According to the Financial Times, an Nvidia-backed data center operator has abandoned its plans to list, which was poised to become Australia's second-largest IPO. This reflects investor caution regarding the high valuations in the artificial intelligence (AI) sector. Firmus, which had planned to raise $5 billion at a $30 billion valuation, said on Friday that it had withdrawn its application to list in Sydney due to "recent market volatility and the current market environment."