Cerebras stock tumbled nearly 20% this week, closing at its lowest level since the company's IPO in May. The decline follows a report from research firm SemiAnalysis, posted on X on Wednesday, that OpenAI will use Nvidia graphics processing units to power the "Ultrafast" mode of its upcoming GPT-6.1 Sol model, rather than Cerebras hardware.
The news puts pressure on Cerebras, which had a strong debut on the Nasdaq. According to CNBC, shares are now down more than half from their initial pop after the IPO. The sell-off also comes as a lockup expiration allows more shares to trade, adding further downward pressure.
The report highlights Nvidia's continued dominance in AI chips and the competitive challenge for Cerebras in winning high-profile inference workloads. The source does not provide any comment from Cerebras or OpenAI on the SemiAnalysis report.