Cerebras Systems (CBRS) experienced a sharp pullback, with the stock down 19.5% over the past day, 14.6% over the past week, and 28.9% over the past month, with year-to-date performance down 41.4% and the last close at $182.41. According to the most followed Cerebras Systems narrative, the fair value sits near $415.54 per share, framing the stock as 56.1% undervalued. This valuation is based on a customised growth model projecting a 55% annual revenue growth rate over the next five years, driven by management's delivery schedule for the OpenAI tranches and the aggressive rollout of AWS cloud capacity. However, Cerebras Systems faces two big pressure points: heavy reliance on OpenAI for future revenue and a complex lock up schedule that could unleash significant share supply.