Cerebras Stock Rebounds After Sam Altman Affirms OpenAI Partnership
Cerebras shares rose in premarket trading after OpenAI CEO Sam Altman described the chipmaker as a close partner despite a shift to Nvidia hardware for GPT-6.1 Sol.
Cerebras stock rose 6.3% in premarket trading on Monday following public reassurance from Sam Altman, the CEO of OpenAI. The rebound comes after the chipmaker's shares plunged 20% last week due to reports that OpenAI will utilize Nvidia graphics processing units rather than Cerebras chips to power the Ultrafast mode for GPT-6.1 Sol.
Altman addressed the hardware shift on X, stating that Cerebras remains a "close partner" and that the two companies maintain a "deep engagement pushing on the frontiers of speed." This statement aimed to stabilize investor confidence in a partnership that includes a $10 billion deal signed in January, under which Cerebras will provide OpenAI with 750 megawatts of computing power through 2028.
Despite the recent recovery, Cerebras has seen a significant decline in overall valuation. Since debuting on the Nasdaq in May, the company's market capitalization has fallen to just over $39 billion, down from a post-IPO peak of $95 billion.
