(Reuters) -Cerebras Programs recorded an over threefold soar in annual income in 2023, the substitute intelligence chip agency mentioned on Monday in its paperwork for a U.S. preliminary public providing.
Companies racing to undertake AI purposes like ChatGPT have benefited the businesses behind the semiconductors wanted to energy the know-how. AI chip chief Nvidia’s inventory has greater than doubled in market worth this yr and briefly dethroned Microsoft because the world’s Most worthy firm.
Nonetheless, considerations of extreme euphoria round AI-linked shares prompted some traders to exit the know-how sector earlier within the yr, and the Cerebras IPO will possible function a litmus check for the market’s AI urge for food.
The Sunnyvale, California-based firm didn’t disclose the phrases or measurement of its providing.
Receding recession fears and a powerful equities rally have additionally rejuvenated the U.S. IPO market in 2024 after two lackluster years.
Cerebras designs processors for AI coaching and inference, and builds AI techniques to energy the processors and feed them knowledge.
On Monday, the corporate revealed whole income of $78.74 million for the 12 months ended Dec. 31, 2023, up from $24.62 million in 2022.
It recorded a web lack of $127.16 million for a similar interval, in contrast with a lack of $177.72 million in 2022.
Cerebras has been backed by a variety of high-profile traders, together with the Abu Dhabi Development Fund and Coatue Administration.
Citigroup, Barclays, UBS Funding, Wells Fargo Securities and Mizuho are among the many underwriters for the providing.
Cerebras will listing on the Nasdaq World Market below the image “CBRS”.
(Reporting by Pritam Biswas in Bengaluru; Enhancing by Devika Syamnath)
