Cerebras Systems reported second-quarter 2026 revenue of $180.11 million but swung from a $309.51 million net income to a $450.53 million net loss. The AI chip maker is shifting focus from hardware sales to cloud inference services, announcing new partnerships including Lovable. The company closed a large shelf registration for Class A and B shares whilst highlighting rapid growth in its cloud inference business. Cerebras is committing to major data centre builds despite widening losses. The investment case now centres on whether the company's wafer-scale architecture and cloud platform can generate sustainable, higher-margin services. Simply Wall St community fair value estimates range from $291 to $416 per share, reflecting divergent views on execution risk.

Cerebras Systems reported mixed second-quarter results, with an adjusted loss of 4.5 cents per share beating estimates, whilst revenue of $180.11 million missed the $194.20 million consensus. Core revenue hit a record $209.9 million, up 103% year-over-year. Core cloud and other services revenue surged 287% year-over-year to $127.7 million, driven by demand for fast inference services and OpenAI deployment. The company secured over 600 megawatts of data centre capacity in the past seven months. Cerebras ended the quarter with more than $8.6 billion in cash and marketable securities. CEO Andrew Feldman said emerging neo-cloud providers are beginning to diversify beyond NVIDIA after initially focusing heavily on its hardware. The company plans to unveil its fourth-generation CS-4 system next week.

US stock futures traded flat on Thursday as investors awaited producer price index data and jobless claims figures following July's consumer price index report. Nasdaq futures showed a slight negative bias, whilst S&P 500 and Dow futures leaned marginally positive. CoreWeave fell 2% in premarket trading despite strong second-quarter results, with its CFO noting that older-generation Nvidia A100 units are fully leased through 2029. Cerebras Systems dropped 16% premarket despite raising full-year guidance, as traders focused on its second-quarter net loss. Cisco Systems declined 6% premarket even after beating fiscal fourth-quarter earnings and forecasting meaningfully higher AI orders in fiscal 2027. Michael Burry reportedly shorted several AI-related stocks, including Nebius, Micron, and Oracle, suggesting the AI boom may be approaching a downturn.