Cerebras

• CBRSB is a tokenised bStock representing Cerebras Systems Inc., giving price exposure to the underlying that can be traded around the clock.

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• The underlying shares are listed on the Nasdaq Global Select Market under the ticker CBRS.

• Headquarters: Sunnyvale, California, United States

• CEO: Andrew Feldman (co-founder)

• Listed on: Nasdaq (CBRS), since 14 May 2026

• Sector: AI semiconductors and compute

• Cerebras builds wafer-scale processors for training and running large AI models, taking a fundamentally different approach from GPU clusters.

• It listed on Nasdaq under the ticker CBRS on 14 May 2026.

• Revenue has been concentrated in a small number of large customers, which makes results sensitive to individual contracts.

• Revenue comes from selling CS-3 systems built around its Wafer Scale Engine processor.

• Cerebras Inference, a cloud service for running AI models, is a growing share of revenue.

• A multi-year agreement with OpenAI and a partnership with Amazon Web Services anchor its customer base.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• Its wafer-scale design is architecturally different from GPU clusters and is fast at AI inference.

• Large multi-year contracts give it revenue visibility.

• It reported a profit for 2025.

Cons:

• Revenue is concentrated in a small number of very large customers.

• NVIDIA dominates the market it is trying to enter.

• As a recent listing, insider lock-up expiries could add selling pressure.

• Post-IPO volatility: recently listed shares can swing sharply, and insider lock-up expiries can add selling pressure.

• Customer concentration: losing or renegotiating a single major contract could materially affect the underlying share price.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.