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Chipmakers got a boost on Friday, helping to lift US stocks to record highs, after the Wall Street Journal reported that Apple (AAPL) and Intel (INTC) reached a deal that will have Intel supply the iPhone maker with chips.
Tech stocks may get another lift on Monday, as UAE-based AI chipmaker Cerebras is expected to make a splashy public debut. The startup counts Amazon (AMZN) and OpenAI (OPAI.PVT) among its customers, and its inital public offering is likely to be the biggest IPO of 2026 so far.
In other tech news, several tech executives, including Nvidia (NVDA) CEO Jensen Huang and Apple (AAPL) CEO Tim Cook, are expected to join the US delegation to Beijing. President Trump and Chinese President Xi Jinping are scheduled to meet later this week to discuss trade, the war in Iran, powerful AI models, and more.
Meanwhile, the Elon Musk versus OpenAI (OPAI.PVT) trial, which wrapped up its second week on Thursday, is set to resume on Monday.
Musk’s lawsuit against one of the world’s most valuable private companies has provided a number of details about the inner workings of OpenAI and the relationships between Musk, his fellow co-founders, CEO Sam Altman, and president Greg Brockman, former chief technology officer Mira Murati, and former board member, and mother of four of Musk’s children, Shivon Zilis.
United Arab Emirates-based artificial intelligence chipmaker Cerebras Systems is set to raise the size and price of its initial public offering amid hot demand for shares of the AI company, according to Reuters.
The company is considering a new IPO price range of $150-$160 a share, up from $115-$125 a share, and raising the number of shares marketed to 30 million from 28 million, said the sources, who asked not to be identified because the information isn't public yet.
At the top of the new range, Cerebras would raise roughly $4.8 billion, up from $3.5 billion under its original terms, though the figures remain subject to change before pricing, the people said.
The increase follows a broader surge in AI adoption that has driven sharp demand for high-performance chips and turned semiconductors into a key bottleneck in the technology supply chain. Cerebras' IPO has drawn orders for more than 20 times the number of shares available, the people said, as the chipmaker looks to manage surging interest ahead of its May 13 pricing.
The trial between Tesla (TSLA) CEO Elon Musk and OpenAI (OPAI.PVT) picks back up on Monday.
Musk is seeking damages and a reversal of OpenAI’s transition to a for-profit.
He contends that OpenAI’s CEO Sam Altman and president Greg Brockman duped him into donating millions of dollars to get the company off the ground with the understanding that it would remain a nonprofit. OpenAI, however, says Musk is angry that the company rejected his offer to merge it with Tesla (TSLA) and name him CEO of the new entity.
Yahoo Finance’s Daniel Howley recaps the biggest moments so far in the trial:
OpenAI filed court documents claiming that Musk tried to gauge Brockman’s interest in a settlement before the start of the trial. When Brockman suggested both sides drop their claims against each other, Musk allegedly told Brockman he would turn him and Altman into “the most hated men in America.”
The case will decide the future of OpenAI and whether it will continue to operate as a for-profit entity or revert to a nonprofit structure.
During his testimony this week, Brockman claimed Musk wanted to become CEO of OpenAI because he needed $80 billion to build a city on Mars.
Brockman also disclosed that he holds a roughly $30 billion stake in the AI company, as well as holdings in other Altman-backed companies.