Cerebras Stock Climbs After Sam Altman Calls Chipmaker Close Partner

Cerebras Systems Inc. shares climbed 5.8% in premarket trading, reaching $176 per share after OpenAI CEO Sam Altman called the chipmaker a close partner on X. The rebound follows a 20% stock drop last week triggered by reports that OpenAI would use Nvidia graphics processing units instead of Cerebras chips to power its Ultrafast mode for GPT-6.1 Sol.

Sam Altman Defends Cerebras Partnership on X

Speculation regarding the hardware supplier mounted after it was revealed that OpenAI would power its “Ultrafast” mode for GPT-6.1 Sol with Nvidia’s graphics processing units instead of Cerebras’ chips. In response, Altman took to X on Friday to clarify the relationship between the two firms.

There is some speculation about our partnership with Cerebras. Cerebras is a close partner, and we have a deep engagement pushing on the frontiers of speed.

Sam Altman

Altman’s post helped reverse losses from the previous week, pushing the stock up nearly 3% in extended trading on Friday, before gains extended further in premarket activity.

Market Valuation and Citi Analyst Revenue Projections Through 2028

Despite the recent stock recovery, Cerebras’ market capitalization sits at just over $39 billion, down sharply from the $95 billion valuation it achieved during its initial public offering on the Nasdaq in May 2026. The company competes with Nvidia by selling large AI systems and computer chips, including its flagship Wafer Scale Engine 3, designed to process AI models faster than traditional GPUs.

Financial analysts at Citi dismissed immediate concerns regarding the OpenAI hardware shift. The Citi analysts stated in a note on Friday morning that their revenue outlook for Cerebras between 2026 and 2028 remains unchanged.

We believe frontier-AI labs’ latest models would initially roll out on internal chips before running on third-party or Cerebras cloud, so it’s too early to read much into it.

Citi Analysts

Citi Analysts Link Stock Performance to Operational Metrics

While revenue projections are steady, Citi analysts emphasized that the stock’s future performance depends heavily on operational metrics. The analysts warned that any further delay in the gross margin trough would likely weigh on sentiment, particularly given the company’s premium valuation.

Cerebras previously secured a $10 billion agreement with OpenAI in January to provide 750 megawatts of computing power through 2028. Market watchers continue to monitor how that multi-year infrastructure rollout progresses alongside OpenAI’s evolving hardware choices.