Introduction welcome to cerebra unicorn news it's Friday June 21st on today's show cerebra systems files for IPO challenging Nvidia in the AI chip Market this coverage and more up [Music] next I'm your host lesie and this news is brought to you by link to [Music] Cerebras Systems Files for IPO, Challenging Nvidia in AI Chip Market we start off with a significant development in the AI chip industry as cerebus Systems Inc a high-powered computer chip startup and rival to Nvidia Corp has reportedly filed confidential paperwork with us Securities Regulators for an initial public offering on the NASDAQ Stock Exchange the IPO is expected to take place later this year according to an unnamed Source involved in the decision as reported today by the information we now turn to our correspondent Abby Abby what can you tell us about these developments well lesie this is a major move for cerebras which has been making waves in the AI chip industry with its innovative high- performance Computing Solutions the company has also notified Regulators in Delaware about the creation of preferred shares For an upcoming F1 round which will be offered at a steep discount compared to its last funding round this suggests that cerebrus is looking to raise addition Capital ahead of its IPO and what about the potential valuation of the company have there been any indications of what cerebrus might be targeting Bloomberg previously reported that cityrp has been chosen as the Lead Bank for the listing with cerebrus aiming for a valuation above $4 billion this would be a significant milestone for the company which has been competing with industry giants like Nvidia in the rapidly growing market for AI chip and high performance Computing Solutions thank you Abby for those insights as the AI chip industry continues to heat up cerebrus IPO plans will certainly be one to watch closely in the coming months and will keep our viewers updated on any further developments that wraps up our headlines for today thanks for listening to cerebrus unicorn news for more on private investing opportunities visit link to.com we'll see you back here tomorrow [Music]