Cerebras just IPO'd yesterday, and today it's already outshining NVIDIA on-chain. The CBRS mapping contract deployed by http://trade.xyz on Hyperliquid— 24-hour trading volume surpassed $280 million, hitting a peak since the contract's deployment; Open interest climbed to $57 million; Daily trading volume is now more than double that of the NVDA mapping contract; Open interest has reached over half of NVDA's. Cerebras, dubbed 'NVIDIA's strongest challenger,' completed the largest AI chip IPO in history yesterday on Nasdaq, closing its first day up 68%. As soon as the new stock hit the market, on-chain trading volume left the traditional giant in the dust—this is driven by two simultaneous dynamics: On-chain traders react to new trends much faster than the traditional market; Small float + strong narrative are exactly what leveraged capital loves most. The on-chain stock contract market is becoming the fastest 'secondary market' for new IPOs.