What AI bubble is CBRS in?

Cerebras Systems Inc. (CBRS) is mapped to the AI Compute Accelerators bubble on QuantAbundancia. Specialist wafer-scale AI inference accelerator. WSE-3 architecture (~2,600× a B200 on bandwidth) wins frontier-latency inference benchmarks (21× B200 on Llama 3 70B reasoning, 2,500+ TPS/user on Llama 4 Maverick vs Blackwell 1,038) but explicitly does not challenge NVDA on training. Weight 0.70 - pure-play AI thesis but specialist scope, no public correlation history yet, ~86% customer concentration on G42 + MBZUAI. Slots below the established compute names (NVDA 1.00, AMD/TSM 0.95, AVGO 0.90, MRVL 0.80) and above the partial-thesis names (INTC 0.60, QCOM 0.65). Expect lower residualized correlation to the bloc than NVDA/AMD/AVGO due to single-thesis exposure - will revisit weight after 30 sessions of post-IPO trading.

What sector is CBRS in?

Cerebras Systems Inc. is classified under GICS Information Technology (Semiconductors).

What is CBRS's last close price?

CBRS last closed at $204.86 on 2026-07-02.

CBRS

NASDAQNext earnings·Aug 11AnalystsStrong Buy·10+46%

Cerebras Systems Inc.

Information Technology · Semiconductors

$204.86last close

-37.9%~252d

Price

-4.69% over 1M

Thèse

au 2026-07-04

Specialist wafer-scale AI inference accelerator - first pure-play inference name on the public tape. WSE-3 chip (4T transistors, 900K cores, 21 PB/s bandwidth - ~2,600× a B200) delivers 21× B200 on Llama 3 70B reasoning and 2,500+ TPS/user on Llama 4 Maverick (vs Blackwell 1,038).

6B backlog ~80% OpenAI via a $10B+/750 MW deal through 2028. 8B fully-diluted valuation. Three customers explain the entire forward business; bull case is inference-specialization wins a structural lane against general-purpose GPUs.

•2024-09 - First S-1 filed; later withdrawn after CFIUS opened a review of G42's minority stake
•2025-10 - CFIUS review concluded after G42 holding restructured to non-voting shares; path cleared for listing
•2025-12-24 - NVIDIA's $20B Groq asset/license acquisition (read-through: frontier inference market partitioning into a specialist tier; NVDA buying in rather than ceding the lane)
•2026-01-14 - OpenAI deal signed: 750 MW of low-latency compute through 2028. Initial press value $10B; subsequent MRA disclosures place binding commitments at >$20B with expansion provisions up to 2 GW by 2030
•2026-02 - Hiive private secondary implied ~$23B valuation (IPO 3 months later doubled this)
•2026-03-13 - AWS announced Cerebras as first cloud provider for disaggregated inference on Amazon Bedrock; Trainium + WSE pairing claims "5× more high-speed token capacity in the same hardware footprint"
•2026-05-13 - IPO priced $185 (above $150-160 range, walked up from original $115-125); book reportedly 20× oversubscribed
•2026-05-14 - Day 1 open $350, close $311.07 (+68.2%); $5.55B raised on 30M shares; $48.8B fully-diluted valuation; 2026's largest US tech IPO
•2026-Q3 (est) - Accelerated lockup: 60M+ shares unlock by Q2 2026 earnings release, ~2× IPO float hitting tape inside 90 days (vs standard 180-day expiry mid-November 2026)
•Snapshot 2026-05-18: price ~$311, mcap ~$48.8B fully-diluted (~157M sh × $311), 2025 revenue $510M (+76% YoY from $290M), 2025 GAAP net income $237.8M but operating loss $145.9M
•Customer concentration: G42 (24% of 2025 rev, was 85% in 2024) + MBZUAI (62%) = ~86% UAE-linked, both flagged as related parties in the S-1; apparent 2025 diversification away from G42 was reallocation between connected Abu Dhabi entities, not new customer acquisition
•Backlog concentration: ~$24.6B disclosed, of which ~80% is OpenAI; revenue recognition gated by OpenAI's own datacenter buildout pace (power + zoning, not chips)
•Setup tension: first specialist inference accelerator on the public tape, but the entire forward business is explained by three customers (G42, MBZUAI, OpenAI) through 2028; GAAP profitability is non-operating (the $237.8M net income line is not a sustainable run-rate while operating loss continues); fast lockup creates structural supply pressure ~Q3 2026; inference TAM is contestable and workload-specific (21× B200 advantage on Llama 3 70B reasoning doesn't generalize to training, embeddings, or image gen)
•Editorial deep-dive: /articles/cerebras-cbrs-ipo

carnet$24.6B

puissance750 MW

clientsG42 · MBZUAI (Mohamed bin Zayed University of AI) · OpenAI · Amazon Web Services

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Facts

Exchange: NASDAQ
Currency: USD
Market cap: $45.65B
Last update: 2026-07-02

Revenue (TTM)$604M

P/E455.2×

P/S75.6×

Net margin41.0%

Frequently asked questions

What AI bubble is CBRS in?: Cerebras Systems Inc. (CBRS) is mapped to the AI Compute Accelerators bubble on QuantAbundancia. Specialist wafer-scale AI inference accelerator. WSE-3 architecture (~2,600× a B200 on bandwidth) wins frontier-latency inference benchmarks (21× B200 on Llama 3 70B reasoning, 2,500+ TPS/user on Llama 4 Maverick vs Blackwell 1,038) but explicitly does not challenge NVDA on training. Weight 0.70 - pure-play AI thesis but specialist scope, no public correlation history yet, ~86% customer concentration on G42 + MBZUAI. Slots below the established compute names (NVDA 1.00, AMD/TSM 0.95, AVGO 0.90, MRVL 0.80) and above the partial-thesis names (INTC 0.60, QCOM 0.65). Expect lower residualized correlation to the bloc than NVDA/AMD/AVGO due to single-thesis exposure - will revisit weight after 30 sessions of post-IPO trading.
What sector is CBRS in?: Cerebras Systems Inc. is classified under GICS Information Technology (Semiconductors).
What is CBRS's last close price?: CBRS last closed at $204.86 on 2026-07-02.