The artificial intelligence boom has been the biggest topic in financial markets for nearly two years, following the November 2022 launch of ChatGPT. And while Nvidia (NASDAQ:NVDA) has been the biggest beneficiary of the trend — as have its investors — the AI semiconductor space is about to get a bit more crowded.

Cerebras Systems Inc., a maker of chips and other tech infrastructure for artificial intelligence, filed for an initial public offering on Monday, as more startups look to make a name for themselves in a space occupied by tech juggernauts like Nvidia Corp.

To take market share from Nvidia, Cerebras would need to add application software that is more advanced and useful than Nvidia’s CUDA.

Cerebras Systems, a startup competing with industry leader Nvidia for a slice of the lucrative AI chip market, said late on Monday its revenue surged more than threefold in 2023, in a filing to go public in the U.

Cerebras touts the world's largest and fastest AI chip, and competes with Nvidia, a top player in the AI computing space.

As the largest beneficiary of the generative AI surge, Nvidia's dominance has attracted a wave of challengers. The recent initial public offering (IPO) filing by Cerebras signals growing efforts to challenge Nvidia's control over supply and pricing in the AI chip market.

Nvidia rival and chip startup Cerebras Systems has filed for an initial public offering. Cerebras Systems experienced significant net losses in both the first half of 2024 and the second quarter, despite generating substantial sales revenue.