Cerebras Systems (CBRS) trades at $117.98, down 62.07% from its $311.07 debut, while the consensus target of 11 analysts is $282.55, implying 139.5% upside. The latest drop followed a SemiAnalysis report that OpenAI may use NVIDIA GPUs instead of Cerebras hardware for its “Ultrafast” mode, and 19.4 million shares became eligible for trading after lock-ups expired. Q2 GAAP revenue of $180.11 million missed the $193.55 million consensus, and GAAP EPS of -$2.98 reflected $377.0 million in stock-based compensation. The company cites $25.4 billion in remaining performance obligations and plans to more than triple core revenue in 2027, but the backlog depends heavily on OpenAI. The highest target, UBS’s $330.00, implies about 179.7% upside.
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