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JUST IN: AI CHIPMAKER CEREBRAS JUST PRICED ITS IPO AT $185 PER SHARE, ABOVE THE $150-$160 MARKETED RANGE The order book was oversubscribed 20+ times. The full picture, per Bloomberg: The deal: - IPO price: $185 (above the $150-$160 range, which had already been raised Monday) - 30 million shares offered (also revised higher Monday) - Total raised: ~$5.55 billion - Order book: 20x+ oversubscribed - Cerebras asked institutional investors to specify the max price they'd pay, to gauge true demand The company: - AI chipmaker positioning to challenge NVIDIA $NVDA - Amazon $AMZN said this year it plans to use Cerebras chips alongside its Trainium processors - OpenAI released its first model running on Cerebras chips in February - OpenAI holds 33.4 million warrants for Cerebras shares, with some vesting tied to compute delivery dates and Cerebras' market cap exceeding $40 billion The M&A backdrop: - Arm Holdings $ARM and majority owner SoftBank made an approach to acquire Cerebras weeks before the expected IPO

Disappointing Cerebras IPO allocations across the board for retail. Most investors in our community received zero from $SOFI and Fidelity. ETRADE zero or smalls. Familiar outcome for deals solely led by $MS. $CBRS Don't chase it.