Cerebras prices IPO above expected range, as Wall Street braces for AI tsunami

Cerebras Systems, a maker of artificial intelligence chips, priced its IPO at $185 a share on Wednesday, above the expected range, according to a person with knowledge of the matter. The deal comes as investors gear up for what's expected to be a very busy year for new AI offerings. The IPO reeled in at least $5.55 billion for Cerebras, which is hitting the market during a silicon renaissance. Intel , Advanced Micro Devices and memory maker Micron are each up more than 80% in the past month, and have notched much more dramatic gains over the last year as investors spread their chip bets from Nvidia to the wider universe of semiconductor companies now benefiting from the AI boom. It's also one of the largest tech IPOs in years. Uber raised about $8 billion in 2019, and the biggest since then for a U.S. tech company was Snowflake's offering in 2020, which brought in over $3.8 billion. Expanding to include autos, electric vehicle maker Rivian raised roughly $12 billion in 2021. At the IPO price, Cerebras is now worth $56.4 billion on a fully diluted basis. Andrew Feldman, Cerebras' co-founder and CEO, now holds a stake worth about $1.9 billion. Founded in 2016 and headquartered in Silicon Valley, Cerebras has faced a rocky road getting to the Nasdaq, where it will trade under ticker symbol CBRS. …