Cerebras shares surge as surprise profit, forecast raise ease AI spending worries
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Nov 13 : Cerebras Systems' shares gained more than 14 per cent in premarket trading on Friday, after the chipmaker raised its annual sales forecast and posted a surprise profit, indicating momentum in its challenge to Nvidia in the AI chip market.
The gains, if they hold, would add over $3 billion to Cerebras' market value, as the upbeat forecast helped offset concerns over heavy AI spending and the uncertainty triggered by Nvidia CEO Jensen Huang's resignation.
• As of Thursday's close, Cerebras' shares were down 47.2 per cent from their May IPO price of $185 apiece
• Cerebras now expects 2026 adjusted revenue of $940 million to $960 million, up from its previous forecast of $880 million to $890 million
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• Analysts, on average, expected sales of $887.04 million for the period, according to data compiled by LSEG
• The chipmaker reiterated plans to triple revenue in 2027, and said it has signed a cloud deal with Microsoft, with details to be shared next year
• On the earnings call, CEO Andrew Feldman said delivery delays under Cerebras' $20 billion multi-year OpenAI deal stemmed from industry-wide shortages of land and power, rather than chip manufacturing constraints
• Its adjusted cloud and services revenue, which reflects the OpenAI deal, more than tripled to $144.9 million for the third quarter
• Adjusted profit came in at $29.82 million, compared with an adjusted loss of $10.86 million a year earlier. Analysts were expecting an adjusted loss of $38.4 million
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