AI Chipmaker Cerebras Climbs 75% After Year’s Biggest IPO

Cerebras Systems Inc. shares jumped 75% in its trading debut after raising $5.5 billion in the year’s largest IPO, illustrating investors’ surging appetite for artificial intelligence data centers and the chips running them.

Shares of the Sunnyvale, California-based company pared earlier gains to trade at $324 each as of 2:49 p.m. in New York on Thursday, above the $185 IPO price, after being halted earlier for volatility. Cerebras’ first-time share sale raised nearly 60% more than its target when it launched, and priced above a marketed range that was revised higher on Monday.