Cerebras (NASDAQ:CBRS) traded at $193.25 ahead of the open, off 14.8% from its $226.72 close on Tuesday, before trading started on Nasdaq. The stock was just 4.5% over its $185 IPO price. Cerebras reported that revenue almost doubled in Q1, posting GAAP revenue of $193.4 million, rising 94% year over year, and logged a GAAP net loss of $14.0 million. Core revenue came in at $191.3 million, up 92%. However, the company set full-year core gross margin guidance at 38% to 41%, down from the first quarter’s 47%. Cloud and services now make up 43% of revenue, higher than 30% last year. Gross margin for the segment dropped 19.3 percentage points. Cloud and other services revenue jumped to $82.8 million from $29.8 million, but gross margin for that segment dropped to 48.9% from 68.2%. Chief Executive Andrew Feldman said in the earnings release, “Fast AI is more valuable than slow AI.” Chief Financial Officer Bob Komin said on the post-earnings call that renting outside capacity will “depress core cloud and other services margin temporarily,” Reuters reported. Cerebras’ full-year adjusted gross margin still lags Nvidia’s mid-70% range and AMD’s mid-50% range.