Businessmarkets
Nvidia-Backed AI Data Centre Firm Scraps Landmark Listing
Firmus, an artificial intelligence data centre company backed by Nvidia, has officially scrapped its plans for a major stock market listing. The decision follows growing concerns over recent market volatility and the company's ambitious valuation, which had initially aimed for over $30 billion. The cancellation highlights broader investor anxieties surrounding the massive financial investments flowing into artificial intelligence infrastructure. Major institutional players, such as Australia's UniSuper pension fund, opted out of the initial public offering due to valuation concerns and debt risks associated with rapid expansion.