By Prakhar Srivastava(Reuters) -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. “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 round led by Fidelity Management & Research and Atreides Management, valuing the company at $8.1 billion. The company’s highly anticipated listing was delayed by a U.S. national security review of a $335 million investment by G42, an Abu Dhabi-based cloud computing and AI company. Sunnyvale, California-based Cerebras Systems makes high-performance AI chips and systems designed to speed up training and running large AI models.