** Cerebras Systems CBRS.O shares advancing 0.8% on Tues ahead of co's first qtrly report since May stock market debut, with investors focused on AI chip strategy and competition with Nvidia NVDA.O

** Co, whose report is due after the closing bell, designs wafer-scale engine chips to challenge traditional GPU-based systems

** For June qtr, analysts on avg expect co to report a loss of $373 mln on $172 mln rev, and an adjusted loss of 32 cents/shr

** Cerebras debuted on Nasdaq in May and saw several bullish analyst initiations post-IPO, with brokerages backing its unconventional approach to AI processing

** Stock is trading at $227 vs its IPO price of $185

** Ten of 11 analysts rate the stock 'buy' or 'strong buy' and one rates it 'hold', per LSEG data