1Q26 Preview - Expecting Any Inflections Will Be Positive

Research evidence excerpt

1Q26 Preview - Expecting Any Inflections Will Be Positive

Company Report

June 22, 2026 Cerebras (CBRS)

Rating: 1Q26 Preview - Expecting Any Inflections Will Be PositiveOUTPERFORM

Price:

$234.71 With Cerebras's IPO and our subsequent initiation only a few weeks in the past, we

12-Month Price Target: don't have any new insights into the company's inaugural earnings report. Having

$270.00 said this, we would again remind investors:

● We see almost zero demand risk given Cerebras's OpenAI and Amazon deals;

rather Cerebras results vs. expectations will likely be solely dictated by theAnalysts

company's ability to execute.

Matt Bryson ●(617) 695-6302 And on this front, we would point out several reasons for optimism:

matthew.bryson@wedbush.com ■ TSMC Wafer Starts - We believe TSM capacity is Cerebras's primary

Antoine Legault, CFA, CPA pinch point. TSM, in our view, likely provides at least modest upside

(626) 497-1619 to expected wafer output in '26 and '27. As such, we believe Cerebras

antoine.legault@wedbush.com probably realizes some wafer/system upside vs. expectations. And with

accelerator availability tightening, and memory sourcing becoming even

more challenging (less an issue for Cerebras given the chip relies on SRAMCompany Information - Hardware

Market Cap (M) $51,545 rather than HBM), we see several reasons to believe that Cerebras should

Enterprise Value (M) $62,883 be able to realize financial upside from any incremental output.

52-Week Range $196.73 - $386.34 ■ WSE-4 - Cerebras hasn't provided formal insight into the timing of WSE-4,

REV (M) in $ nor is any benefit from the upgrade baked into our forward numbers.

FYE Dec 2026E 2027E 2028E Having said this, general speculation is that WSE-4 will be launched and