Cerebras Shares Gain 6.3% Premarket After Altman Calls It a Close Partner

Cerebras shares gained 6.3% to $177 in premarket trading Monday after OpenAI CEO Sam Altman described the chipmaker as a close partner, following a steep decline last week.

Cerebras fell 20% last week to its lowest price of the week after OpenAI said Nvidia GPUs would power GPT-6.1 Sol’s Ultrafast mode instead of Cerebras chips. Altman addressed speculation about the partnership in a Friday post on X, describing the companies’ work together as a deep effort to improve speed. The stock rose almost 3% in extended trading Friday after his post.

Even after Monday’s premarket gain, Cerebras shares remained nearly half their post-IPO high. The company’s market capitalization stood just above $39 billion, compared with $95 billion during its May debut.

Cerebras sells large computer chips and AI systems designed to run AI models faster than traditional graphics processing units. It signed a $10 billion agreement in January to supply OpenAI with 750 megawatts of computing power through 2028.

Citi analysts said their 2026-2028 revenue outlook for Cerebras was unchanged. They also said the stock’s ability to outperform increasingly depends on evidence that gross margins are stabilizing, while warning that delays in reaching a margin trough could weigh on investor sentiment given the company’s valuation.