<body><p>STORY: Shares of Cerebras Systems surged 89% above the initial public offering price in their U.S. market debut on Thursday, giving the chip designer a valuation of about $107 billion. </p><p>The listing on the Nasdaq is benefitting from a wave of investor euphoria for companies that are at the heart of the artificial intelligence boom.</p><p>The firm's IPO is the largest this year and comes as AI-linked stocks push broader markets to record highs despite challenges to global growth stemming from the Middle East conflict.</p><p>Founded in 2015, Cerebras which is a competitor to Nvidia, sought to challenge conventional AI by designing chips roughly the size of a dinner plate to speed up processing.</p><p>It dropped initial plans to go public last year after drawing a U.S. national security review though the committee eventually cleared the deal.</p><p>Cerebras has secured Amazon and OpenAI, two of the biggest builders of AI infrastructure in the world, as customers.</p><p>It raised the size and price range of its IPO earlier this week to manage surging interest in its shares. Sources told Reuters that the offering had drawn orders for more than 20 times the number of shares available.</p></body>
