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The Inference Shift

Stratechery by Ben Thompson·Stratechery by Ben Thompson·25 days ago
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Subscribe to get access Read more of this content when you subscribe today. If you were looking for the ideal time to IPO, being a chip company in May 2026 is hard to beat. Reuters reported over the weekend : Cerebras Systems is set to raise the size and price of its initial public offering as soon as Monday, as demand for the artificial intelligence chipmaker’s shares continues to climb, two people familiar with the matter told Reuters on Sunday. The company is considering a new IPO price range of $150-$160 a share, up from $115-$125 a share, and raising the number of shares marketed to 30 million from 28 million, said the sources, who asked not to be identified because the information isn’t public yet. The fundamental driver of the ongoing surge in semiconductor stocks is, of course, AI, particularly the realization that agents are going to need a lot of compute .…

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