South Korean IPO Slump Deepens AI Market Jitters as Brent Tops $113

South Korean data centre company Elice closed its first trading day at 60,500 won, down more than 30% from its 90,500 won offer price. The IPO raised $151 million at a valuation of roughly $755 million. The slump came even though the retail offering was oversubscribed more than 400 times.

KOSPI Sell-Off Hits Chip Stocks

The weak debut added to doubts about whether AI infrastructure spending will deliver enough returns. The KOSPI dropped almost 4.1% to finish at 5,552, with Samsung Electronics down around 3% and SK Hynix losing roughly 4%.

Neocloud Sector Under Pressure

The pressure carried into US pre market trading, where CoreWeave fell another 3%. The neocloud sector is facing scrutiny over borrowing costs, heavy debt and the profitability of capital-intensive expansion plans. Tech shares, bitcoin and gold were also lower on Tuesday morning.

Brent Crude Climbs Above $111

Brent topped $113 a barrel, its highest level since May, while WTI traded near $100. The roughly $11 premium reflects ongoing worries about Middle Eastern supply disruptions and shipping risks.