<p>作者：Britney Nguyen</p>
<p>尽管收入数据乐观，Cerebras 的股票在盘后交易中下跌</p>
<p>Cerebras 于周二发布了其首次盈利报告。</p>
<p>Cerebras Systems 的股票在周二的常规交易中逆势上涨，但在盘后交易中遭到惩罚，尽管该公司作为上市公司首次盈利报告的结果和指引均超出预期。</p>
<p>Cerebras（CBRS）于 5 月进行首次公开募股，发布了第一季度核心收入为 1.913 亿美元，同比增长 92%，超出 FactSet 分析师共识的 1.812 亿美元。该公司使用的 “核心财务结果” 表示 “排除了客户认股权证的摊销、数据中心的过账收入和成本” 等项目的影响。</p>
<p>Cerebras 首席执行官 Andrew Feldman 在一份声明中指出，得益于其 “提供世界上最快的人工智能” 技术，公司与包括 OpenAI 和亚马逊网络服务（AMZN）在内的开创性客户之间看到了 “显著的势头”。</p>
<p>这家芯片制造商专注于推理，即运行人工智能模型的过程，Feldman 告诉 MarketWatch，该公司目前正在为 OpenAI 的 GPT-5.4 提供服务，该模型于 3 月初发布。</p>
<p>Cerebras 通过一种称为晶圆级集成的技术将整个晶圆作为一个芯片，而不是通常将晶圆分割成多个单独的芯片。该芯片制造商表示，其晶圆级引擎比 Nvidia（NVDA）的 B200 芯片大 58 倍，并包括片上静态随机存取存储器，速度快于其他公司使用的动态随机存取存储器。</p>
<p>Cerebras 在 1 月宣布与 OpenAI 达成多年协议，ChatGPT 制造商将部署 750 兆瓦的人工智能推理计算能力。根据该芯片公司的说法，该交易价值超过 200 亿美元。OpenAI 还拥有购买 Cerebras 普通股最多 3340 万股的认股权证。</p>
<p>该公司还与 AWS 达成协议，在超大规模数据中心部署其晶圆大小的芯片。</p>
<p>Cerebras 报告第一季度核心毛利率为 47%，核心营业亏损为 350 万美元。公司的核心净亏损为 250 万美元。</p>
<p>管理层对第二季度核心收入的指引为 1.94 亿美元，高于 178 万美元的分析师共识预期。</p>
<p>尽管如此，Cerebras 的股票在报告发布后在盘后交易中下跌超过 9%。</p>
<p>摩根士丹利分析师 Joseph Moore 在盈利发布前的报告中表示，芯片制造商能够多快部署计算能力将是 “收入和毛利率上升的关键驱动因素”，并指出预计 Cerebras 将在明年中期上线 250 兆瓦的计算能力。</p>
<p>Wedbush 分析师 Matt Bryson 持类似观点，认为 Cerebras 几乎没有需求风险，而未来的预期 “可能完全取决于公司执行的能力”。</p>
<p>Feldman 告诉 MarketWatch，该公司能够 “规避当前市场中的一些限制”，包括内存和先进芯片封装的供应问题。</p>
<p>随着人工智能的建设，DRAM 的需求激增，尤其是当 Nvidia 等芯片制造商寻求高带宽内存时，这涉及到堆叠多个 DRAM 芯片。</p>
<p>Bryson 在周一的报告中指出，Cerebras 使用 SRAM 使得这对公司来说 “问题较小”。</p>
<p>从长远来看，Moore 表示，重点将放在其晶圆级引擎是否能为其他人工智能芯片产品提供 “持久的竞争优势”，通过为客户在扩展人工智能系统时提供更好的经济效益。</p>
<p>不要错过：美光今年增长了 1 万亿美元。这两个变数将决定其发展轨迹。</p>
<p>-Britney Nguyen</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>06-23-26 1743ET</p>

CBRS

亚马逊

<p>Cerebras Systems 报告了作为一家上市公司的首次财报，第一季度核心收入为 1.913 亿美元，同比增长 92%，超出预期。尽管业绩和第二季度的指引均好于预期，但股价在盘后交易中下跌超过 9%。这家 AI 芯片制造商强调了与 OpenAI 和 AWS 等客户的强劲势头，利用其晶圆级集成技术来规避内存供应限制</p>

