Cerebras Drops 13% Ahead of SUPERNOVA as AI Hardware Selloff Hits Intel and AMD

3 articles · Updated · 24/7 Wall St. · Aug 18

Cerebras fell 13% to $220 by midday Tuesday, while Intel slid 7% and AMD lost 5% hours before Cerebras’ 6:30 p.m. ET SUPERNOVA product event.
The retreat reflects profit-taking after Cerebras’ pre-event run-up, amplified by roughly 36.4 million newly sale-eligible shares, margin pressure from rented AI compute, and its rich 58-times projected 2026 core-revenue valuation.
Treasury yields added pressure: the 30-year hit a 19-year high and the 10-year stood near 4.7%, pushing investors out of long-duration AI hardware names.
The selling spread across compute, memory and optics—dragging names such as Coherent, Micron and Western Digital—signaling a broad rotation rather than company-specific fallout.
SUPERNOVA is now the near-term catalyst; a strong next-generation Wafer-Scale Engine reveal could steady sentiment, while a weak event may extend the pullback into Wednesday.