Nvidia rival and chip startup Cerebras Systems has filed for an initial public offering. Cerebras Systems experienced significant net losses in both the first half of 2024 and the second quarter, despite generating substantial sales revenue. The startup reported increased operating expenses this year, primarily due to higher personnel costs to support revenue growth. The AI chip market is competitive, with major cloud providers developing their own chips. UAE-based AI firm Group 42, a Microsoft-backed company, generated most of Cerebras's revenue last year. The technology IPO market has been slow in 2024, but recent interest rate cuts have lifted tech stocks.
