AI Chipmaker Cerebras Shares Fall 11% After First-Quarter Results

Cerebras Systems competes in the AI training and inference market with its proprietary Wafer-Scale Engine, or WSE, directly challenging Nvidia’s GPU architecture. The company listed on Nasdaq on May 14, pricing its IPO at $185 a share and raising $6.4 billion. Its first earnings report as a public company became a key test of AI hardware demand, its lofty valuation and the cost of expanding capacity.

On June 23, Cerebras reported first-quarter 2026 results for the period ended March 31. Revenue rose 94% from a year earlier to $193.4 million, while its GAAP net loss was $14 million. However, the company forecast a second-quarter core gross margin of just 36%–38%, down from 47% in the first quarter. Its shares fell as much as 11% in after-hours trading, then dropped another 19.61% to close at $182.26 on June 24, below the IPO price.