Shares of chip designer Cerebras Systems soared 89% above the initial public offering price on their Nasdaq debut, extending the market's unrelenting frenzy for companies seen as the biggest beneficiaries of the artificial intelligence boom.
Its shares opened at $350 on Thursday, well above the IPO price of $185 per share, where it raised $5.55 billion. The jump gives Cerebras a valuation of $106.75 billion on a fully diluted basis.
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