Cerebras' $40B IPO signals the AI gravity pulling risk capital away from crypto!

Cerebras Systems priced its IPO at $185 per share Wednesday, targeting a $5.5 billion raise at a $40 billion valuation — a near 5x jump from its $8.1 billion valuation just eight months ago. The AI chipmaker, whose silicon powers workloads behind tools like ChatGPT and Claude Code, is being framed by the Financial Times as an early stress test for Wall Street's appetite ahead of the anticipated OpenAI and SpaceX listings, potentially the largest in stock market history.

The numbers tell the rotation story bluntly: Intel is up 218% year to date, AMD and Micron have more than doubled, and the Philadelphia Semiconductor Index has gained 66%. Bitcoin, meanwhile, is down 12% this year and struggling to hold $80,000 after stronger-than-expected U.S. producer price inflation data triggered a risk-off move, wiped out leveraged longs, and sent liquidations surging toward $400 million.

Each…