AI chipmaker Cerebras Systems saw its shares drop 11% in after-hours trading following its first earnings report since going public. The company projected a decline in core gross margin to 36%-38% for the next quarter, down from 46.5% this quarter. Despite this, Cerebras reported a 92% year-over-year increase in Q1 revenue to $193.4 million and an adjusted net loss of $2.5 million, significantly better than the $36.75 million loss analysts had anticipated. Cerebras, which went public in May at $185 per share, raised $6 billion and saw its stock peak at $385 before settling at $201.55 in after-hours trading.