Cerebras bumps up IPO range as it looks to raise up to $4.8 billion

Cerebras Systems, an AI chipmaker, increased its IPO (initial public offering, when a private company sells shares to the public for the first time) price range to $150-$160 per share, up from $115-$125, potentially raising $4.8 billion. The company makes specialized chips that compete with Nvidia's GPUs (graphics processing units, hardware that processes AI calculations) and claims its chips are faster and cheaper, with major backing from OpenAI.