On June 29, Cerebras Systems rose 5.35% in regular trading, trading at $189.84/share, with turnover of $314 million. The rally was primarily driven by collective endorsements from multiple top-tier investment banks, combined with continued oversold bounce momentum following a sharp selloff.

The stock had previously plunged over 25% after the company's first post-IPO earnings report revealed Q2 core gross margin guidance of just 36%-38%, temporarily pushing shares below the $185 IPO price. Morgan Stanley noted that with substantial signed order backlog and up to 750MW of committed capacity agreements, Cerebras is well-positioned to capitalize on growing AI inference demand. Wedbush raised its price target to $280 from $270, maintaining an Outperform rating, while UBS also lifted its target, reflecting broad institutional optimism.

Fundamental support remains intact: Q1 core revenue surged 92% year-over-year to $193 million, beating market expectations. A multi-year agreement with OpenAI exceeding $20 billion and a data center deployment deal with AWS further underpin the recovery trajectory.

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