Key Takeaways
- Cerebras Systems (CBRS) announced a massive multi-year deal with OpenAI valued at over $20 billion, involving the deployment of 750MW of AI infrastructure.
- The chipmaker reported Q1 2026 core revenue of $191.3 million, a 92% year-over-year increase driven by surging demand for AI hardware and cloud services.
- Brazil confirmed a strict tariff schedule for electric vehicles, with import taxes on assembled EVs reaching 35% by July 2026 to encourage local manufacturing.
- U.S. crude oil inventories fell by 765,000 barrels last week, while the Strategic Petroleum Reserve (SPR) dropped to its lowest level in over 40 years.
Cerebras Systems Reports Record Growth and Blockbuster OpenAI Partnership
AI infrastructure pioneer Cerebras Systems (CBRS) delivered a standout performance in its first earnings report since its landmark IPO. The company reported core revenue of $191.3 million for the first quarter of 2026, nearly doubling its results from the previous year. This growth was fueled by hardware revenue of $111.6 million (+60% Y/Y) and a staggering 167% jump in cloud revenue to $79.8 million.
The highlight of the announcement was a multi-year agreement with OpenAI valued at more than $20 billion. Under the terms of the deal, OpenAI will deploy 750 megawatts of Cerebras’ high-speed inference compute capacity. This partnership positions Cerebras as a formidable challenger to Nvidia (NVDA) in the rapidly expanding market for AI inference and specialized hardware.
Looking ahead, Cerebras raised its FY2026 core revenue outlook to a range of $855 million to $865 million, representing 69% annual growth. The company expects Q2 2026 core revenue of approximately $194 million, with core gross margins projected between 38% and 41%.
Brazil Implements Strict Tariffs on Imported EVs
The Brazilian government is moving forward with aggressive import barriers to protect its domestic automotive industry. Starting July 1, 2026, a 35% import tax will apply to all assembled and semi-assembled electric vehicles (EVs). Disassembled vehicles (CKD kits) will face the same 35% rate beginning January 1, 2027, closing a loophole previously used by manufacturers like BYD and Great Wall Motor.
To mitigate the immediate impact on the market, Brazil will introduce limited zero-duty import quotas for disassembled and semi-assembled EVs starting July 1, 2026. These quotas are intended to provide temporary relief as global automakers transition to local production. The policy shift has already prompted major players to accelerate investments in Brazilian manufacturing facilities to avoid the steep tariffs.
API Reports Draw in Crude Inventories; SPR Hits 40-Year Low
The American Petroleum Institute (API) reported that U.S. crude oil inventories decreased by 765,000 barrels for the week ending June 19, 2026. While the crude draw was modest, other segments showed builds, with gasoline inventories rising by 1.238 million barrels and distillates increasing by 1.447 million barrels.
A critical point of concern for energy markets is the Strategic Petroleum Reserve (SPR), which saw a significant decline of 9.1 million barrels last week. This brings the SPR to its lowest level in more than 40 years, raising questions about long-term energy security and the government's capacity to manage future supply shocks. Inventories at the Cushing, Oklahoma delivery hub also fell by an estimated 982,000 barrels, leaving levels at approximately 19.1 million.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.