Nvidia rival and chip startup Cerebras Systems has filed for an initial public offering. Cerebras Systems experienced significant net losses in both the first half of 2024 and the second quarter, despite generating substantial sales revenue. The startup reported increased operating expenses this year, primarily due to higher personnel costs to support revenue growth. The AI chip market is competitive, with major cloud providers developing their own chips. UAE-based AI firm Group 42, a Microsoft-backed company, generated most of Cerebras's revenue last year. The technology IPO market has been slow in 2024, but recent interest rate cuts have lifted tech stocks.
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00:00It's Benzinga, and here's what's on the block.
00:02NVIDIA rival and chip startup Cerebris Systems has filed for an initial public offering.
00:08Cerebris Systems experienced significant net losses in both the first half of 2024 and
00:13the second quarter despite generating substantial sales revenue.
00:17The startup reported increased operating expenses this year, primarily due to higher personnel
00:22costs aimed at supporting revenue growth.
00:24The AI chip market is competitive, with major cloud providers developing their own chips.
00:29UAE-based AI firm Group42, a Microsoft-backed company, generated most of Cerebris' revenue
00:35last year.
00:36The technology IPO market has been slow in 2024, but recent interest rate cuts have lifted
00:41tech stocks.
00:42For all things money, visit Benzinga.com.