7/108 sources · 7 publishersUpdated Oct 8, 20:43 UTC
Cerebras shares jump after OpenAI CEO Sam Altman calls the chipmaker a close partner
OpenAI chief Sam Altman posted on X that Cerebras Systems is a "close partner" and that the two firms have a deep engagement on speed. The comment eased market concerns and sent Cerebras stock up roughly 8% in trading. The company also reported second‑quarter revenue of $180.1 million, a 74% year‑over‑year increase.
Why it matters
Freedom Capital upgraded Cerebras to a Buy rating with a $209 price target. Analyst Paul Meeks also upgraded the stock to Buy and kept a $209 target, citing strong AI demand. These upgrades suggest upside potential for investors.
Key facts
- 1Cerebras reported second‑quarter GAAP revenue of $180.1 million, up 74% year over year. tradingview.com
- 2The company's non‑GAAP core revenue for Q2 was $209.9 million. tradingview.com
- 3Cerebras ended the quarter with $8.6 billion in cash and cash equivalents. tradingview.com
- 4Remaining performance obligations at June 30 were $25.4 billion. tradingview.com
- 5OpenAI generated $56.8 million of revenue for Cerebras in Q2, about 31.5% of the quarter’s GAAP revenue. techi.com
Summary written by AlphAI from 8 of 8 sources. Not investment advice. Figures are as stated by the linked sources.