Retail investors in Korea oversubscribed Elice's IPO more than 400 times.

On Tuesday, its first day of trading, the stock closed down 32% from its 90,500-won offer price.

It was the worst debut on record in South Korea for a company raising more than $100 million, according to Dealogic. Elice builds modular AI data centers, and it came to market right as investors started asking hard questions about AI spending and debt. The KOSPI fell 3.73% to its lowest close since April 7, and in New York, CoreWeave and Nebius each dropped more than 5%.

Wall Street split again. The Dow jumped 1.02% to 52,495.88 and the S&P 500 rose 0.28% to 7,712.57 on strong earnings, while the Nasdaq slipped 0.02% to 26,424.82. Brent crude eased to about $108 a barrel. After the bell, Netflix beat on profit at 87 cents a share, but its fourth-quarter revenue outlook of $13.44 billion came in under estimates, and the stock fell about 5% in late trading.

SpaceX also reported after the close, with revenue up 161% to $14.6 billion and its first profit since its June IPO. But the bigger date to watch may be Thursday, October 22, when up to 1.3 billion shares come out of lockup and can be sold by employees and early investors, with another 328 million unlocking on October 24. Meta and Tesla report today.

A quick check before you chase a new listing:

1. Demand for an IPO isn't the same as demand for the stock. A deal can be oversubscribed and still open far below its price.
2. Know the lockup dates on anything you hold that went public in the last year. When insiders can sell, a lot of new supply can hit at once.
3. Don't buy the first-day move with money you can't afford to see drop 30%. Wait for a few sessions of real trading before you size up.
4. Read what the company plans to do with the money. Spending most of it on new buildouts means profits are still a promise.

That's what TradeShield is built for: seeing the risk behind the hype before you put money on it.

Stay sharp out there.

— Spidah, Founder & CEO

Market awareness, not financial advice. Trading involves risk.