Woofun AI reports that Cerebras (CBRS) shares fell approximately 22% following its first post-IPO quarterly earnings, dropping below the initial offering price due to bearish guidance. On Hyperliquid, CBRS trades at $184, down 7.7% in 24 hours, with large short positions totaling $11.62 million, which is 2.39 times the long exposure of $4.87 million.

Two major short positions established around the IPO date have generated significant unrealized gains. Whale 0xe0ff shorted at $284.51 on May 14th with $6.13 million in 3x leverage, gaining $3.24 million (+104%). Whale 0x9996 shorted at $275.92 on May 11th with $5.48 million in 5x leverage, gaining $2.64 million (+162%). Both addresses hold shorts in CBRS and SPCX. The average entry price for these shorts is roughly $275, representing a drop of over 30% from that level, with the next liquidation threshold at $200.13.