Nvidia (NASDAQ: NVDA) has reigned for several years as the king of artificial intelligence (AI) chips.
The company’s graphics processing units (GPUs) became the de facto gold standard for training and running these sophisticated algorithms when the AI boom kicked off in late 2022
While growing competition has long been on the minds of investors, Nvidia continues to reap the rewards of its unrelenting focus on AI. However, Cerebras Systems has pioneered a novel chipmaking process that could be a game changer, and several recent contract wins have prompted the company to announce its initial public offering (IPO). If early demand is any indication, investors are keen to own a piece of Cerebras as it takes on Nvidia for the crown.
Strong demand Last month, Cerebras filed an S-1 with the Securities and Exchange Commission (SEC) to go public. The company announced its intention to trade on the Nasdaq using the ticker “CBRS.” The company originally announced plans to sell 28 million shares at a proposed price range of $115 to $125 per share. At the high end of that range, Cerebras would have raised as much as $3.5 billion.