Nvidia-backed neocloud Firmus IPO fails; AI bubble cracks

Firmus, an Nvidia-backed neocloud led by a founder with a criminal record, failed its IPO, signaling investor skepticism toward AI infrastructure valuations. The failure is a data point in the ongoing AI capex cycle, suggesting froth in the neocloud segment. It remains unclear whether this is an isolated incident or the start of broader AI funding retrenchment.