AI chip startup Cerebras Systems, which competes with industry leader Nvidia in the booming AI chip market, on Friday filed to withdraw its plans for an initial public offering in the United States, effective immediately.

Its withdrawal comes as U.S. IPO activity picks up in recent months, reversing an earlier slowdown caused by trade-policy uncertainty, with recent listings, such as that of data center real estate investment trust Fermi, getting warm receptions amid surging investor enthusiasm for AI-related stocks.

"Given that Cerebras just very recently completed a sizeable fund raise, it is of no surprise that they are holding off to pursue the IPO at this time," said Josef Schuster, CEO of IPO research firm IPOX.

Cerebras had on Tuesday said it raised $1.1 billion in a funding roun

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