Cerebras Plummets 13% After Earnings. But Intel & AMD Barrel Ahead with Strong Gains.

• CBRS dropped 14% after missing the revenue consensus by 7%, despite core revenue doubling and its cloud business nearly quadrupling year over year.

• SMCI surged 11% and INTC climbed 6% as Super Micro's blowout fiscal 2027 guidance lifted the entire AI hardware complex.

• It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor)

Shares of Cerebras Systems (NASDAQ:CBRS) are down roughly 13% in midday trading on Thursday, changing hands near $225 after closing Wednesday at $262. The move stands out because most of the AI hardware complex is higher, with the sector outperforming the broader market average.

Raise and Beat on Core, Miss on the Headline

Cerebras reported fiscal Q2 2026 results after the close Wednesday. GAAP revenue came in at $180.11 million, up 74% year over year but missing consensus of $193.55 million by 7%. GAAP EPS of -$2.98 looks catastrophic against a -$0.18 estimate, but the headline is heavily distorted by $377.0 million of stock-based compensation and $44.3 million of customer warrant amortization. Strip those out and core revenue was $209.87 million, up 103%, with core gross margin of 40.6% and cloud revenue up 281% to $125.99 million.

Management also raised full-year 2026 core revenue guidance to $880 to $890 million from a prior $855 to $865 million, guided Q3 to $214 to $216 million, and disclosed remaining performance obligations of $25.4 billion with plans to more than triple revenue in 2027. CEO Andrew Feldman said, "This was an outstanding quarter for Cerebras. Core revenue more than doubled to $210 million, and our cloud business nearly quadrupled year-over-year." The market is punishing the consensus revenue miss, the GAAP optics, and a valuation that had run hot into the report. Cerebras IPO'd in May 2026 at $185 and had ripped higher since.

SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now.

The Rest of the AI Complex Is Bid

Everything else in the AI logic and infrastructure trade is higher. Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD) are riding broad enthusiasm for the AI trade rather than any single company catalyst today.

In company-specific news, AMD is preparing a $5 billion debt offering while Intel received positive analyst commentary. UBS issued a note on Intel's $20 billion equity raise that framed it as "removing an overhang."