On June 29, Cerebras Systems rose 5.12% in pre-market trading, trading at approximately 190.53 USD/share, with turnover of 2.2873 million USD.

The stock continues its recovery after plunging over 25% following its first post-IPO earnings report, which guided Q2 core gross margins at just 36%-38%, well below NVIDIA levels, briefly pushing shares below the $185 IPO price. Multiple investment banks have since reiterated bullish stances. Morgan Stanley noted that with substantial signed order backlog and committed capacity agreements of up to 750MW, the company is well-positioned for growing AI inference demand. Wedbush raised its target to $280 while UBS lifted its target to $320, both maintaining buy-equivalent ratings.

Fundamentally, Q1 non-GAAP revenue of $193 million rose 92% year-over-year, beating estimates. The company also announced a multi-year agreement with OpenAI exceeding $20 billion and signed a data center deployment deal with AWS, providing further catalysts for the rebound.

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