Michigan strips two clerks in small town of election duties over hand count plan
What you need to know about the 2024 US presidential election
BOJ to keep rates steady as politics muddles outlook
IMF board approves Kenya's reviews, unlocking access to $606 million
Siemens to buy engineering software firm Altair for $10.6 billion
Accuser of Sean 'Diddy' Combs cannot remain anonymous, judge rules
‘Emily in Paris’ star Lucas Bravo mulling exit from show because he’s ‘frustrated’ with his character’s direction
Second gambler admits trying to cash in on scheme involving ex-NBA player Jontay Porter
(Reuters) -Artificial intelligence chipmaker Cerebras Systems has confidentially filed for an initial public offering in the United States as it prepares to challenge industry heavyweight Nvidia.
The eight-year-old startup will court investors at a time when enthusiasm for AI remains high, boosting the fortunes of firms that supply the infrastructure critical to train chatbots.
But Cerebras could face questions about the competitive threat from Nvidia, whose dominance in the AI market helped it join the elite $1 trillion club and briefly dethrone Microsoft as the world's most valuable company.
The IPO will also be a major test about the appetite for AI-linked stocks. Concerns over excessive AI spending prompted some investors to rotate out of the technology sector and into value stocks over the last month.
Cerebras has been backed by a number of high-profile investors, including the Abu Dhabi Growth Fund and Coatue Management.
Companies often file for IPOs confidentially to keep their financial details under wraps for as long as possible.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)
