Cerebras stock plummeted nearly 20% this week to its lowest price since its May IPO after a report revealed that Nvidia will power OpenAI’s Ultrafast mode for GPT-6.1 Sol instead of Cerebras hardware. The stock closed at $166.43 on Friday, down more than 50% from its first trading day when the company had a $95 billion market cap, now reduced to just over $39 billion. This week’s decline was compounded by the expiration of post-IPO lockup restrictions on insider shares. CEO Sam Altman stated that OpenAI remains a close partner with deep engagement in frontier speed research. In January, Cerebras signed a deal worth over $10 billion with OpenAI to supply 750 megawatts of computing power through 2028.
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