Cerebras surges over 10%, Altman calls it OpenAI’s “close collaborator”
Last Friday, Altman stated on social media that Cerebras is a "close partner" of OpenAI, and both parties "maintain deep cooperation at the forefront of speed." Last week, OpenAI chose NVIDIA GPUs instead of Cerebras chips for the "Ultrafast" mode of GPT-6.1 Sol, causing Cerebras to plummet by 20%.
Cerebras shares rebounded after a dismal week. OpenAI CEO Sam Altman publicly reiterated the partnership between the two companies, boosting market sentiment and sending the AI chipmaker’s stock sharply higher on Monday.
On Friday, Altman posted on X, directly addressing external speculation about the companies’ relationship, stating that Cerebras is OpenAI’s “close partner” and that both sides “maintain deep collaboration at the forefront of speed.”
Buoyed by this, Cerebras’ stock rose by more than 10% at one point on Monday.
In the previous week, Cerebras’ share price had plunged by 20% in total, hitting its lowest level since its Nasdaq debut. The trigger was OpenAI’s decision to use Nvidia GPUs instead of Cerebras chips for the “Ultrafast” mode of GPT-6.1 Sol, sparking concerns in the market about the stability of its core client relationships.
Trigger: Nvidia chips replacing Cerebras sparks panic
The main cause of Cerebras’ slump last week was the market’s interpretation of OpenAI’s hardware choices. According to CNBC, when OpenAI launched the “Ultrafast” mode for GPT-6.1 Sol, it chose to use Nvidia GPUs to power this feature, rather than Cerebras’ dedicated chips.
This news raised investor concerns that OpenAI was gradually shifting its core inference workloads to Nvidia, potentially marginalizing Cerebras’ strategic position.
Cerebras specializes in developing and manufacturing AI computing systems. Its chips are known for their large size and faster AI workload processing, seen as a competitive alternative to traditional GPUs.
In January this year, Cerebras signed a $10 billion agreement with OpenAI, committing to supply 750 megawatts of computing power to OpenAI through 2028.
Analysts: No adjustment yet to 2028 revenue forecast, but gross margin is key
Despite sharp price swings, some Wall Street analysts remain cautiously optimistic.
Citi analysts noted last Friday that their forecasts for Cerebras’ revenue before 2028 remain unchanged. “We think the most advanced AI labs typically launch their latest models on in-house chips first, then transition to third-party or Cerebras cloud operations, so it’s too early to draw any major conclusions here.”
However, Citi also flagged a risk: before gross margins stabilize at the bottom, any further deterioration could hurt investor confidence—especially given Cerebras’ current valuation remains relatively high.
Background: Under pressure since listing, OpenAI seeks massive new financing
Cerebras went public this May with much fanfare, entering the Nvidia-dominated AI chip market at a valuation close to $95 billion.
However, since listing, the company’s share price has remained under pressure; both its mid-August results and guidance disappointed the market, compounding the difficulty of a valuation recovery.
Meanwhile, as Cerebras’ most important client, OpenAI itself is also rapidly moving ahead with fundraising plans. Reports indicate OpenAI is seeking a new funding round with a target valuation of up to $1.4 trillion, and is considering launching an IPO as early as next year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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The Dow Jones closed up 0.18%, the Nasdaq rose 1.05%, and the S&P 500 gained 0.66%. Among the stocks with the highest trading volumes, Nvidia rose 2.12%, SpaceX surged 7.63%, Micron Technology fell 1.02%, and Tesla increased 2.2%.
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