Cerebras Systems' shares were lower in early trading Friday, after its blockbuster stock market debut on Thursday.

Cerebras Systems upsized its IPO to 30 million shares at $150-$160 each, targeting $4.8B with a $33B valuation as the book was oversubscribed roughly 20x.

Cerebras raised $5.55 billion in its IPO, and with the chipmaker's offering, investors are gearing up for some even bigger AI deals later this year.

Cerebras Systems, the AI chipmaker rival to Nvidia, is set to raise more than $5.5bn after pricing its US IPO at $185 per share.