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Cerebras Systems debuted on the Nasdaq Wednesday in the biggest U.S. tech IPO since Uber in 2019. Priced at $185 — above the already-raised range — shares opened at $350, peaked at $386, and closed at $311.07, up 68%. Demand was 20x oversubscribed, giving the AI chipmaker a fully diluted valuation near $86 billion.
NVIDIA shares surged roughly 5% to a record $236.46 after the Commerce Department granted export clearance for H200 GPUs to about 10 Chinese firms, including Alibaba and Tencent. The move lifts NVIDIA's market cap to approximately $5.7 trillion. CEO Jensen Huang joined President Trump's delegation to Beijing, calling the visit "the most important in human history."
Cisco posted record Q3 revenue of $15.8B (+12% YoY) and adjusted EPS of $1.06, both beating guidance. AI infrastructure orders reached $1.9B in the quarter — up from $600M a year ago — and year-to-date orders hit $5.3B. Management raised FY26 revenue guidance to $62.8–$63.0B and bumped its full-year AI order target from $5B to $9B. Six major Wall Street firms hiked their price targets.
Broadcom received a flurry of bullish analyst upgrades on Wednesday. Wells Fargo raised its price target to $545 from $430, while Wolfe Research and Citi both moved to $500. The upgrades cite AI semiconductor revenue running 30–40% above prior estimates and Broadcom's deepening custom-chip relationships with Google, Anthropic, and OpenAI.
Deutsche Bank analyst Melissa Weathers raised her Micron price target from $550 to $1,000, the highest on Wall Street, maintaining a Buy rating. The thesis: AI is breaking the memory industry's traditional commodity cycle. MU has gained over 700% in the past year, with Q2 revenue surging 196% YoY to $23.86B and HBM capacity sold out through 2026.
AMD continues its 2026 tear, up 115% year-to-date with a 30-day return of 87%. The stock is riding the massive 6GW MI450 GPU deal with OpenAI — which includes a potential equity kicker of 160 million shares — and accelerating EPYC server demand. At ~$436, analysts note the stock now trades about 38% above estimated fair value.
Alphabet is set to complete its first yen-denominated bond offering as part of a global debt blitz that has now surpassed $40 billion across euros, Canadian dollars, and Swiss francs — all earmarked for AI infrastructure. The aggressive capital raise coincides with a revenue backlog above $460B, boosted by Anthropic's five-year, $200B Google Cloud commitment reported May 5.
The S&P 500 climbed 0.8% to cross 7,500 for the first time, while the Nasdaq rose 0.9% to 26,635, also a record. Semiconductors led the charge — the PHLX Semiconductor Index is at a 25-year high, and SOXX logged its best month ever in April with a 40.4% gain. Futures were flat Friday morning after the record session.
Super Micro posted Q3 revenue of $10.24B — up 123% YoY — though it missed the $12.33B Street estimate due to customer deployment delays and GPU/memory supply constraints. Strong forward guidance ($11B–$12.5B next quarter) sent shares up 18% in extended trading. Raymond James raised its PT to $45 from $35 with an Outperform rating. The company also named new CRO and CBO executives.
Palantir jumped 2.9% on Wednesday, buoyed by Cisco's blockbuster earnings and its signal that AI infrastructure spending remains robust. But the stock had dropped 4.2% the day before after a hot PPI report pushed the 10-year yield to 4.49%, effectively killing 2026 rate-cut expectations. At ~$132, PLTR is down 24% YTD despite Q1 revenue rising 85% YoY, weighed by insider selling and valuation concerns.