Cerebras Systems (CBRS) shares fell 57.6% from August 4 to November 2, 2026, while the S&P 500 lost 2.3%. Contracted work still to be delivered stood at $25.4 billion at June 30, largely tied to OpenAI; the shares slid further after reports that Cerebras lost an OpenAI workload to Nvidia and after Culper Research disclosed a short position. In the second quarter, revenue reached $180 million, but the operating loss widened to $477 million and gross margin fell to 14.2%; on the company's core measure, revenue rose 103% to $209.9 million. Management guided core operating margin to minus 25% to minus 23% for the third quarter and raised its full-year core revenue outlook to $880 million to $890 million. Cash and short-term investments of $7.9 billion (against $1.5 billion of debt) equal about a third of the roughly $22 billion market value, and the shares have fallen 46% since September 30.
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