South Korean cloud services provider Elice debuted on the Seoul Stock Exchange on Tuesday despite demand exceeding supply by 389 times. The 201 billion won (150 million dollar) IPO ended 32% lower on its first day of trading. This flop adds to a series of setbacks for the artificial intelligence sector this month, with three other data center companies forced to cancel or postpone their listing plans. These disappointments illustrate the loss of momentum in the AI investment theme.
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