Cerebras (CBRS), an AI chip company previously described as a major challenger to Nvidia, fell about 22% after releasing its first quarterly report since going public, with negative guidance outweighing better-than-expected results and pushing the stock below its IPO price. According to BlockBeats On-chain Detection, monitoring by Hyperinsight shows overall whale positioning has turned bearish, with CBRS quoted at $184 on Hyperliquid, down 7.7% over the past 24 hours. Large short sellers at the million-dollar scale held about $11.62 million in combined short positions, about 2.39 times the roughly $4.87 million held by long positions. Two major short positions were opened at elevated levels on or even before the IPO day. One whale address, 0xe0ff, opened a short on May 14 at $284.51 using 3x leverage, with a position size of $6.13 million and an unrealized profit of $3.24 million. Another whale address, 0x9996, opened a short on May 11 at $275.92 using 5x leverage, with a position size of $5.48 million and an unrealized profit of $2.64 million. Both addresses are reported to hold short positions in CBRS and SPCX, and are described as favoring short setups ahead of or on the day of major stock listings. Following the earnings-related downside move, the two positions together showed about $5.88 million in unrealized profit. The average entry price for current CBRS short whale positions was about $275, with the market price now more than 30% below that level. The nearest short liquidation level was cited at $200.13, about 7% above the current price.