CBRS Plunges Below IPO Price After Earnings Report: Erases Six-Week Gain, 'IPO Day Short' Nets Two Smart Money $5.8 Million

BlockBeats News, June 25th, according to Hyperinsight monitoring, after the AI chip company Cerebras (CBRS), previously hailed as the "Strongest Challenger to NVIDIA," released its first quarterly report since going public, the bearish guidance overshadowed the super expectations, causing the stock price to plummet, with a cumulative drop of about 22% after the financial report, officially falling below the IPO price.

The on-chain whales are overall bearish, with CBRS on the Hyperliquid platform currently trading at $184, a 7.7% decrease in 24 hours. The total amount of large short positions (in the million-dollar range) is approximately $11.62 million, which is 2.39 times the long positions ($4.87 million). Two major short positions were strategically established at a high level before and on the IPO day:

- Whale 0xe0ff: Shorted at $284.51 on May 14th, with a position of $6.13 million with 3x leverage, enjoying an unrealized profit of $3.24 million (+104%);

- Whale 0x9996: Shorted at $275.92 on May 11th, with a position of $5.48 million with 5x leverage, enjoying an unrealized profit of $2.64 million (+162%).

It is reported that both addresses currently hold short positions for CBRS and SPCX, with significant unrealized profits, showing a preference for establishing short positions before or on the listing day of major stocks. With the bearish realization during this financial report, the total unrealized profit of the two positions is approximately $5.88 million.

The average entry price of CBRS short whales is around $275, and the current price has dropped by over 30% from that level; the latest short liquidation line is at $200.13, which is about 7% away from the current price.