After Firmus shelved the biggest ASX listing in 30 years, what does it say to investors about AI hype?

By Marta Khomyn, Senior Lecturer, Finance and Data Analytics, Adelaide University

It was pitched to investors as “the biggest initial public offering (IPO) in a generation”.

Firmus Technologies – a developer of artificial intelligence (AI) data centres – planned to raise A$7 billion from investors on the Australian Securities Exchange later this month.

Just days ago, bankers working on the deal declared investor interest in the A$11-a-share offer was “well in excess” of what was needed to…

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