Cerebras IPO Stock Pop; Apple-OpenAI Drama

This was quite the day. OpenAI is jumping up and down about its unhappiness with Apple (it’s doubtful Tim Cook is shaking in his boots). Big telecom threw down the gauntlet to Elon Musk and Amazon (not that they should worry). We get to both news items lower down. But first…the AI trade on Wall Street is booming, as demonstrated by today's public debut of AI chip design upstart Cerebras Systems. 

Shares of Cerebras jumped 68% from the IPO price to close at $311.07, valuing the company at about $94 billion. That’s rich for a company projected to lift revenue 57% this year to about $800 million and next year to $3.2 billion, as my colleague Cory Weinberg reported this week. (For details of the investors that won big on the IPO, see here.)