Cerebras, the AI chipmaker trying to challenge Nvidia, just posted a surprise profit and raised its full-year forecast. Its shares surged about 17% on Friday after the results. Why it matters: in a week when AI spending worries rattled chip stocks, Cerebras delivered the opposite signal — demand strong enough to lift guidance and turn a quarterly profit ahead of expectations.
November 13, 2026
What happened
Cerebras Systems reported third-quarter results that beat analyst expectations on both revenue outlook and profitability. The company now expects 2026 adjusted revenue of $940 million to $960 million, up from its previous forecast of $880 million to $890 million. Analysts had expected about $887.04 million for the period, according to data compiled by LSEG.
Adjusted profit came in at $29.82 million, compared with an adjusted loss of $10.86 million a year earlier. Analysts had been expecting an adjusted loss of $38.4 million, making the profit a clear surprise.
Details from the report
Cerebras said its adjusted cloud and services revenue, which reflects its OpenAI deal, more than tripled to $144.9 million in the third quarter. On the earnings call, chief executive Andrew Feldman said delivery delays under Cerebras’ $20 billion multi-year deal with OpenAI stemmed from industry-wide shortages of land and power, rather than chip manufacturing constraints.
The company also said it has signed a cloud deal with Microsoft, with details to be shared next year, and it reiterated plans to triple revenue in 2027. Friday’s rally would add nearly $4 billion to Cerebras’ market value if the gains hold. Even after the jump, context matters: as of Thursday’s close, the shares were down 47.2% from their May IPO price of $185 apiece.
Why it matters
Cerebras is one of the few credible challengers to Nvidia in AI accelerators, and its results land at a sensitive moment. Nvidia’s chief executive Jensen Huang resigned this week, AI chip stocks sold off, and the Federal Reserve flagged AI financing as a top financial-stability risk. Against that backdrop, a forecast raise, a surprise profit, and a new Microsoft cloud deal suggest at least one Nvidia rival is converting the buildout into revenue faster than investors expected. The honest caveat is in the company’s own call: growth is being held back not by making chips, but by finding land and power — the same bottleneck now shaping the whole AI infrastructure race. Everything AI, tested — this quarter, Cerebras passed a real test.
Frequently asked questions
What did Cerebras forecast for 2026 revenue?
Cerebras raised its 2026 adjusted revenue forecast to $940 million to $960 million, up from $880 million to $890 million previously. Analysts had expected about $887.04 million.
Did Cerebras make a profit this quarter?
Yes, on an adjusted basis. Adjusted profit was $29.82 million, compared with an adjusted loss of $10.86 million a year earlier. Analysts had expected an adjusted loss of $38.4 million.
What did Cerebras say about Microsoft and OpenAI?
It said it has signed a cloud deal with Microsoft, with details to come next year. On OpenAI, chief executive Andrew Feldman said delivery delays under the $20 billion multi-year deal stemmed from land and power shortages, not chip manufacturing.
Sources: Reuters