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Cerebras Systems shed roughly 10% on Friday after soaring 68% in its Nasdaq debut Thursday, closing near $280 vs. its $185 IPO price. The AI chipmaker raised $5.55 billion — the largest U.S. tech IPO since Uber in 2019 — giving it a market cap near $95 billion and making CEO Andrew Feldman a billionaire.
Cisco reported record Q3 revenue of $15.8B (up 12% YoY), beat EPS estimates at $1.06 vs. $1.04 expected, and raised its AI orders target to $9 billion from $5 billion. AI revenue guidance was hiked to $4B from $3B. Shares hit an intraday record of $119.36, though the company also announced ~4,000 job cuts.
Samsung's 50,000-member union set an 18-day walkout beginning May 21 after failed bonus negotiations. JPMorgan estimates 4 trillion won in direct revenue impact. TrendForce projects 3-4% of global DRAM and 2-3% of NAND supply could be disrupted, threatening HBM supply for Nvidia and AMD.
ARM Holdings fell 8.5%, AMD dropped 5.7%, Intel plunged nearly 7%, and Micron lost 6.6%. The selloff combined Samsung strike fears, surging oil ($109/bbl), rising Treasury yields, and a disappointing Trump-Xi summit that failed to produce concrete chip-trade breakthroughs.
The Commerce Department cleared ~10 Chinese firms (Alibaba, Tencent, ByteDance, JD.com) to buy up to 75,000 H200 chips each. CEO Jensen Huang joined Trump on Air Force One to Beijing. But the summit produced no further breakthroughs, and Chinese firms have yet to take delivery after guidance from Beijing stalled deals.
New Q1 financial disclosures revealed Trump made 3,700+ stock trades totaling over $700M, including up to $5M in NVDA purchased before the China chip export approval. Sen. Warren raised conflict-of-interest concerns; the White House says assets are managed by a family trust with automated trades.
S&P 500 fell 1.24% to 7,408.50, Nasdaq dropped 1.54% to 26,225.14, Dow shed 537 points. Oil surging past $109 on a US-Iran deal, rising Treasury yields, and no policy wins from the Trump-Xi summit combined to trigger broad selling, particularly in high-multiple AI and semiconductor names.
IonQ fell 7.4%, with D-Wave, Rigetti, and Quantum Computing Inc. also down 6-9%. The selloff came after quantum names had nearly doubled in five weeks. IonQ had previously reported blowout Q1 numbers (revenue +755% to $64.7M) and raised full-year guidance to $260-270M.
Nvidia reports Q1 fiscal 2027 results next Wednesday. Consensus expects EPS growth of 118.5% and revenue growth of 78.7% YoY. The report comes amid heightened uncertainty over China access, Samsung supply risk, and whether the $700B hyperscaler capex cycle can sustain current growth rates.
Goldman Sachs reiterated its Sell rating on Super Micro Computer, flagging dangerous customer concentration: one data center client accounted for 27% of quarterly revenue and nearly 39% of YTD sales. Shares fell to $31.04, adding to the broader semiconductor rout.
