Cerebras pops 9% as Altman calls it 'close partner' — SkimNews
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- Cerebras stock climbed 9% on Monday, rebounding from a 20% plunge last week to its lowest price since its May IPO, triggered by news that OpenAI chose Nvidia GPUs over Cerebras chips to power 'Ultrafast' mode for GPT-6.1 Sol.
- Sam Altman said in an X post on Friday that 'Cerebras is a close partner' and that OpenAI has 'a deep engagement pushing on the frontiers of speed'; the stock rose almost 3% in extended trading that day.
- Cerebras is now valued at roughly $43 billion, down from $95 billion at its May Nasdaq debut, and claims its flagship Wafer Scale Engine 3 runs faster than Nvidia's GPUs.
- Cerebras signed a $10 billion deal with OpenAI in January to supply 750 megawatts of computing power through 2028.
- Citi analysts said their Cerebras revenue outlook for 2026–2028 remains 'unchanged,' but warned the stock's ability to outperform is 'increasingly tied to evidence that gross margins are stabilizing,' with any delay in the margin trough likely to weigh on sentiment given the premium valuation.
Why it matters: Investors had punished Cerebras after OpenAI's GPU choice signaled the chipmaker might be sidelined on next-gen frontier workloads, but Altman's public 'close partner' reassurance — alongside the $10 billion, 750-megawatt deal still in force — re-anchors Cerebras in the OpenAI supply story. The harder test per Citi is gross margin stabilization: any further delay in the trough could weigh on a stock still trading roughly 55% below its $95 billion post-IPO valuation.
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