Trader Profits from Shorting Cerebras and SNDK

On May 18, a well-known trader, "Loracle," on Hyperliquid, reportedly made significant profits by shorting Cerebras (CBRS), according to BlockBeats On-chain Detection. The trader's position, initially valued at $11.3 million, has been reduced to $6.47 million, with unrealized gains of $1.52 million, representing a 40% profit. Cerebras, once dubbed "NVIDIA's strongest challenger," recently went public on Nasdaq, experiencing a substantial surge. Following this, the trader entered a short position. Previously, the trader also shorted SNDK after Mizuho Securities raised its "buy" target price. The initial short position of $8 million has been partially closed, reducing the position to $5.1 million, with remaining unrealized gains of $850,000, a 57% increase. As of the latest update, both major U.S. stock short positions are being gradually reduced.