Stock Market Today, Nov. 13: Cerebras Surges Over 11% on Record Q3 Revenue and Raised 2026 Guidance
Cerebras Systems (NASDAQ:CBRS), a rack-scale AI compute systems and cloud inference services provider, closed at $108.72, up 11.22%. Friday's gain followed record third-quarter revenue and raised 2026 guidance.
Trading volume reached 36.1 million shares, coming in about 275% above its three-month average of 9.6 million shares. Cerebras Systems IPO'd in 2026 and has fallen 65% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,562, down 0.40%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 25,136, down 0.91%. Among semiconductor and AI infrastructure hardware and cloud computing peers, Nvidia (NASDAQ:NVDA) closed at $162.85, down 2.01%, while Advanced Micro Devices (NASDAQ:AMD) closed at $534.06, down 8.75% as AI-compute names tracked a weaker tone.
What this means for investors
Friday's jump reflected Cerebras Systems' record third-quarter revenue of $210.8 million and raised 2026 outlook. The company's sales soared a whopping 55% year over year, and its remaining performance obligations -- contracted revenue that hasn't been recognized on the income statement yet -- totaled $26.1 billion at the end of Q3.
Not only that, it signed a new deal with a tech hyperscaler, the large cloud computing providers operating AI data centers. Reuters reported Microsoft is that hyperscaler, adding to Oracle and Amazon among its list of customers.
Cerebras' specialized wafer-scale chips make it stand out against semiconductor competitors because its technology avoids the bottlenecks faced by rivals. This allows AI systems to execute inference, the process where software makes decisions, at faster speeds.
The rapidly rising revenue and addition of marquee tech customers validates the strength of Cerebras' technology, contributing to today's stock price increase. Cerebras shares were also helped by the resignation of Nvidia CEO Jensen Huang on Nov. 12, since he was pivotal to his company's position as an AI chip leader. This and its growing list of hyperscalers opens the door for Cerebras to capture market share from Nvidia.
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Robert Izquierdo has positions in Advanced Micro Devices, Amazon, Cerebras Systems, Microsoft, Nvidia, and Oracle. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Microsoft, Nvidia, and Oracle. The Motley Fool has a disclosure policy.
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