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异动解读 | Cerebras Systems夜盘大跌17.65%，Q2营收不及预期且硬件销售骤降23%，前期获利资金集中兑现

异动解读
Aug 13

AI芯片公司Cerebras Systems（CBRS）在夜盘交易时段遭遇剧烈抛售，股价大跌17.65%，成为市场关注焦点。该股在常规交易时段曾收涨逾11%，本周累计涨幅已超过15%，然而财报公布后迅速转跌，呈现典型的"买预期、卖事实"行情。

消息面上，公司于盘后公布的2026年第二季度财报成为此次大跌的直接导火索。财报显示，公司第二季度实际营收为1.8011亿美元，同比增长74.3%，但明显低于市场此前预期的约1.94亿美元。更令投资者担忧的是，硬件收入从去年同期的7030万美元降至5410万美元，同比下降23%，暴露出芯片产品销售的不稳定性。此外，GAAP口径下每股亏损高达2.98美元，远超分析师预期的亏损0.17至1.62美元，由盈转亏的局面进一步打击了市场信心。

尽管公司在财报中上调了全年营收指引至8.8亿至8.9亿美元，并将年度调整后毛利率预期从38%-41%上调至41%-43%，但短期业绩的不及预期仍触发了大规模的获利回吐。此外，公司首席财务官指出，为满足激增的AI推理需求而在自建数据中心投产前临时租用高成本外部算力，导致调整后毛利率从上一季度的46.5%下降至40.6%，盈利能力短期承压明显，这一因素也加深了市场对其盈利可持续性的疑虑。

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