Nvidia challengers rush to the stock market after Cerebras IPO

After a few hours of trading, the stock was at around $315, an increase of around 70 percent compared to the subscription price of $185.

That means the company now has a valuation of around $100 billion. Cerebras sold 30 million shares worth a total of $5.5 billion, making it the largest IPO for a US tech company since Uber's debut in 2019, according to CNBC.

Cerebras' main competitor is semiconductor giant Nvidia, the world's most valuable company, CNBC writes.