Falling from 385 to 201, the IPO halo has faded somewhat quickly, and the market clearly isn't convinced by the Q2 gross profit guidance of 36%-38%.

CryptoWorld News reports that AI chip manufacturer Cerebras Systems (CBRS) saw its stock drop 11% in after-hours trading following its first earnings report. The company's first-quarter revenue nearly doubled to $193.4 million, with an adjusted net loss of $2.5 million, surpassing analyst expectations of $36.75 million. For the second quarter, Cerebras guided for revenue of $194 million, but investors currently seem more focused on core gross margin, which is expected to be 36%-38% in Q2 compared to 46.5% in Q1. Cerebras raised $6 billion in its May initial public offering, with an offering price of $185 per share. The stock soared to $385 after listing but then retreated, with after-hours trading at $201.55.