Futures Slip As Korean Data Center IPO Faceplant Revives Tech Rout , French Spread Blows Out

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• South Korean IPO plunge deepens AI market jitters as brent tops $111

  South Korean data centre company Elice (0158S0) closed at 60,500 won ($45.57) on its debut, down over 30% from its 90,500 won offer price, despite a retail offering oversubscribed more than 400 times. The IPO raised $151 million at a valuation of roughly $755 million, according to Bloomberg. The debut came as the KOSPI dropped almost 4% to 5,552, with Samsung Electronics and SK Hynix also falling, and CoreWeave (CRWV) slipped another 3% in U.S. pre-market trading. Investors are questioning the borrowing costs, debt levels and returns of AI infrastructure spending, while Brent crude topped $111 a barrel, its highest since May, amid Middle East supply and shipping concerns.

  CoinDesk·20/10, 09:32▼ NVDA▼ QQQ▼ SPYIPOSouth Koreadata centers
• Data center stocks slide as Korea IPO plunges 30%, pressuring tech sentiment

  Shares of Elice, a South Korean cloud company compared to CoreWeave, fell more than 30% in their market debut as investors grew wary of AI computing providers amid overcapacity concerns. The selloff spread to U.S. tech: CoreWeave fell about 4% in premarket trading, Nebius and Iren each shed about 5%, and Vertiv slipped 2%. HSBC said debt market woes and moderating LLM revenues are worsening structural concerns for neoclouds, and analyst Abhishek Shukla keeps a reduce rating on CoreWeave with a $39 price target, implying 36.5% downside.

  CNBC·20/10, 12:36▼ NVDA▼ QQQNVDAdata centersIPO
• Live updates: Market jitters persist as the AI selloff deepens

  South Korea's KOSPI fell almost 4%, alongside one of the weakest IPO debuts in the country's history, with data centre company Elice tumbling around 30%. The selloff carried into U.S. pre-market trading, where CoreWeave (CRWV) dropped 4%, Cipher Digital fell 2%, IREN lost 3%, and the Invesco QQQ ETF traded lower. Bitcoin held above $81,000, gold slipped almost 1% to just above $4,110 an ounce, Brent and WTI crude each rose 2%, and the iShares 20+ Year Treasury Bond ETF (TLT) gained 0.5% on defensive flows.

  CoinDesk·20/10, 10:14▼ NVDA▼ QQQ▼ BTC/USDT▼ GOOGLNVDAIPOSouth Korea
• South Korean IPO flop is the latest in a string of disappointments for the global AI trade

  In October alone, three planned IPOs of data-center providers backed by AI heavyweights such as Nvidia, Blackstone and SoftBank have been shelved. Investors are not convinced that the planned capital expenditure is sustainable.

  MarketWatch·20/10, 09:30▼ NVDA▼ QQQIPOAI investmentdata centers
• Global Market : South Korea Elice shares plunge 28 % in market debut as data centre stocks shunnedeconomictimes.indiatimes.com·20/10, 04:00EliceIPOdata centers
• South Korean firm debut plunge adds to investor concerns about AI spending

  Shares of South Korea's Elice Group fell 32% on their debut, the worst first-day performance in South Korea for a company raising over US$100 million in an IPO, according to Dealogic. The stock closed at 60,500 won, below its 90,500-won IPO price, and its slide helped drag the benchmark KOSPI down 3.73% to its lowest close since April 7. Investors are increasingly doubting AI spending, competition and profitability, and several AI infrastructure deals have been delayed, including Firmus's IPO and SB Energy's US share sale. Elice's first-half revenue tripled to 34 billion won, and it swung to a 10 billion won operating profit from a 3.5 billion won loss a year earlier.

  theglobeandmail.com·20/10, 17:15▼ NVDA• QQQIPOSouth Koreaartificial intelligence

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