AI is pivoting toward a "transactional infrastructure" phase, where the focus has shifted from general AI hype to the specific mechanics of deployment and trade. In the semiconductor space, capital is aggressively chasing inference-specialized hardware to solve the high-latency bottlenecks currently stalling real-time AI applications. Meanwhile, the upcoming talks between the two superpowers are under the spotlight - What will be talked? What deals could be reached? What problems remain in limbo? All eyes on the development this week...
Another Hot Semiconductor Name to Be Listed…
- As the second attempt to list, Cerebras Systems is focused on inference, the process by which AI systems respond to user queries, and has tied much of its growth to OpenAI, including a $20 billion multi-year deal under which the ChatGPT creator will deploy 750 megawatts of Cerebras chips (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. 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.
Two Superpowers Meet Again After Almost a Decade…
- President Lee Jae Myung held rare back-to-back meetings with top US and Chinese economic officials in Seoul, as preparatory talks were being held ahead of a high-stakes US-China summit (Korea Herald).
- Trump is expected to focus heavily on trade with the aim of securing what he can present as economic wins ahead of November’s midterm elections. Washington has pushed for China to increase purchases of American goods, including Boeing aircraft, beef and soya beans, while also seeking closer investment and trade cooperation (Al Jazeera).
- Beijing, meanwhile, is expected to press the US to ease restrictions on advanced semiconductor exports and roll back measures limiting China’s access to critical chip-making technology. Taiwan is also likely to remain one of the most sensitive and contested issues in the summit.
What’s the Market Looking At?
- On the IPO front, the market consensus is that Cerebras isn't an "Nvidia Killer" for training, but it is the first real threat in Fast Inference. The sentiment is that while Nvidia will continue to dominate 90%+ of the general market, Cerebras is "skimming the cream" by taking the highest-value, low-latency workloads (like real-time AI agents) from OpenAI.
- On trade & technology, Jensen Huang’s surprise China trip could signal AI shift in US-China talks (New Fortune Times). The last-minute decision for Huang to join the trip has drawn global attention because his company, Nvidia, sits at the center of the global AI race. Market analysts said investors interpreted Huang’s attendance as a positive sign for future AI cooperation between the two countries.
- Meanwhile, China tech giants Alibaba and Tencent both will disclose quarterly performance on May 13th. Will they beat or miss? What catalyst to look out for? How is AI integrated into their blueprint, and how’s the execution?
- The “deals” over “diplomacy” - as a group of key figures across technology, industrials, basic materials, and finance joining the trip, the market could be eyeing a series of deals to be reached - but not to forget the prolonged trade tensions since 2025 Liberation Day.
