Artificial intelligence (AI) chipmaker Cerebras Systems (CBRS) was greeted with numerous Buy calls on Monday as the “quiet period” on its initial public offering (IPO) expired.

Cerebras Systems is an AI infrastructure company that develops the Cerebras Wafer-Scale Engine: a chip encompassing a silicon wafer. This engine is designed to enable higher performance and speeds than GPUs for the computational demands of inference, generative AI, and other AI applications.

It also stands out physically. At roughly 60 times the size of a common GPU, it’s the world’s largest compute chip.

The company went public in mid-May at $185 per share, raising more than $5.5 billion. CBRS stock then opened trading with a nearly 90% pop at $350 per share, but in the weeks since, it has fallen by about 35%, to around $200 per share.

However, Cerebras’ Systems stock was pacing for a rebound Monday thanks to a flurry of Buy calls following the expiration of the company’s quiet period, during which analysts can’t publish research reports. The period, which starts when the registration statement is filed, typically lasts for 40 days after the stock begins trading—but that time is reduced to 25 days for firms considered “emergency growth companies” as defined by federal securities laws.

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Wedbush, Morgan Stanley Among Bullish Calls on CBRS Stock

a person presses a keyboard button that says buy. — DepositPhotos

Many of the analyst Buy calls out Monday centered their broader bull cases around Cerebras’ ability to address the growing focus in the AI space: inference.

The compute cycle so far has largely revolved around training, in which artificial intelligence systems are “taught” to recognize patterns and logic. But it’s pivoting toward inference, in which trained AI models are actually making predictions and generating content based on new data.

Wedbush: Outperform, $270 PT

Wedbush analyst Matt Bryson, for instance, calls Cerebras’ technology “an architecture rivals cannot easily replicate.”

“Cerebras’s technology uses a full wafer containing 4T transistors and 44 GB of on-chip SRAM to deliver 125 PFLOPs of AI compute with 21 PB/s of memory bandwidth,” he says. “In turn, Cerebras’s technology can deliver inference workloads faster than rivals, with speed yielding monetary value, as illustrated by Claude’s pricing of fast tokens at 6x base token rates.”

That ability is being rewarded with contracts from two of the biggest names in artificial intelligence.

Cerebras Systems (CBRS): Quick Stats
IPO share price	$185.00
Current share price	$201.01
Market cap	$44.1 billion
Source: Yahoo! Finance. Data is as of June 7, 2026.

“We see the distinct decisions made by two of the largest and most technically knowledgeable AI buyers in the world (OpenAI and AWS) to commit significant capital to Cerebras deployments over an extended period as the single most important narrative in the Cerebras story,” says Bryson, who initiated CBRS stock at Outperform (equivalent of Buy) and a $270 price target that implies roughly 45% upside from Friday’s closing price. “In our view, these large contracts are necessarily the best proof points as to the inherent value of Cerebras’s technology.”

Bryson’s $270 price target on this tech stock comes out to 40 times the firm’s 2028 non-GAAP earnings per share (EPS) estimate of $6.03 plus $28 per share in net cash. He’s also looking for three-year average annual revenue growth of 137%.

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Morgan Stanley: Overweight, $250 PT

“This is a unique chance to invest in an AI processor company with a first-mover advantage against Nvidia (NVDA), and offers substantial upside as the category evolves,” says Morgan Stanley’s Joe Moore, who rates CBRS stock at Overweight (equivalent of Buy).”

Moore wrote that, starting late last year, his firm has seen increased demand for low-latency inference solutions, and that’s right in Cerebras’ wheelhouse.

“We view Cerebras as one of the most differentiated AI infrastructure companies, built around the industry’s only commercially deployed wafer-scale processor,” he says. “Low latency inference is suddenly an important growth category that Cerebras is uniquely poised to address. Increased usage of AI for high-value-added tasks has pressured response times. Fast tokens are more expensive than regular tokens, at least for now, but we could see the low latency category account for 10% or more of inference hardware sales over the next few years. Cerebras technology is uniquely designed to address this need.”

Moore has a $250 price target on shares, which is 46 times its $5.44 EPS estimates for 2028. He believes the company’s contracts point to $6 billion in revenues by that year, and thinks there might be more upside above that.

UBS: Buy, $300 PT

One of the highest price targets comes from UBS’s Timothy Arcuri (Buy), whose PT implies a roughly doubling over the next year.

“CBRS has shown strong commercial momentum with a broad engagement as the only supplier currently shipping to OpenAI under a pre-payment, a growing inference collaboration with Amazon (AMZN), and a number of additional potential engagements,” he says. “Our PT is based on what we think is a conservative set of assumptions around the OpenAI rollout with Amazon adding optionality in out-years.”

Arcuri’s price target is based on a 10x multiple on enterprise value (EV) to sales, applied to $11 billion in revenues estimated for 2029.

“Compared to traditional sub-reticle chips, CBRS’s uniquely designed defect-tolerant architecture, high-density power delivery and software stack combine to create a solid competitive moat and drive a revenue/GW number in the ~$30-35B range—similar to NVDA and above other XPU peers,” he says. “Capital costs are high, but CBRS provides materially higher token generation that positions it at the premium end of inference.”

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