South Korea’s AI trade roared back Wednesday, as stocks staged a dramatic rebound from Tuesday’s rout and a disastrous AI IPO reversed course.

The benchmark Kospi index surged as much as 5%, triggering a temporary curb on program buying as investors piled back into heavyweight chipmakers.

Samsung Electronics and SK Hynix jumped as much as 8% and 9%, respectively, helping reverse Tuesday’s market rout.

The turnaround followed a mixed session on Wall Street overnight. The S&P 500 rose 0.3%, and the Dow climbed 1%, helped by strong corporate earnings and falling oil prices. The tech-heavy Nasdaq edged lower as concerns about AI spending persisted.

US-listed CoreWeave, which rents AI computing power, recovered from steep losses to close 2% higher on Tuesday.

The rebound adds another twist to an extraordinarily volatile year for South Korean stocks.

The Kospi more than doubled in the first half of the year, powered by an AI-driven memory-chip boom. But the index has since suffered repeated setbacks, including a nearly 40% decline from its June peak.

The latest whiplash was particularly dramatic for Elice, an AI cloud and data center operator listed on the Kosdaq. Its shares crashed 32% on its first trading day, Tuesday, before surging 30% to hit its daily limit-up on Wednesday.

The reversal was especially striking given the frenzy surrounding Elice’s IPO, which drew institutional and retail demand by about 400 times.

Even after Wednesday’s surge, Elice shares remained nearly 12% below their IPO price of 90,500 won.

Elice CEO Jae Won Kim brushed off the turbulence, telling Bloomberg Television that the company expects revenue to at least double this year.

“I’m not worried about the volatility issues in the first week,” Kim said.

Elice, which started as an education technology company before expanding into AI infrastructure, reported a 200% year-over-year jump in first-half revenue to 34.4 billion won, or $26 million and an operating profit of 10.3 billion won, according to its IPO prospectus.