Youkyung Lee

Data-center infrastructure company Elice Inc. plunged in its trading debut on South Korea’s tech-heavy Kosdaq market after raising 201 billion won ($151 million) in the bourse’s biggest initial public offering this year.

Data-centre infrastructure company Elice Inc plunged in its trading debut in South Korea, dragged down by swirling concern about the outlook for the industry.

Chipmakers drove losses in South Korean equities Tuesday, as foreign investors reduced exposure on a rise in Treasury yields and a weak stock market debut by a data center firm.

South Korean retail investors poured tens of millions of dollars into Elice Inc.’s initial public offering, betting they would make a bumper return from its expected first-day pop. Instead, they got one of the country’s worst debuts on record.

The Kospi index has plunged 40% from its June record.

South Korean AI computing supplier Elice Inc. surged on Wednesday, recovering much of the ground lost after a 32% slump in its trading debut, as a string of upbeat US tech earnings lifted sentiment.

South Korean neocloud-service provider Elice Inc.’s shares rose for a second straight day, climbing above their IPO price and suggesting investors remain committed to the AI trade despite surging industry spending.

South Korean stocks retreated as heavyweight chipmakers declined, tracking an overnight selloff in US technology shares amid rising oil prices.

Two leveraged exchange-traded funds tied to SK Hynix Inc. will be liquidated just months after their debut in the US, as investor appetite for the artificial intelligence trade moderates.

Asian semiconductor stocks jumped, as Anthropic PBC’s initial public offering filing helped renew investor enthusiasm for the artificial intelligence trade.