Cerebras Systems [CBRS] had the biggest IPO of 2026 on Thursday. Priced at $185, it opened at $350 and briefly touched a $100B market cap before closing day one up 68% at $311. Day two brought a 10% pullback to $280, leaving it valued at $65-70B. The hype is understandable. Cerebras claims its AI chip outperforms Nvidia by nearly 20x, revenue grew 76% last year, and it has a $26B backlog with OpenAI, AWS and Meta. But Nvidia has a $5.5 trillion head start and this is still day two. Cerebras is definitely on the watchlist.(Lark Davis)