ARK Investment Management, led by Cathie Wood, acquired a significant stake in artificial intelligence chip developer Cerebras Systems on Thursday following its highly anticipated public market debut. The firm's ARK Innovation ETF and ARK Next Generation Internet ETF purchased a combined 105,616 shares, as detailed in its recent trading disclosures.
Valued at approximately $32.8 million based on Wednesday's closing price, this investment underscores continued institutional interest in the AI hardware sector.
Cerebras captured market attention with a remarkable Nasdaq debut, opening at $350 per share after pricing its initial public offering at $185. This represented one of the highest recorded IPO prices. The stock experienced a rapid ascent to $385 shortly after trading commenced, prompting a temporary volatility halt, before settling at $311 at the close—a 68.2% gain from its offering price.
In premarket trading on Friday, Cerebras shares advanced an additional 1.5%.
The California-based company, which specializes in AI chips and infrastructure systems, sold 30 million shares in the offering. Initially setting a target range of $150 to $160 per share, Cerebras elevated its IPO price to $185 earlier this week due to robust investor demand fueled by the ongoing artificial intelligence expansion.
Market interest significantly exceeded supply, with the IPO attracting orders for more than 20 times the available shares.
