Tech Surges on Cerebras Euphoria — Tech Roundup

Shares of technology companies rose as an initial public offering stoked artificial-intelligence euphoria further.

Shares of AI chip maker Cerebras soared in their stock-market debut, more than doubling at one point, after pricing its IPO well above expectations. The Cerebras IPO was widely viewed as a trial run for even larger flotations of AI leaders SpaceX, OpenAI and Anthropic, all planned for later this year.

Nvidia, the leading maker of sophisticated AI-supporting chips, rose in sympathy, continuing a torrid run that has brought the AI bellwether to the cusp of a $6 trillion valuation. Other corners of the red-hot semiconductor sub-sector cooled down, however.

SMIC, China's biggest chip foundry, reported weaker-than-expected net profit at the start of the year as it continued expanding capacity amid Beijing's push for chip localization.

Shares of Intel and memory-chip makers such as Micron and Sandisk, lost ground.

Cisco Systems shares surged, rising by more than 13% for their biggest gain in 15 years as the network-equipment maker's earnings were buoyed by AI products.

Attorneys for Elon Musk and OpenAI began making final statements Thursday, closing out the third week of a blockbuster trial litigating the past, and likely the future, of the AI boom.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

May 14, 2026 18:16 ET (22:16 GMT)