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AI chipmaker Cerebras Systems (CBRS) secures $5.55B in the year’s largest IPO. (00:13) Cisco (CSCO) announces layoffs with Q3 results. (01:04) Netflix (NFLX) brings back fan favorites, more NFL games, and Quasimodo at the 2026 Upfront event. (02:22)

This is an abridged transcript.

AI chipmaker Cerebras Systems (CBRS) raised $5.55B in its U.S. initial public offering, capitalizing on booming investor demand for artificial intelligence semiconductors.

The company priced its shares at $185 each, which is above the marketed range.

Cerebras had offered 30M shares in the IPO for $150 to $160 each, after revising the range and number of shares higher on Monday.

The shares are expected to begin trading on Nasdaq today under the ticker symbol “CBRS.”

The offering is expected to close on May 15, 2026.

On Wednesday, Bloomberg reported that Arm Holdings (ARM) and its majority owner Softbank Group (SFTBY), made an offer to purchase Cerebras Systems (CBRS) weeks before its planned IPO.

In conjunction with its third-quarter results and guidance, Cisco (CSCO) announced on Wednesday that it will be letting go fewer than 4,000 employees as it continues to focus on artificial intelligence.

“The companies that will win in the AI era will be those with focus, urgency, and the discipline to continuously shift investment toward the areas where demand and long-term value creation are strongest,” Cisco CEO Chuck Robbins wrote in a blog post. “I’m confident Cisco will be one of those winners.”

Robbins said the notifications of the layoffs, which will impact roughly 5% of the company's workforce, will start on May 14 and continue globally with applicable local laws and regulations.

As part of the severance package, affected employees will receive a pro-rated payment of the fiscal 2026 bonus, along with placement services. Cisco said in a filing with the Securities and Exchange Commission that it currently estimates pre-tax charges of up to $1B consisting of severance and other related costs. Approximately $450M of that will be recognized in the upcoming fourth quarter of fiscal 2026, with the remaining amount recognized in fiscal 2027.

Cisco is up 18% in premarket action.

At its annual Upfront event, where broadcasters and streamers give a sneak peek at the upcoming schedule, Netflix (NFLX) unveiled a busy 2026-2027 season.

Live events include the FIFA Women’s World Cup, Westminster Dog Show, and the MLB Home Run Derby; and new movies featuring Robert DeNiro and Ben Affleck, as well as a reimagined take on the life of Victor Hugo's Quasimodo.

The streaming giant also announced a new four-year deal with the NFL that adds three more games during the 2026-2027 season, including rights to an international game in Australia between the San Francisco 49ers and Los Angeles Rams, a new Thanksgiving Eve game, and another at the end of the season.

The platform is also bringing back fan favorites like season five of Bridgerton, a sixth season of Emily in Paris, another installment of popular sci-fi series 3 Body Problem, and season number four of The Diplomat.

The Grown Ups are spending another July 4th weekend together with the third installment of the Adam Sandler comedy, while Sherlock Holmes’ younger sister is back in Enola Holmes 3, coming to Netflix on July 1.

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Catalyst watch:

• Notable events include the Littelfuse (LFUS) Investor Day, Fiserv (FISV) Investor Day, Charles Schwab (SCHW) Investor Day, DexCom (DXCM) Investor Day, Appian (APPN) Investor Day, Las Vegas Sands (LVS) annual meeting, Ford's (F) annual meeting, and the BMO Global Farm to Market Chemicals Conference.

• YouTube (GOOG) (GOOGL) CEO Neal Mohan will participate in the MoffettNathanson Media, Internet, and Communications Conference.

• Applied Materials (AMAT) will hold its earnings call at 4:30pm. Options trading implies an 8% swing for the stock following the report. Shares have already ripped a 67% year-to-date gain. Ichor Holdings (ICHR) and Ultra Clean (UCTT) both derive more than 20% of their revenue from AMAT and trade in tandem with the stock 75% of the time after earnings.

Stock index futures are higher premarket as investors await updates on U.S.-China diplomatic talks.

President Trump met Chinese leader Xi Jinping in Beijing on Thursday, launching a high-stakes summit expected to span two days and focus on trade, tariffs, Taiwan, and Iran. Thursday’s meeting has wrapped up and media reports say it lasted two hours and 15 minutes. The next event is a state banquet.

Crude oil is up 0.5% at $101. Bitcoin is up 0.7% at $79,000. Gold is up 0.2% at $4,694.

The FTSE 100 is up 0.4% and the DAX is up 0.2%.

The biggest movers for the day premarket: Doximity (DOCS) -21% - Shares plunged after reporting FQ4 results that included an EPS miss and weaker-than-expected forward guidance.

Economic calendar:

• 8:30 am Jobless Claims

• 8:30 am Retail Sales