On May 13, Arm (ARM.O) and its major shareholder SoftBank Group approached the leading AI chip company Cerebras Systems a few weeks before its IPO, expressing interest in an acquisition. According to sources familiar with the matter, Cerebras Systems rejected the proposal. Cerebras plans to price its IPO on Wednesday, with a company valuation potentially reaching around $34 billion. Previous reports indicated that the company informed potential investors that the IPO pricing is expected to be above the upper limit of its offering range, with the final market value likely to adjust based on the actual number of shares issued. Cerebras is poised to become the largest IPO of the year to date, having previously hinted that it might set the IPO price above the $150 to $160 range if market demand is strong.