Cerebras Systems' shares gained more than 14 percent in premarket trading on Friday, after the chipmaker raised its annual sales forecast and posted a surprise profit, indicating momentum in its challenge to Nvidia in the AI chip market.
The gains, if they hold, would add over US$3 billion (HK$23.4 billion) to Cerebras' market value, as the upbeat forecast helped offset concerns over heavy AI spending and the uncertainty triggered by Nvidia CEO Jensen Huang's resignation.
- As of Thursday's close, Cerebras' shares were down 47.2 percent from their May IPO price of US$185 apiece
- Cerebras now expects 2026 adjusted revenue of US$940 million to US$960 million, up from its previous forecast of US$880 million to US$890 million
- Analysts, on average, expected sales of US$887.04 million for the period, according to data compiled by LSEG
- The chipmaker reiterated plans to triple revenue in 2027, and said it has signed a cloud deal with Microsoft, with details to be shared next year
- On the earnings call, CEO Andrew Feldman said delivery delays under Cerebras' US$20 billion multi-year OpenAI deal stemmed from industry-wide shortages of land and power, rather than chip manufacturing constraints
- Its adjusted cloud and services revenue, which reflects the OpenAI deal, more than tripled to US$144.9 million for the third quarter
- Adjusted profit came in at US$29.82 million, compared with an adjusted loss of US$10.86 million a year earlier. Analysts were expecting an adjusted loss of US$38.4 million
Reuters
