Cerebras Systems soared 108% on its Nasdaq debut in May. Five months later, the AI chipmaker briefly sank well below the price it sold shares at, a sharp reversal that came right as Wall Street’s faith in AI infrastructure spending got tested all over again.

On October 1, Cerebras shares slipped to roughly $177.65, breaking below the $185 a share the company had priced its IPO at back on May 14. The slide wasn’t random. That same day, a lockup provision expired, freeing roughly 13% of IPO shares to trade, and insiders filed Form 144 notices covering roughly $84 million in planned sales. CTO Sean Lie and CEO Andrew Feldman had already sold stock earlier in the summer to cover taxes on vested equity, including a Form 144 from Lie…