The Conversation — AI · October 9, 2026 · On the brief until October 23, 2026

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

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THE AI ANGLE

Driving speculative data centre valuations

Firmus Technologies withdrew its planned A$7 billion share listing after institutional investors rejected its A$43.7 billion valuation. The money-losing firm operated only five percent of its planned AI data centre capacity. For market analysts, the withdrawal shows institutional due diligence curbing rapid valuation increases based on projected demand.

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THE TEACHING ANGLE

Students can examine the tension between investment bankers' incentives to promote pre-listing demand and the lack of verified operational data.

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

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