AI chip company Cerebras' stock price surged 100% after its $5.5 billion IPO.

CoinFeed reported on May 15th that, according to CoinDesk, AI chip company Cerebras Systems' stock price surged approximately 100% on its first day of trading, reaching $367. 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.