Cerebras, a chipmaker from Sunnyvale, California, made its U.S. stock market debut on the Nasdaq Global Select Market, raising $5.55 billion in an initial public offering (IPO) that is the largest of 2023. This IPO values the company at $56.43 billion on a fully diluted basis, reflecting the strong investor interest in AI-related stocks. Cerebras aims to disrupt traditional AI computing with its innovative wafer-scale engine, which integrates hundreds of thousands of compute cores onto a single chip, unlike conventional GPU systems. The company has positioned itself as a competitor to Nvidia, securing significant partnerships with major players such as Amazon and OpenAI. The IPO comes amid a broader trend of soaring AI stock prices, with the Dow Jones U.S. Semiconductors Index returning over 107% in the past year, significantly outperforming the S&P 500's 26% rise. Cerebras' offering has drawn orders for more than 20 times the number of shares available, indicating robust market demand for AI technologies.