Cerebras Systems shares dropped 5.0% in morning trading on Wednesday to $141.65, marking a new 52-week low as approximately 19.4 million shares tied to non-executive employee holdings became eligible for sale following a staggered post-IPO lockup expiration.

The unlocked shares represent roughly 8% of total shares outstanding. Earlier insider selling included more than $240 million in Class A shares sold by CEO Andrew Feldman and CTO Sean Lie under trading plans.

Microsoft announced on October 12 that its Maia 300 chip family will serve as the primary inference system for its own products and services starting in 2027. An industry report suggested that OpenAI's newest ultrafast inference tier is running on Nvidia GPUs rather than Cerebras hardware, raising questions about Cerebras' $20 billion multi-year OpenAI contract.

A DCF analysis circulating among investors has suggested the stock may remain overvalued at current levels.