AI chipmaker Cerebras announces CFIUS clearance, a key step toward IPO

Toronto , Canada - 20 June 2024; Andrew Feldman, co-founder and CEO of Cerebras Systems, speaks at the Collision conference in Toronto on June 20, 2024. Artificial intelligence chip developer Cerebras said Monday that it has obtained clearance from a U.S. committee to sell shares to Group 42, a Microsoft -backed AI company based in the United Arab Emirates. That clearance came from the Committee on Foreign Investment in the United States, or CFIUS, and it's a key step for Cerebras in its effort to go public. Cerebras competes with Nvidia , whose graphics processing units are the industry's choice for training and running AI models, but most of its revenue comes from a customer called Group 42. Cerebras filed to go public in September but has not provided details on timing or size for the initial public offering. The regulatory overhang was tied to the company's relationship with Group 42, which was the source of 87% of Cerebras' revenue in the first half of 2024, made the IPO look u ... Read full article.