AI Chipmaker Cerebras Climbs 68% After Year’s Biggest IPO (3)

Cerebras Systems Inc. shares jumped 68% in its trading debut after raising $5.5 billion in the year’s largest IPO, illustrating investors’ surging appetite for artificial intelligence data centers and the chips running them.

Shares of the Sunnyvale, California-based company pared earlier gains to close at $311.07 each on Thursday in New York, above the $185 IPO price, after being halted earlier for volatility. Cerebras’ first-time share sale raised nearly 60% more than its target when it launched, and priced above a marketed range that was revised higher on Monday.

The trading gives Cerebras a market value of $67 billion, based ...