Cerebras Systems (CBRS) shares have disappointed investors in 2026, but the options market suggests a near-term recovery is likely after its Q2 earnings on Aug. 12. Consensus expects a loss of $0.21 per share for the second financial quarter, slightly narrower than the $0.22 loss recorded in fiscal Q1. Heading into the release, Cerebras stock is down more than 25% versus the start of this year. According to Barchart, the put-to-call ratio on CBRS options contracts expiring Aug. 14 sits at 0.56x, indicating strong conviction that the AI stock will rally after earnings. The derivatives market data pegs the upper price on those contracts at a little over $255 at writing, signaling an 11% rally by the end of this week. The technical setup also suggests upside, with shares recently ripping through major moving averages and an RSI in the mid-50s indicating significant buying pressure. Caution is warranted, however, as the Nasdaq-listed firm commands a price-to-sales multiple of more than 80x, which looks stretched given it has yet to turn a profit. Executives have not recorded even a single buy transaction in the trailing 12 months, signaling a lack of insider confidence, and Cerebras does not pay a healthy dividend. Wall Street analysts believe the year-to-date pullback in CBRS stock has gone a bit too far.