Cerebras, the maker of massive AI chips, staged the biggest tech IPO in years, raising at least $5.5 billion after doubling its offering price. The stock soared 68% on its first day, signaling a potential wave of IPOs from SpaceX, OpenAI, and Anthropic.
Meanwhile, Cisco posted another earnings and revenue beat, driven by rising AI demand, sending shares up 20%. Applied Materials also boosted its outlook as AI chipmakers scramble to expand production capacity.
Analysts argue Nvidia is leading a historic shift to accelerated computing, with its market cap nearing $6 trillion. The so-called AI factory model is set to transform enterprise business models.
In security news, Google reported that criminals used AI to build a working zero-day exploit for the first time, raising new cybersecurity concerns.
Next week: Dell Technologies World, Google I/O, and Nvidia earnings.