South Korean AI infrastructure provider Elice raised 201 billion won (approximately $151 million) in its initial public offering (IPO) on Tuesday, with its shares plummeting 32% on the first trading day before rebounding about 30% on Wednesday. Analysts noted that Elice's volatile stock performance is the latest warning sign that the AI boom is entering a more rigorous phase, with investors scrutinizing AI companies' ambitious expansion plans and profitability paths more closely, particularly those relying on debt rather than cash flow to support high capital expenditures.