Elice IPO plunges 30%, drags down CoreWeave, AI data stocks — SkimNews
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- Elice debuted on the stock market with a 30% share price drop, raising only $150 million and achieving a $1.3 billion valuation, signaling weak investor appetite for AI-dedicated cloud infrastructure.
- CoreWeave lost 4% at market open as HSBC reiterated its reduce rating, citing debt market pressures and slowing large language model revenues that exacerbate structural risks for neoclouds.
- Nebius and Iren each declined by 4% and 6% respectively, reflecting broad sell-off sentiment among AI-focused data center firms following Elice’s underwhelming market debut.
- Gartner maintains its forecast that 80% of neocloud providers could cease independent operations by 2030, citing insufficient AI revenue to justify planned capital expenditures and current overcapacity in compute supply.
- Anthropic reported a revenue growth slowdown to 45% in Q3 from 140% in Q2, while OpenAI missed analyst revenue expectations by $20 billion, intensifying concerns about downstream demand for AI computing services.
- Chip stocks including Nvidia, AMD, and Micron fell by 1%, 1.5%, and 2% respectively, as bearish sentiment spread from data centers to AI hardware amid worries about utilization rates and return on investment.
Why it matters: AI infrastructure investors face mounting risk as both demand signals and revenue growth weaken—CoreWeave trades below HSBC’s $39 target, Gartner predicts industry consolidation to a duopoly, and chipmakers see sell-offs despite prior strength, indicating a shift from speculative build-out to profitability scrutiny.
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