Key Takeaways
- Shares of Cerebras Systems declined approximately 7% on September 30 following a SemiAnalysis report.
- According to the report, OpenAI’s GPT-6.1 Sol Ultrafast model operates on Nvidia hardware rather than Cerebras technology.
- OpenAI represents Cerebras’ most significant customer measured by revenue backlog.
- The Ultrafast tier’s new model allegedly delivers approximately 300 tokens per second, a significant decrease from the previous 750 tokens per second.
- The company’s stock price now hovers much closer to its 52-week bottom than its peak.
Shares of Cerebras Systems experienced a roughly 7% decline to $181.40 during Wednesday’s trading session. The sell-off followed a report from semiconductor analysis firm SemiAnalysis suggesting that OpenAI’s most recent flagship model isn’t utilizing Cerebras technology.
According to the report, GPT-6.1 Sol Ultrafast now operates on Nvidia infrastructure. This potentially encompasses Blackwell-generation processors like the GB300.
Both Cerebras and OpenAI have yet to issue responses to media inquiries seeking clarification. In the absence of official confirmation, questions persist regarding the actual infrastructure configuration.
The Significance of This Development
OpenAI holds the position as Cerebras’ most substantial customer when measured by revenue backlog. Any setback with this critical client carries disproportionate consequences for investor sentiment.
The chronology amplifies the impact. This past August, Cerebras made headlines by announcing it would drive the Ultrafast tier for GPT-5.6 Sol, delivering speeds reaching 750 tokens per second.
The company positioned this deployment as a major validation of its Wafer-Scale Engine technology. However, the GPT-6.1 Sol Ultrafast tier, which OpenAI introduced at DevDay on September 29, allegedly operates at merely 300 tokens per second.
This reduced performance metric has sparked speculation about whether the expanded model may be pushing against the boundaries of Cerebras’ on-chip memory architecture. These technical considerations typically remain obscure to most investors, but they’ve taken center stage this week.
Mounting Challenges for the Stock
Wednesday’s decline represents just the latest setback for the embattled chipmaker. Cerebras has encountered substantial headwinds since its initial public offering launched at $350 per share in May.
The firm reported a GAAP net loss exceeding $450.5 million during its latest quarterly period. Company insiders have offloaded approximately $266 million worth of shares throughout the preceding three months.
The current trading price sits far nearer to the 52-week minimum of $160.81 than the 52-week maximum of $386.34. This substantial distance illustrates how dramatically investor outlook has deteriorated since the public debut.
Market conditions provided no assistance to Cerebras on Wednesday. The S&P 500 posted gains for the day, while the Nasdaq composite advanced 0.9%.
Against this backdrop, Cerebras emerged as one of the semiconductor sector’s most conspicuous laggards. Nvidia, by contrast, moved higher, gaining approximately 2%.
An alternative interpretation suggests this situation may prove temporary. Cerebras could potentially regain its role powering subsequent versions of Ultrafast mode after addressing capacity constraints or optimization challenges.
However, investors are currently responding to concrete reports rather than speculative scenarios. And those reports paint an unfavorable picture for the company.
By Wednesday morning, Cerebras stock remained around $181.40, well below its 52-week peak of $386.34. Neither organization has released additional statements addressing the alleged hardware transition.
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