Cerebras Systems, a prominent U.S. AI chip manufacturer, has turned down an acquisition proposal from Arm and its major shareholder, SoftBank Group, just weeks before its initial public offering (IPO). The company is set to determine its IPO price on Wednesday, aiming for a valuation around $34 billion. Cerebras has indicated that strong market demand might push its IPO pricing above the initially proposed $150 to $160 per share range, potentially making it the largest IPO of the year so far.