AI chipmarker, Cerebras Systems (CBRS) reports its first quarter earnings as a public company tonight after the closing bell on Tuesday. The AI chipmaker, which IPO'd at $185 in May before surging to $343 on day one and sliding almost 50% to around $221 faces its first major test with investors. Analysts expect a loss of $0.14–$0.16 per share on revenue of roughly $183 million, which is up over 80% year-on-year. Cerebras' results come as investors continue to pile into AI infrastructure stocks, with semiconductor companies among the market's standout performers this year.
Following last night's 10% plunge in South Korea's Kospi, the worst fears for U.S. tech — to this point — have not yet shown themselves.
A bit more than 30 minutes into the trading day, the Nasdaq is "just" down 1.2%, far better than the 3%+ decline in Nasdaq futures earlier indicated.
Alongside, bitcoin (BTC) has climbed just a hair from its worst levels, now trading at $62,500, still down 4% over the past 24 hours.
Crypto-related stocks are naturally lower, but off their worst levels. Strategy (MSTR) is down 2.1% and Coinbase is off 1.9%.
Digital Currency Group's Fortitude Mining has agreed to merge with HeartSciences (HSCS).
The deal is expected to close in the second half of this year, with the stock to trade on the Nasdaq under the symbol "TUDE," according to a Tuesday press release.
Fortitude began mining ZEC in 2019 and to this point has scaled annual production to 157,000 ZEC, the press release continued.
HSCS is higher by 95% in early trading on Tuesday.
ZEC is lower by 9% over the past 24 hours alongside a general swoon in crypto markets.
Implied volatility indexes, or fear gauges, tied to both bitcoin (BTC) and the S&P 500 have spiked sharply as concerns over technology stocks weigh on global markets.
Bitcoin’s 30-day implied volatility index (BVIV) has jumped nearly 10% to 46.5%, according to Volmex data. The index, which tends to move inversely to bitcoin’s spot price, reflects growing demand for options protection.
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