AI chipmaker Cerebras Systems priced its initial public offering above the expected range and sought to raise $5.5 billion, giving the company a reported valuation of about $40 billion as it prepared to begin trading on Nasdaq on May 14. The Sunnyvale, California-based company makes wafer-scale processors for AI workloads. Cisco Systems announced an AI-focused restructuring that will cut fewer than 4,000 jobs, or less than 5% of its workforce, after reporting record fiscal third-quarter reven...

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