The AI-focused cloud computing firm QumulusAI (QMLS.US) commenced trading on the US stock market Thursday, experiencing a sharp decline at the open that triggered a circuit breaker.

As of the latest update, the stock was down 39.53%, trading at $22.98.

QumulusAI is a US-based cloud infrastructure company specializing in AI GPU services, which listed on the Nasdaq via a direct listing.

The company primarily utilizes its own and co-located data centers to provide GPU-based artificial intelligence computing power, cloud computing, and high-performance computing services to small and medium-sized businesses and AI development teams, targeting the AI compute market outside of the major cloud service providers.

The company is gradually shifting its business focus from blockchain computing power to AI computing infrastructure to meet rapidly growing demand for AI processing capabilities.