It was 32%.
Elice, a South Korean data-center company, listed on Tuesday with revenue up 200% and retail demand 400 times oversubscribed. The shares closed their first day down 32%, and the Kospi fell 3.7% with them.
Why it matters
A company priced on AI demand lost a third of its value on day one, and the selling spread to CoreWeave, Oracle, IREN and Marvell. Bitcoin rose 1.8% to $83,059 on the same day, with ether up 2.3% and solana up 2%.
For now your coins are not trading like AI stocks. That holds while the AI trouble is a share-price problem; if the debt behind the data centers goes bad, it reaches crypto too.
Another one next Wednesday.