PANews reported on May 15th that, according to CoinDesk, AI chip company Cerebras Systems' stock price surged approximately 100% to $367 on its first day of trading after its IPO. The company raised $5.5 billion at $185 per share, valuing the company at approximately $40 billion, a significant jump from its $8.1 billion valuation eight months prior.

Cerebras focuses on chip design for AI workloads, competing with Nvidia and AMD. Intel has risen 218% this year, while AMD and Micron Technology have both more than doubled, and the Philadelphia Semiconductor Index has risen 66%, far exceeding the S&P 500's 8% gain.