AI chipmaker Cerebras announced its second-quarter earnings, reporting revenue of $210 million, a 103% year-over-year increase. Cloud business revenue surged nearly fourfold to $126 million, while hardware sales declined 23% year-over-year to $54.1 million. The company reported a net loss of $450.5 million, a stark contrast to the net income of $309.5 million in the same period last year. Despite this, Cerebras raised its full-year core revenue guidance to $880 million to $890 million, with core gross margins expected to expand to 38% to 40%. Since its IPO in May, the company's stock price has risen 42%, but it dropped more than 17% in after-hours trading following the earnings release. Currently, cloud computing is Cerebras' largest revenue source.