Cerebras Systems shares rose nearly 2% Friday after Freedom Capital upgraded the AI chip company from Hold to Buy and assigned a $209 price target, following a 17% selloff tied to concerns that OpenAI had shifted an inference workload to Nvidia. The broader decline left the stock about 50% below its opening price after its May market debut, while executives selling shares as the lockup period expired added pressure. Freedom Capital analyst Paul Meeks called the market reaction disproportionate and said the OpenAI risk was minimal, even if reports about Nvidia use were accurate. He expects sustained demand for AI inference, or running trained models to produce responses, and continued contract wins with AMD and Amazon Web Services. Meeks also believes Cerebras’s Wafer Scale Engine could remain relevant in hybrid systems where GPUs handle prefill and Cerebras processors manage decoding. Consensus forecasts call for revenue to rise from roughly $887 million this year to $2.95 billion by 2027, although that outlook depends on scaling power infrastructure and manufacturing capacity on schedule and within budget.