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Cerebras delivers monster IPO pop as traders clamor for fresh AI investment opportunities

The biggest IPO of the year so far is a prelude to the AI deluge.

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This looks like one helluva IPO pop:

Cerebras Systems raised the expected price (and size) of its long-awaited initial public offering from a range of $115 to $125 at the start of the week all the way to $185, raising $5.5 billion.

But it opened at a whopping $350 in its Nasdaq debut, giving the company a market cap of at least $75 billion — and more than that on a fully diluted basis.

“Pretty good day, huh?” said CEO Andrew Feldman in an interview on Bloomberg TV, after being told the stock was indicated to open at $350.

The IPO was more than 25 times oversubscribed, per Feldman. With investor appetite like this, it’s little wonder that SpaceX, OpenAI, and Anthropic are champing at the bit to join Cerebras in making this leap.

Cerebras, an AI chip designer, counts OpenAI and Amazon among its customers. Its offerings aim to provide more of a one-stop-shop for AI compute rather than a highly-specialized key ingredient in the data center stew. That is, its wafers are physically much larger than GPUs, which can unlock more efficiencies in moving around information.

“There’s just an extraordinary demand right now for fast inference,” added Feldman. “We’re the fastest, not by a little big, but by more than an order of magnitude, we’re 15 times faster than the next nearest competitor.”

Saleah Blancaflor21m

US national average gas price rises after a short-lived dip, hitting $4.53

After nearly a week of declines, the national average price for a gallon of regular gas is rising again with Memorial Day less than two weeks away.

Today, the price sits around $4.53, which is a couple of cents lower than last week. But with crude oil prices floating around the $100 per barrel range, gas prices remain around their highest levels since 2022.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

The uptick comes as we get closer to Memorial Day weekend, with many drivers preparing to hit the road facing the highest price at the pump during the summer holiday in four years. GasBuddy’s Patrick De Haan told Sherwood News last month that gas could potentially hit $5 by then.

Little Relief for Drivers as National Average Dips then Rises Again

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Max Knoblauch1h

Boeing drops as Trump tells Fox News that China will order 200 jets, well below the 500-plane expectation

Boeing is on pace for one of its worst trading days of 2026, following President Trump’s announcement that China will place a 200-plane order from the company — the country’s first major Boeing order since 2017.

Since last year, reports of the deal’s size have placed the order number at “up to 500.”

Trump disclosed the order details in an interview on Fox News, saying “Boeing wanted 150, they got 200.”

Max Knoblauch2h

Ford has added $10 billion of market cap in 2 days on bullish trading around its energy business

Ford shares are having another banner day. The stock is up 7% intraday Thursday, after closing up more than 13% on Wednesday (the company’s best trading day since March 2020). The activity has added about $10 billion to Ford’s market cap since Tuesday’s close, according to Bloomberg data.

About 268,000 call options have changed hands as of 10:50 a.m. ET on Wednesday, roughly 3x the 20-day average for a full session.

Optimism around Ford Energy, the company’s new energy business, appears to still be driving the price action. The company will sell US-assembled battery systems to “utilities, data centers, and large industrial and commercial customers in the United States” and is licensing tech from Chinese battery giant CATL.

In a Tuesday evening note, Morgan Stanley analysts said Ford Energy could be worth $10 billion. Analyst Andrew Percoco said there is a “fairly high likelihood” Ford signs a supply agreement with a large commercial customer, and potentially hyperscalers, in the next few months.

Ford’s new subsidiary is similar to Tesla’s energy storage business and will add revenue through both sales (of its large 20-foot battery container systems) and service. Detroit rival GM is doing something similar and retooled its Tennessee EV battery plant to make energy storage batteries.

Ford surges on bullish options activity, Morgan Stanley praises its battery business

Helena Cheng3h

Fermi jumps as management touts increased interest in its data center project

Fermi, a Texas-based energy and AI infrastructure company, reported a net loss of $189 million in Q1 as it heavily accelerated capital investments.

During the conference call, co-President Anna Bofa offered some encouraging news, saying that the firm has “hosted multiple prospective tenants and strategic partners” at its Project Matador data-center site, sending shares sharply higher.

Fermi funneled $441 million into property, plant, and equipment in Q1, bringing its gross balance to approximately $1.4 billion.

Its big investment push coincided with the substantial expansion of Project Matador at its development site in Texas. The company officially secured over 2 gigawatts of power generation capacity across its owned and contracted assets.

The company plans to have secured a tenant for this location and delivered power to it within the next 90 days. It’s poised to be a busy quarter for Fermi: another goal during this span includes hiring its next CEO.

To continue supporting the build-out plans, Fermi closed $785 million in new equipment finance facilities this quarter, anchored by a $500 million facility from MUFG. Fermi also received a $156 million financing commitment secured with Yorkville.

Helena Cheng4h

Klarna surges on $1 billion in Q1 revenue and user growth

Klarna is climbing Thursday after the fintech company reported a strong start to 2026, swinging to a net profit of $1 million.

The company’s revenue for Q1 landed at $1 billion, above estimates, with earnings per share increasing by $0.25 to $0.01. The revenue beat helped drive adjusted operating profit up to $68 million, a leap from just $3 million in the same period a year ago. Operating income also turned positive at $17 million, reversing a $99 million operating loss from the first quarter of 2025. Meanwhile, active Klarna users jumped by 21% year on year to 119 million.

Klarna did give a weaker-than-expected outlook for the upcoming quarter, projecting revenue to land between $960 million and $1 billion, missing the $1.05 billion target analysts had modeled. Despite the soft current-quarter guidance, management reiterated its full-year 2026 growth and profitability projections, highlighting that its short loan durations allow it to effectively manage credit risk and adapt to market shifts in real time.

“Klarna is spend-centric, not lend-centric,” Sebastian Siemiatkowski, CEO and cofounder of Klarna, wrote in a statement. “The FY26 framework is unchanged — these results give us confidence in the trajectory we laid out.”

The stock has dropped over 45% since the start of 2026.