On August 17, Cerebras Systems rose 19% in regular trading. The rally was driven by a convergence of catalysts including the upcoming annual Supernova conference scheduled for August 18 and a bullish analyst note highlighting deepening ties with OpenAI.

Wedbush noted in a client report that OpenAI disclosed its GPT-5.6 Sol Ultrafast mode will be powered by Cerebras chips, marking a significant milestone in their commercial relationship. The two companies signed a $20 billion three-year agreement in April for Cerebras to supply servers equipped with its proprietary chips, with OpenAI committing to 750 megawatts of compute capacity through 2028 and retaining options to extend or expand through 2030.

Additionally, Tiger Global disclosed a new $660 million position in Cerebras during Q2, while Morgan Stanley maintained an Overweight rating and raised its price target to $279, citing potential for core revenue to more than triple in 2027. The stock continues to recover from a post-earnings selloff after Q2 results missed expectations on August 12, with hardware revenue declining 23% year-over-year.

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