** Cerebras Systems' CBRS.O shares rise 22.6% to $246.50

** Brokerages launch coverage with bullish ratings on AI chipmaker as research quiet period ends

** Stock down 20.8% since debut on May 14

WALL STREET BACKS AI STRATEGY

** UBS ("buy;" PT: $300) says co's "capital costs are high, but CBRS provides materially higher token generation that positions it at the premium end of inference"

** TD Cowen ("buy;" PT: $275) says co still needs to prove it can run very large AI models across clusters cost-effectively, as supporting a 1-trillion parameter model (Kimi K2.6) requires splitting workloads across multiple systems, raising costs

** Morgan Stanley ("overweight;" PT: $250) says co is well positioned to capture demand for fast, low-latency inference, "supported by a large contracted backlog and a 750MW committed capacity agreement"

** Mizuho ("outperform;" PT: $300) sees CBRS as the industry leader in "fast inference" as hyperscalers ramp up AI capex, projecting the market to reach $550 billion by 2030 from 2025 levels