CBRS shares plunged 25.3% over the past month, underperforming the Zacks Business Services sector's 0.3% gain and rivals NVIDIA (up 1.6%) and Advanced Micro Devices (up 9.7%). Near-term margin pressure from renting systems back from customers to expand cloud capacity, along with heavy reliance on OpenAI, has weighed on the stock. Core revenue jumped 103% year over year to $209.9 million in Q2 2026, with core cloud and other services revenue up 287% to $127.7 million, and remaining performance obligations stood at $25.4 billion. Core gross margin fell 590 basis points sequentially to 40.6% in Q2, and the company expects Q3 to be the trough, with core gross margin guided at 38-40%. Management expects margins to recover as higher-cost rented capacity is replaced by Cerebras-owned systems.
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