SoftBank and its subsidiary Arm attempted to acquire AI chip manufacturer Cerebras, but were rejected Arm (ARM. O) and its major shareholder SoftBank Group had approached Cerebras Systems, a top AI chip company in the United States, a few weeks before its IPO, expressing their intention to acquire the company. According to informed sources, Cerebras Systems has rejected the proposal. Cerebras plans to price its IPO on Wednesday, with a potential valuation of approximately $34 billion. Previously reported, the company has indicated to potential investors that the IPO pricing is expected to be higher than the upper limit of its issuance range, and the final market value may still be adjusted according to changes in the actual number of shares issued. Cerebras is expected to become the largest IPO transaction so far this year, having previously hinted that it may set its IPO price above the $150 to $160 range in the face of strong market demand.