AI chip firm Cerebras records threefold revenue jump in US IPO filing

Cerebras Systems recorded an over threefold jump in annual revenue in 2023, the artificial intelligence chip firm said on Monday in its paperwork for a US initial public offering.

Businesses racing to adopt AI applications like ChatGPT have benefited the companies behind the semiconductors needed to power the technology. AI chip leader Nvidia’s stock has more than doubled in market value this year and briefly dethroned Microsoft as the world’s most valuable company.