Data center stocks struggled Tuesday following a lackluster initial public offering overnight from a South Korean cloud company that has been compared to U.S. neocloud CoreWeave. Shares of Elice dropped more than 30% during their market debut overnight, as investors grow increasingly wary of artificial intelligence-dedicated computing power providers amid concerns about overcapacity. The bearish sentiment spilled into U.S. tech equities. CoreWeave shares lost 4% in premarket trading as of 8:08 a.m. ET. Nebius shed about 5% along with Iren . Vertiv pulled back 2%. HSBC said in a Monday note that the troubles for the heavily levered CoreWeave are not going away.
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