Cathie Wood’s Ark Invest bought Cerebras Systems stock around the AI chip startup’s first earnings report as a public company, viewing the share decline as a buying opportunity. Cerebras debuted on the market in May, opening at $350 per share, above its $185 IPO price, but later settled lower. Ark purchased 105,616 shares on the first trading day for around $32.8 million, averaging $310.56 per share. In three subsequent sessions that month, Ark added 226,430 shares, placed into the Ark Innovation ETF and Ark Next Generation Internet ETF. The following month, Ark made two pre-earnings buys, paying around $28.27 million for 124,949 shares at an average of $226.25 per share, and after earnings, purchased 111,989 shares for $20.41 million at an average of $182.26 per share. Cerebras’ fiscal first quarter posted 92% revenue growth and narrowed its net loss, and it announced partnerships with Amazon Web Services and OpenAI. However, investors punished the stock, sending shares to a new low of under $161 apiece, though they have since recovered to almost $200.