Cerebras Systems Surges 20% After 4 Wall Street Firms Launch Buy Ratings
Updated
Updated · CNBC · Jun 8
Cerebras Systems Surges 20% After 4 Wall Street Firms Launch Buy Ratings
3 articles · Updated · CNBC · Jun 8
Summary
Cerebras Systems jumped 20% in midday trading after a slate of bullish Wall Street initiations made it one of the session's standout movers.
Morgan Stanley, Barclays, Wedbush and UBS all started coverage with buy-equivalent ratings, driving the rally in the AI chipmaker's shares.
The move came amid a broader rebound in semiconductor stocks after Friday's sell-off, with Micron and KLA up 10%, AMD up 5% and the VanEck Semiconductor ETF gaining nearly 6%.
Elsewhere in AI-linked tech, Intel rose 12% on a report Alphabet and Nvidia may use it as a backup chip manufacturer, while Nvidia added nearly 2% after a memory partnership with SK Hynix.