Cerebras, an AI chipmaker, saw its shares nearly double on Nasdaq, closing up 70% with a $95B market cap.

Cerebras’s powerful chips are key in the US-China AI tech race.

Chris Buskirk, co-founder and chief investment officer of 1789 Capital, a key Cerebras investor, says the company’s IPO is geopolitically significant.

On Thursday, shares of Sunnyvale, California-based AI chipmaker Cerebras went public and nearly doubled in the moments after it opened on the Nasdaq at $185 per share. It closed out the day at $311 per share marking a 70% increase in the price of the stock, giving it a $95 billion market cap, and making it the largest IPO of the year so far.

For investors desperate to get more AI exposure — the IPO was 20 times oversubscribed — this is one of the biggest new plays in the public markets, alongside chipmaker Nvidia.

“This thing is flying … partly because there are so few ways for public investors, whether retail or institutional, to invest in this,” Chris Buskirk, co-founder and chief…