Cerebras Stock Gets A Boost After OpenAI CEO Sam Altman Calls Chipmaker ‘Close Partner’

Altman’s comments help ease concerns over Cerebras’ role in its AI infrastructure.

• Altman says OpenAI and Cerebras remain closely engaged on high-speed AI inference.
• Cerebras’ stock has fallen since its May IPO, and the expiration of an insider lockup has added to selling pressure.
• Stocktwits sentiment for CBRS jumped to ‘extremely bullish.’

Cerebras Systems, Inc. (CBRS) shares were up nearly 7% in overnight trading after OpenAI CEO Sam Altman pushed back against speculation surrounding the AI chipmaker’s partnership with OpenAI, offering some relief after a nearly 20% selloff in the past week.

“There is some speculation about our partnership with Cerebras. Cerebras is a close partner, and we have a deep engagement pushing on the frontiers of speed,” Altman wrote in a post on X late Friday.

Cerebras shares had closed 1.8% lower at $166.43 on Friday, declining for the fifth session in a row.

CBRS Stock: What’s Behind The Sharp Dip?

Cerebras came under pressure after research firm SemiAnalysis reported that OpenAI would use Nvidia GPUs instead of Cerebras hardware for the “Ultrafast” mode of its GPT-6.1 Sol model.

The report raised concerns about Cerebras’ role in OpenAI’s inference infrastructure and weighed on the stock, which is already sharply down from its post-IPO highs.

Meanwhile, the expiration of post-IPO restrictions on some insider holdings also added to the pressure. Up to 19.4 million shares held by directors, officers, non-executive employees and other holders became eligible for sale on Sept. 30.

The pressure marks a sharp reversal from Cerebras’ debut. Cerebras sold stock at $185 apiece – much higher than its indicated range of $150 to $160, although shares opened at $350 on May 14 before slipping later. The stock is down 10% from its IPO price.

OpenAI Partnership Remains Key

Cerebras’ relationship with OpenAI remains central to the stock’s investment story. In January, the companies announced a multiyear agreement for OpenAI to deploy 750 megawatts of Cerebras wafer-scale systems, valued at more than $10 billion. Cerebras has also said it is an OpenAI launch partner for GPT-5.6 Sol.

In August, Cerebras reported second-quarter revenue of $180.1 million, up 74% year over year, while core revenue, a non-GAAP measure, more than doubled to $209.9 million.

Cerebras also ended the quarter with $8.6 billion in cash and cash equivalents and $25.4 billion in remaining performance obligations.

Altman’s comments may ease concerns over the OpenAI relationship, but investors are likely to remain focused on whether Cerebras can continue securing high-speed inference workloads as competition from Nvidia intensifies.

Retail, Analyst View On CBRS

On Stocktwits, the retail sentiment for CBRS rose over the past week – and sharply after Altman’s comment – to ‘extremely bullish’ (96/100).

“$CBRS GPT-6.1 Sol Ultrafast (based on Cerebras ) is not weeks away—OpenAI stated that it will roll out within the coming days, bringing token generation speeds up to 8x faster in Codex,” said a trader.

Another wrote: “$CBRS 200 is only the next baby step here. They are not yet in the quiet period and this week would be a great opportunity to lay out the whole situation and then reinforce the story with earnings and the final (3 more to go) lock up tranche in early November. Our sites should be set on 300 post earnings.”

On Friday, Freedom Capital upgraded its rating on CBRS to ‘Buy’ from ‘Hold,’ with a $209 price target. 

Currently, all 11 of the analysts covering the stock have a ‘Buy’ or higher rating, per Koyfin data. Their average price target of $291.64 implies a 75% upside from the stock’s last close.

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