Top News Today: Stocks Rise as Cerebras IPO Stokes AI Euphoria

About this update from Cerebras Systems Inc.

MARKET WRAPSSTOCKS: Stocks rallied as the blockbuster Cerebras initial public offering stoked AI euphoria.TREASURYS: Treasury yields were mixed, but the yield on the 30-year Treasury bond held above the psychologically significant 5% level.FOREX: The U.S. dollar rose against rivals amid inflation concerns.COMMODITIES: Oil futures ticked up, holding above $100-a-barrel in New York.HEADLINESXi's Taiwan Warning to Trump Highlights Tensions in Beijing SummitBEIJING-Chinese leader Xi Jinping warned President Trump that any mishandling of Taiwan could lead to "an extremely dangerous situation," directly raising a point of tension that has loomed over what the U.S. president said at the start could be "the best summit ever."Xi's remarks, while in line with China's longstanding position, threatened to dim the mood of a visit both countries hoped would stabilize ties. The meetings that began Thursday morning at the Great Hall of the People in Beijing were billed as a gathering of superpowers to quell economic and trade disputes.Those topics were indeed raised, including discussions of trade ties, U.S. access to the Chinese market, Beijing's investment in U.S. industries and its purchases of American agricultural products.Cerebras Shares Soar in Hotly Anticipated Year for AI DebutsShares of Cerebras soared in their stock-market debut, setting the stage for what's expected to be a blockbuster year for artificial-intelligence IPOs.The chip company's stock opened at $350 and quickly rose to $385, forcing the stock to briefly pause trading. Its shares more recently were trading 76% above their IPO price at $325 on the Nasdaq stock exchange under the ticker CBRS.Cerebras Systems had priced its initial public offering at $185 late Wednesday-far above expectations-catapulting it to raise around $5.6 billion in the biggest IPO of the year so far. It had a market value of around $70 billion in recent trading.The excitement for Cerebras shares speaks to the investor fervor over AI, with chip stocks rallying in recent weeks to propel major U.S. stock indexes to new records.OpenAI and Anthropic-two of the biggest players in the industry-are looking at IPOs in the second half of this year. Elon Musk's SpaceX recently acquired xAI, maker of the Grok chatbot, and is aiming to go public in June. All three are expected to raise even more money than Cerebras in their IPOs.Applied Ma...

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