Elice IPO Plummets 32% as AI Credit Fears Trigger Global Tech Sell-Off
South Korean AI data center firm Elice saw its stock drop 32% on its trading debut, reflecting broader investor anxiety over AI valuations. This sharp decline coincided with a global retreat from technology stocks, as Asian markets entered bear territory and European tech indices fell. The move highlights persistent credit concerns in the AI sector, particularly regarding 'neocloud' firms like CoreWeave, which faced negative trading despite recent upgrades. While some analysts argue the AI market will consolidate into a duopoly, others warn of further declines due to rising borrowing costs and slowing revenue growth.