Cerebras (CBRS) shares have fallen 52.87% from the $311.07 first-day close to $146.62, below the $185 IPO price, after a SemiAnalysis report said OpenAI will run its “Ultrafast” speed workload on NVIDIA GPUs instead of Cerebras hardware. Selling pressure grew as up to 19.4 million insider and employee shares unlocked and CEO Andrew Feldman and CTO Sean Lie sold over $240 million of Class A shares, while the August report showed GAAP revenue of $180.11M, below the $193.55M consensus. UBS's Timothy Arcuri keeps a Buy rating with a $330.00 target, citing core revenue growth of 103% to $209.87M and management's view that Q3 is the low point for core gross margin. The $291.64 consensus target from 11 analysts implies 98.9% upside, but the stock still trades at a forward P/E of 217.
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