Scarcely known outside its home market until this week, Elice Inc. on Tuesday found itself at the heart of a roiling debate about AI valuations and whether companies will be able to deliver on them.
The $750 million data center and AI developer became the latest sign of the waning faith in so-called neoclouds when it tanked 32% on its debut in Seoul. It joined a half-dozen other companies in the sector that just over the past few weeks have shown souring sentiment on artificial intelligence. Australia’s Firmus Grid Ltd. and AirTrunk have delayed public offerings, Britain’s Nscale Ltd. and US peer SB Energy Inc. faced investor pushback on their valuations, and CoreWeave Inc.’s bond yields shot up to 15%.
