Firmus Shelves $5 Billion IPO

TipRanks reported that AI infrastructure startup Firmus has shelved its planned 5 billion dollar initial public offering. The move follows reporting from Benzinga detailing that the Nvidia-backed data center operator had sought a 30 billion dollar valuation against 51 million dollars in revenue. While the private artificial intelligence funding pipeline encounters its first major valuation friction of the cycle, public markets are showing their own structural hesitation across the tech complex. QQQ is trading at 751.27, pinned directly beneath its gamma flip at 751.99. That leaves index dealers positioned in short gamma, where their mechanical mandate is to amplify underlying moves rather than absorb them. The 750 put wall sits immediately below spot, leaving the index compressed within a narrow pocket against the 755 call wall. With an expected move of plus or minus 0.56 percent and skew reading 0.9, options flow is reflecting elevated downside protection costs compared to broader equities. The broader market presents a stark structural contrast. SPY is trading at 778.60, up 0.6 percent on the session, comfortably cushioned above its 775.91 gamma flip with dealers in long gamma between the 770 put wall and the 780 call wall. The Cboe Volatility Index closed lower at 14.84, down 3.7 percent. Yet tech has failed to cleanly clear its zero line, leaving liquidity thinner and hedging flow more volatile across the growth complex. Earnings season is quietly approaching with no immediate reporters on the tape tonight, but the cooling private multiples in enterprise AI are meeting an options book that is already reluctant to provide upside cushioning. When dealer positioning is short gamma below 751.99, any broader valuation repricing tends to produce wider intraday swings. Until QQQ reclaims the flip, dealers will remain forced sellers into market weakness and aggressive buyers into rallies, widening the range rather than stabilizing it.