Cerebras Systems priced its IPO at $185 per share on Wednesday evening, targeting a $5.5 billion raise and valuing the AI chipmaker at $40 billion, according to the Financial Times.

The company, a maker of chips purpose-built for the workloads powering tools like Claude Code and ChatGPT, was valued at $8.1 billion just eight months ago, the Financial Times said.

The rapid increase highlights just how fast investor capital is flowing into artificial intelligence, a trend that has become a significant headwind for digital assets as attention shifts toward AI-related equities.

The frenzy has made U.S. equities the undisputed destination for risk capital in recent months. Intel (INTC) is up 218% year to date. Advanced Micro Devices (AMD) …