cap has dropped from $95 billion to approximately $43 billion since its IPO.