US Tech Stocks Hit Record Highs as Cerebras IPO Scales and Global Leaders Eye AI Talks

US technology stocks have climbed to all-time highs, propelled by a broadening artificial intelligence boom and robust performance across the semiconductor sector. This rally has seen major indices pushed higher as investor appetite for high-performance computing hardware remains intense, with memory chips emerging as a key catalyst in the ongoing technological expansion.

Among the standout developments, UAE-based AI chipmaker Cerebras Systems has filed paperwork to significantly expand its initial public offering. The company is increasing its share offering to 30 million shares, with a potential price range of $150 to $160 per share, aiming to raise approximately $4.8 billion. This adjustment follows surging demand, with orders reportedly exceeding twenty times the number of shares available, positioning the debut as a potential blockbuster for the year.

Geopolitical tensions and opportunities are taking centre stage as US President Donald Trump and Chinese President Xi Jinping are scheduled to meet in Beijing later this week. The agenda includes critical discussions on trade, the conflict in Iran, and powerful artificial intelligence models. While the specifics of any deal remain uncertain, the meeting represents a significant opportunity to establish formal communication channels regarding AI guardrails, an issue of growing concern for both nations.

In legal news, the trial between Elon Musk and OpenAI has entered its third week, offering new insights into the inner workings of the AI startup. Microsoft CEO Satya Nadella took the stand to testify regarding the company's transition to a for-profit entity. Nadella stated that he was never given a full explanation for why Sam Altman was fired in November 2023 and was not informed of the decision in advance before being pulled from a meeting.

OpenAI CEO Sam Altman is set to take the witness stand on Tuesday and Wednesday, continuing a clash of tech titans that has generated significant interest throughout Silicon Valley. The case centres on Musk's allegations that Altman and others persuaded him to donate millions to a nonprofit organisation, only for the entity to abandon its charitable mission. Conversely, OpenAI contends that Musk was aware of the for-profit plan but sought control over the company.

Beyond the legal drama, other market movers have contributed to the sector's strength. Intel and Nvidia announced a collaboration to develop new data centre products, including connecting Nvidia GPUs to Intel CPUs for AI workloads. Additionally, Rocket Lab shares jumped 12% to a new all-time high following a strong quarterly report with a backlog of over 70 launches, while Chinese tech stocks rallied back to a key technical level.