Cerebras Systems IPO Raises $5.55 Billion at $185
Cerebras Systems Inc. priced its initial public offering at $185 per share, raising $5.55 billion by selling 30 million shares, with underwriters having the option to purchase an additional 4.5 million shares. This IPO, which is one of the largest tech offerings in recent years, reflects the growing demand for AI-related stocks amid a resurgence in the semiconductor sector. The shares began trading on the Nasdaq Global Select Market on May 14, 2026, under the ticker symbol 'CBRS.'
Fanuc shares rise 16% on Alphabet partnership announcement
Fanuc Corp. shares surged by as much as 16% to an intraday record high following the announcement of a partnership with Alphabet Inc., Google's parent company, aimed at developing a new AI system for industrial robots. The collaboration will leverage tools from Google Cloud, including Gemini Enterprise, to enhance advancements in physical AI and robotics.
Alibaba's Net Profit Falls 18% Amid AI Investments
Alibaba reported an 18% drop in net profit to 105.9 billion yuan ($15.6 billion) for the fiscal year ending March 31, 2026, as its aggressive investments in artificial intelligence weighed on its financial performance amid a challenging domestic economy. CEO Eddie Wu stated that the company is prioritizing AI development over short-term profitability, with plans to spend approximately 380 billion yuan ($56 billion) on AI initiatives over three years. Meanwhile, Tencent reported a 21% increase in quarterly net profit, although both companies face pressure to demonstrate that their substantial AI expenditures can translate into meaningful growth.
