Neocloud Stocks Slide as Korean IPO Elice Drops 30% — SkimNews
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- Elice dropped 30% on its market debut after raising $150 million in a South Korean IPO, reaching a market cap of roughly $1.3 billion as investors read the small float as a sentiment signal for AI infrastructure
- CoreWeave fell 4% at the U.S. open before clawing back to up 1.6%, while Nebius shed about 1% and Iren dropped roughly 4% in late morning trading
- HSBC analyst Abhishek Shukla carries a reduce rating on CoreWeave with a $39 price target, implying 36.5% downside and citing 'debt market woes and moderating LLM revenues' as structural risks
- Anthropic's quarterly revenue growth decelerated sharply from 140% in the second quarter to 45% in the third, per the article, reinforcing doubts about AI demand
- OpenAI reported revenue roughly $20 billion short of analyst expectations, according to Wolfe Research's Stephanie Roth
- Gartner stands by a forecast that 80% of neoclouds could cease independent operations by 2030, with chief forecaster John Lovelock saying 'we have more compute capacity than we have demand'
Why it matters: A modest $150 million Korean IPO is being treated as a barometer for the AI infrastructure trade's weakest links: CoreWeave faces a 36.5% implied downside at HSBC's $39 target, Gartner projects 80% of neoclouds could fold by 2030, and the frontier-model labs driving compute demand — Anthropic and OpenAI — just posted decelerating or shortfall revenues, undermining the demand story these stocks were built on.
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