The Biggest Tech IPO Since Uber

OpenAI is considering legal action against Apple over their strained partnership integrating ChatGPT into Siri and other software, while Cerebras Systems launched the largest US tech IPO since Uber's 2019 debut. Researchers used Anthropic's Claude AI to uncover new MacOS security flaws, Anthropic eased restrictions on third-party agent use, major US carriers proposed a joint venture to eliminate wireless dead zones, and a poll showed widespread opposition to local AI data centers.

Cerebras' Record IPO Amid AI Boom

Cerebras Systems debuted on Nasdaq Thursday, opening at $350 per share after pricing at $185—well above expectations—and raising $5.55 billion, potentially up to $6.38 billion with underwriter options. This values the Silicon Valley AI chipmaker at over $100 billion, marking the biggest US tech IPO since Uber and the first major AI-focused one after market struggles since 2022.

The company rode the AI wave, with revenue surging 76% to $5.11 billion last year and swinging to $88 million net income from a prior $482 million loss. It claims speed and cost edges over Nvidia GPUs due to architectural differences. Cerebras is diversifying beyond hardware sales into cloud competition with Google, Microsoft, Oracle, and CoreWeave, including a $20 billion OpenAI cloud deal through 2028 and AWS integration for AI model runs.