On June 24, Cerebras Systems declined 8.6% in regular trading, trading at $200.65/share with turnover of $494 million, as investors digested the company's first-ever earnings report and underwhelming annual guidance.

The AI chip maker projected full-year revenue of $855 million to $865 million, representing approximately 69% year-over-year growth. While this exceeded analysts' average estimate of $824.8 million, the magnitude of growth fell short of market expectations for a company positioned to capture significant share of the AI data center market. Additionally, the company indicated full-year profit margins would decline below first-quarter levels, further pressuring the stock.

The weak guidance overshadowed a major multi-year agreement with OpenAI, under which OpenAI will deploy 750 megawatts of Cerebras high-speed inference systems over the coming years, a deal valued at over $20 billion. Since its IPO debut at $185 in May, the stock had previously climbed as high as $311.07 before retreating sharply following the earnings release.

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