Shares of AI chipmaker Cerebras Systems (CBRS) skyrocketed about 100% in its first post-IPO trades, changing hands at $367 in volatile action.

The company priced its IPO on Wednesday evening at $185 per share, valuing it at roughly $40 billion, according to the Financial Times. The valuation marks a sharp jump from the $8.1 billion valuation the company received just eight months ago, highlighting investor demand for artificial intelligence companies tied to the rapid growth of tools such as ChatGPT and Claude Code.

Cerebras builds chips designed specifically for AI workloads, competing in a market dominated by Nvidia ( NVDA ) and Advanced Micro Devices ( AMD ). Its systems are built to train and run large language models that require massive computing power.

The debut comes as AI-related equities continue to attract substantial investor capital.

Intel ( INTC ) has gained 218% this year, while AMD and Micron Technology ( MU ) have more than doubled. The Philadelphia Semiconductor Index has climbed 66%, far ahead of the broader S&P 500’s 8% gain.

The surge in AI stocks has also raised concerns among some crypto investors that speculative capital is shifting from digital assets to AI stocks. Bitcoin has fallen 7% this year and remains below $80,000.