The debut of South Korean data center infrastructure and AI cloud service provider Elice on the KOSDAQ was dismal, with its stock price plunging 33% at one point during the session, coming perilously close to the daily limit down. Within just half an hour of listing, its market capitalization had evaporated by KRW 300 billion, potentially setting a record for the worst first-day performance among IPOs exceeding USD 100 million in South Korea. Despite Elice setting its IPO price at the upper end of the range, attracting strong retail investor interest with oversubscription exceeding 400 times and drawing about KRW 10.3 trillion in subscription funds, and despite the company already achieving profitability and seeing a 200% year-on-year increase in revenue in the first half, it still failed to gain market favor. This phenomenon reflects a waning enthusiasm among global investors for AI infrastructure and the new cloud sector. Recently, several companies in the same sector have encountered issues such as IPO delays, withdrawals, significant valuation declines, and deteriorating stock prices and credit conditions. The current market is not questioning the demand for computing power but is concerned about the industry's capital chain pressures. By 2027, the combined free cash flow deficit and lease liability repayment obligations of hyperscale cloud giants and new cloud vendors are projected to approach USD 600 billion. Against this backdrop, the public equity market is unwilling to provide funding at previously expected prices, and debt financing channels are rapidly narrowing.