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Here's your morning TNB Tech Minute for Thursday, May 14th. I'm Danny Lewis for the Wall Street Journal.

Chipmaker Cerebris Systems is kicking off a hotly anticipated year for artificial intelligence

IPOs. The company is set to start trading today after it priced its initial public offering

far above expectations at $185 late last night. That price gives Cereubris a market capitalization of about $40 billion.

The company also boosted the number of shares in the offering from $28 million to $30 million after

strong investor demand. Speaking of chips, some hedge funds are making a killing in the stocks of chipmakers

and other AI hardware companies. Firms like Steve Cohen's Point 72, Whale Rock Capital, and Seligman investments posted strong

returns for April thanks in part to rallies and semiconductor stocks and related equipment makers,

helping make last month the best for stock picking funds since December 1999, according to

research firm Pivotal Path.

That's thanks to the rapid adoption of AI coding tools and agents, which brought along a broad

demand for computing resources like central processing units and memory chips. Also, Cisco Systems is

cutting thousands of jobs in order to free up cash for investing in AI.

The tech conglomerate plans to eliminate fewer than 4,000 jobs this quarter, less than 5% of its workforce.

In a blog post, CEO Chuck Robbins said layoff notifications will start going out today.

The restructuring is expected to cost up to $1 billion in severance, one-time termination benefits, and other expenses.

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