GoKawiilSouth Korean AI data center IPO Elice plunges over 30% on debut
Elice, a South Korean AI data center firm, listed on the country's secondary market and saw its shares crash more than 30% on their first day of trading. The slump came as Asian and European tech stocks broadly declined, reversing Monday's brief rebound in AI-related shares on Wall Street, with CoreWeave closing lower despite a Goldman Sachs upgrade.
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The weak IPO debut follows other data center operators—including Nvidia-backed Firmus, Blackstone-backed AirTrunk and SoftBank's SB Energy—pulling their own listing plans, which could signal investors are growing warier of AI infrastructure valuations. Gartner's John Lovelock maintains that AI markets are heading toward consolidation into dominant duopolies, a view that may be feeding into the broader selloff, while HSBC's warning of further downside for CoreWeave suggests credit and growth concerns are far from resolved.
- Elice shares fell over 30% on their trading debut in South Korea
- South Korea's Kospi and European tech stocks dropped sharply, undercutting Monday's AI rally
- Firmus, AirTrunk and SB Energy have all scrapped data center IPO plans amid investor caution
Source: cnbc.com — Leonie Kidd, 2026-10-20
Published there as: “AI rally fades away from Wall Street as a tiny IPO makes big waves”
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