Supernova回顾：Cerebras发布CS 4

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Idea

August 19, 2026 05:00 AM GMT

Cerebras Systems | North America

Morgan Stanley & Co. LLC

Joseph Moore

Equity Analyst

Supernova Recap: Cerebras

Unveils CS 4

Ella Tulchinsky

Research Associate

Mason Wayne

Research Associate

CS 4 is a system level upgrade that meaningfully improves

performance, scalability, and deployment. We think the launch

shows tangible progress on key bottlenecks in power delivery

and I/O, while strengthening Cerebras’ position in ultra fast

inference. Reiterate OW.

Shane Brett

Equity Analyst

Nicole Kozhukhov

Research Associate

Cerebras Systems (CBRS.O, CBRS US)

Cerebras unveiled its CS 4 rack scale solution, focused on improving

Semiconductors | United States of America

performance, scalability, and ease of deployment. We view CS 4 as more of a

system combines three WSE 3 Turbo wafers in a single rack and delivers up to 2x

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

Mkt cap, curr (mm)

52-Week Range

faster inference than CS 3 and roughly 6x higher overall system performance. The

Fiscal Year Ending

system redesign than a new wafer generation, with Cerebras upgrading the power,

cooling, and networking around its existing wafer scale architecture. The new

WSE 3T retains the same core count and 44 GB of SRAM as WSE 3, with the

performance gains driven primarily by improved power delivery, cooling, and I/O.

Exhibit 1:

Overweight

Attractive

$279.00

$220.01

$41,543

$386.34-160.81

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

ND

(0.46)

NM

(0.59)

1.03

212.9

1.29

5.68

38.7

6.06

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Source: Company data

Quarter

2025

2026e 2026e

Prior Current

ND

- (0.04)a

- (0.05)a

- (0.21)

- (0.33)

2027e 2027e

Prior Current

Tb/s and introduced Direct Wafer Links, allowing wafers to communicate directly

Q1

Q2

Q3

Q4

rather than routing all traffic through a conventional network switch. Standard

…