<p>By Britney Nguyen</p>
<div class="lb-trans"><p>作者：Britney Nguyen</p>
</div><p>Despite upbeat revenue figures, Cerebras's stock was falling in after-hours trading</p>
<div class="lb-trans"><p>尽管收入数据乐观，Cerebras 的股票在盘后交易中下跌</p>
</div><p>Cerebras posted its first-ever earnings report Tuesday.</p>
<div class="lb-trans"><p>Cerebras 于周二发布了其首次盈利报告。</p>
</div><p>Cerebras Systems' stock bucked the chip-sector selloff in Tuesday's regular session - but it was getting punished in after-hours trading, despite better-than-expected results and guidance in the AI-chip maker's first earnings report as a public company.</p>
<div class="lb-trans"><p>Cerebras Systems 的股票在周二的常规交易中逆势上涨，但在盘后交易中遭到惩罚，尽管该公司作为上市公司首次盈利报告的结果和指引均超出预期。</p>
</div><p>Cerebras (CBRS), which held its initial public offering in May, posted first-quarter core revenue of $191.3 million, up 92% from a year ago and ahead of the FactSet analyst consensus for $181.2 million. The company uses &#34;core financial results,&#34; which it says &#34;exclude the impact of amortization of customer warrants, data-center pass-through revenues and costs,&#34; among other items.</p>
<div class="lb-trans"><p>Cerebras（CBRS）于 5 月进行首次公开募股，发布了第一季度核心收入为 1.913 亿美元，同比增长 92%，超出 FactSet 分析师共识的 1.812 亿美元。该公司使用的 “核心财务结果” 表示 “排除了客户认股权证的摊销、数据中心的过账收入和成本” 等项目的影响。</p>
</div><p>Cerebras CEO Andrew Feldman noted in a statement that the company has seen &#34;significant momentum with pioneering customers&#34; that include OpenAI and Amazon Web Services (AMZN), thanks to its technology that &#34;delivers the fastest AI in the world.&#34;</p>
<div class="lb-trans"><p>Cerebras 首席执行官 Andrew Feldman 在一份声明中指出，得益于其 “提供世界上最快的人工智能” 技术，公司与包括 OpenAI 和亚马逊网络服务（AMZN）在内的开创性客户之间看到了 “显著的势头”。</p>
</div><p>The chip maker - which focuses on inference, or the process of running artificial-intelligence models - is now serving OpenAI's GPT-5.4 that was released in early March, Feldman told MarketWatch.</p>
<div class="lb-trans"><p>这家芯片制造商专注于推理，即运行人工智能模型的过程，Feldman 告诉 MarketWatch，该公司目前正在为 OpenAI 的 GPT-5.4 提供服务，该模型于 3 月初发布。</p>
</div><p>Cerebras uses an entire wafer as one chip through a technique called wafer-scale integration, instead of the usual process which splits a wafer into several individual die. The chip maker said its wafer-scale engine is 58 times larger than Nvidia's (NVDA) B200 chip and includes on-chip static random-access memory, which is faster than the dynamic random-access memory used by other companies.</p>
<div class="lb-trans"><p>Cerebras 通过一种称为晶圆级集成的技术将整个晶圆作为一个芯片，而不是通常将晶圆分割成多个单独的芯片。该芯片制造商表示，其晶圆级引擎比 Nvidia（NVDA）的 B200 芯片大 58 倍，并包括片上静态随机存取存储器，速度快于其他公司使用的动态随机存取存储器。</p>
</div><p>Cerebras announced a multiyear agreement with OpenAI in January for the ChatGPT maker to deploy 750 megawatts of AI inference compute capacity. The deal is valued at more than $20 billion, according to the chip company. OpenAI also has a warrant to purchase up to 33.4 million shares of Cerebras's common stock.</p>
<div class="lb-trans"><p>Cerebras 在 1 月宣布与 OpenAI 达成多年协议，ChatGPT 制造商将部署 750 兆瓦的人工智能推理计算能力。根据该芯片公司的说法，该交易价值超过 200 亿美元。OpenAI 还拥有购买 Cerebras 普通股最多 3340 万股的认股权证。</p>
</div><p>The company also has an agreement with AWS to deploy its wafer-sized chips in the hyperscaler's data centers.</p>
<div class="lb-trans"><p>该公司还与 AWS 达成协议，在超大规模数据中心部署其晶圆大小的芯片。</p>
</div><p>Cerebras reported a core gross margin of 47% and a core operating loss of $3.5 million for the first quarter. The company's core net loss was $2.5 million.</p>
<div class="lb-trans"><p>Cerebras 报告第一季度核心毛利率为 47%，核心营业亏损为 350 万美元。公司的核心净亏损为 250 万美元。</p>
</div><p>Management's guidance for second-quarter core revenue calls for $194 million, above the $178 million consensus analyst view.</p>
<div class="lb-trans"><p>管理层对第二季度核心收入的指引为 1.94 亿美元，高于 178 万美元的分析师共识预期。</p>
</div><p>Still, Cerebras's stock fell more than 9% in after-hours trading following the report.</p>
<div class="lb-trans"><p>尽管如此，Cerebras 的股票在报告发布后在盘后交易中下跌超过 9%。</p>
</div><p>How quickly the chip maker can deploy compute capacity will be &#34;the key driver of revenue and gross-margin upside,&#34; Morgan Stanley analyst Joseph Moore said in a report ahead of the earnings release - noting expectations for Cerebras to bring 250 megawatts of compute online by the middle of next year.</p>
<div class="lb-trans"><p>摩根士丹利分析师 Joseph Moore 在盈利发布前的报告中表示，芯片制造商能够多快部署计算能力将是 “收入和毛利率上升的关键驱动因素”，并指出预计 Cerebras 将在明年中期上线 250 兆瓦的计算能力。</p>
</div><p>Wedbush analyst Matt Bryson took a similar view that there is &#34;almost zero demand risk&#34; for Cerebras, while expectations going forward &#34;will likely be solely dictated by the company's ability to execute.&#34;</p>
<div class="lb-trans"><p>Wedbush 分析师 Matt Bryson 持类似观点，认为 Cerebras 几乎没有需求风险，而未来的预期 “可能完全取决于公司执行的能力”。</p>
</div><p>Feldman told MarketWatch that the company has been able to &#34;sidestep some of the constraints that are in the market&#34; at the moment, including supply for memory and advanced chip packaging.</p>
<div class="lb-trans"><p>Feldman 告诉 MarketWatch，该公司能够 “规避当前市场中的一些限制”，包括内存和先进芯片封装的供应问题。</p>
</div><p>Demand for DRAM has skyrocketed amid the AI buildout, especially as chip makers such as Nvidia seek high-bandwidth memory, which involves stacking multiple DRAM die.</p>
<div class="lb-trans"><p>随着人工智能的建设，DRAM 的需求激增，尤其是当 Nvidia 等芯片制造商寻求高带宽内存时，这涉及到堆叠多个 DRAM 芯片。</p>
</div><p>Cerebras's use of SRAM makes that &#34;less an issue&#34; for the company, Bryson had pointed out in his Monday note.</p>
<div class="lb-trans"><p>Bryson 在周一的报告中指出，Cerebras 使用 SRAM 使得这对公司来说 “问题较小”。</p>
</div><p>In the long term, Moore said focus will be on whether its wafer-scale engine can be &#34;a durable competitive advantage&#34; to other AI-chip offerings by providing customers better economics as they scale AI systems.</p>
<div class="lb-trans"><p>从长远来看，Moore 表示，重点将放在其晶圆级引擎是否能为其他人工智能芯片产品提供 “持久的竞争优势”，通过为客户在扩展人工智能系统时提供更好的经济效益。</p>
</div><p>Don't miss: Micron grew by $1 trillion this year. These two wild cards will determine its trajectory.</p>
<div class="lb-trans"><p>不要错过：美光今年增长了 1 万亿美元。这两个变数将决定其发展轨迹。</p>
</div><p>-Britney Nguyen</p>
<div class="lb-trans"><p>-Britney Nguyen</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>06-23-26 1743ET</p>
<div class="lb-trans"><p>06-23-26 1743ET</p>
</div>

