Cerebras (CRBS) Climbs 108% on Strong Chip Appetite

Cerebras Systems Inc. (NASDAQ:CRBS) is one of the 10 Stocks With Unbelievable Gains.

Cerebras Systems soared by as much as 108 percent in its first trading day as a publicly listed company, as investors gobbled up its shares, fueled by optimism for the broader semiconductor and artificial intelligence sectors.

During the day, the stock opened the session at $350, soared to as high as $385, a marked jump from its initial public offering (IPO) price of $185. It also hit an intra-day of $300, which was still 62 percent higher than the IPO price.

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Following the strong performance, Cerebras Systems Inc. (NASDAQ:CRBS) was able to bolster its valuation to $40 billion, having successfully raised $5.55 billion in fresh funds through the sale of 30 million shares.

Underwriters were also given an option to purchase an additional 4.5 million shares at the IPO price.

Cerebras Systems Inc. (NASDAQ:CRBS) said that proceeds from the offer will be used for general corporate purposes, including working capital, operating expenses, and capital expenditures.

Meanwhile, the balance may be used to in-license, acquire, or invest in complementary technologies, assets, businesses, and intellectual property.

On the same day, Cerebras Systems Inc. (NASDAQ:CRBS) earned the backing of Cathie Wood’s ARK ETF after the latter purchased 105,616 shares for a total of $4.85 million.

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