Shares of chip designer Cerebras Systems soared 89% above the initial public offering price on their Nasdaq debut, extending the market’s unrelenting frenzy for companies seen as the biggest beneficiaries of the artificial intelligence boom .

Its shares opened at $350 on Thursday, well above the IPO price of $185 per share, where it raised $5.55 billion. The jump gives Cerebras a valuation of $106.75 billion on a fully diluted basis.

The Sunnyvale, Calif.-based firm’s IPO is the largest so far this year and comes as AI-linked stocks push broader markets to record highs despite challenges to global growth stemming from the Middle East conflict.

Cerebras shares opened at $350 on Thursday, well above the IPO price of $185 per share, where it raised $5.55 billion. REUTERS

Founded in 2015, Cerebras sought to challenge conventional AI computing with its wafer-scale engine, designing chips roughly the size of a dinner plate to speed up processing.…