South Korean AI data center firm Elice falls over 30% in debut IPO
Elice, a South Korean AI data‑center company, saw its shares tumble more than 30% on its secondary‑market IPO debut, according to CNBC. The sharp drop comes as other AI‑focused data‑center firms such as Nvidia‑backed Firmus, Blackstone‑backed AirTrunk and SoftBank‑unit SB Energy have cancelled planned IPOs, citing lingering market weakness.
Key points
- Elice's shares tumbled more than 30% on its secondary‑market IPO debut in South Korea.
- Other AI data‑center firms Firmus, AirTrunk and SB Energy have cancelled planned IPOs, citing market weakness.
- Nvidia announced a near‑$10 billion European investment, including a partnership with Germany and startups Genesis AI, Agile Robots and Reflex Aerospace.
CoreWeave also ended the day lower despite a Goldman Sachs upgrade, while HSBC warned the stock could slip another 36% because of rising borrowing costs and slower AI‑model revenue growth. Gartner chief forecaster John Lovelock reiterated his view that the AI race may collapse to a duopoly. Meanwhile, Nvidia announced a near‑$10 billion investment programme across Europe, partnering with Germany and backing startups like Genesis AI, Agile Robots and Reflex Aerospace, with Mistral AI remaining a key partner. The broader AI rally that lifted many tech stocks earlier this week is now fading, as investors reassess valuations amid credit concerns and geopolitical tensions.
The story so far
3 episodes →- South Korean AI data center firm Elice falls over 30% in debut IPOthis story
AI rally fades away from Wall Street as a tiny IPO makes big waves
CNBC Technology · 20 October 2026
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