AI rally fades as Kospi enters bear market and Elice IPO plunges 30%
The AI relief rally stalled in Asia and Europe, with South Korea's Kospi closing in bear market territory and European tech indices turning negative. South Korean AI data center firm Elice fell more than 30% in its trading debut, while CoreWeave slid despite a Goldman Sachs upgrade.
- Kospi closed in bear market territory as Asian tech stocks fell
- Elice shares dropped over 30% on their first trading day
- HSBC sees another 36% downside for CoreWeave on borrowing costs
- Firmus, AirTrunk and SB Energy shelved their IPO plans
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