Cerebras delivers its first earnings report - but it's not enough to lift the stock

- Cerebras 发布首次财报，核心营收同比增长 92% 至 $191.3 百万。  
- 尽管业绩优于预期，股价在盘后交易中仍下跌超 9%。  
- 长期看，公司技术能否带来竞争优势将影响未来表现。

Dow Jones

Cerebras

Tradr 2X Long CBRS Daily

Leverage Shares 2X Long CBRS Daily ETF

Tradr 2X Short CBRS Daily ETF

亚马逊每日 1 倍做空 ETF - Direxion

Tradr 2X Short AMZN Daily ETF

亚马逊每日 2 倍做多 ETF - Direxion

Roundhill AMZN WeeklyPay ETF

Yieldmax Amzn Option Income ETF

GraniteShares 2x Long AMZN Daily ETF

Graniteshares YieldBOOST AMZN ETF

Kurv Yield Premium Strategy Amazon AMZN ETF

2 倍做多 MAG7 指数 ETF - Roundhill

Nano Labs

OpenAI

英伟达

摩根士丹利

美光科技

新闻集团-B

新闻集团-A

NVIDIA Corporation

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

News Corporation Shs B Chess Depository Interests repr 1 Sh

News Corporation Shs A Chess Depository Interests repr 1 Sh

Cerebras 发布了首份财报，但这并不足以推动股价上涨