Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.
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Technology shares fell sharply around the world Tuesday as investors questioned whether AI spending will produce profits that justify lofty valuations. SpaceX, chipmakers and memory stocks led the declines, while inflation and interest-rate concerns added pressure.
SpaceX has agreed to buy Anysphere, the maker of AI coding assistant Cursor, for $60 billion in stock after its major Nasdaq debut. The deal expands Elon Musk’s company further into AI as it seeks to strengthen xAI and Grok against rivals including OpenAI and Anthropic.
SpaceX raised $75 billion in the largest IPO ever, with shares jumping in their Nasdaq debut and valuing the company above $2 trillion. The listing pushed Elon Musk’s paper net worth past $1 trillion, though analysts questioned the company’s valuation.
SpaceX shares rose sharply in their Nasdaq debut after the company raised $75 billion in the largest IPO on record. The listing values Elon Musk’s company at about $1.77 trillion while analysts question its profitability and AI-driven valuation.
NASA Administrator Jared Isaacman defended the all-male Artemis III crew after criticism online, saying the astronauts were chosen for experience, skills and availability. The 2027 mission will test Orion docking operations with SpaceX and Blue Origin moon landers in Earth orbit.
NASA named Randy Bresnik, Luca Parmitano, Frank Rubio and Andre Douglas to the Artemis III crew. The mission will test lunar lander rendezvous and docking in Earth orbit before a planned moon landing attempt in 2028.
SpaceX’s planned Nasdaq listing under the ticker “SPCX” could become the biggest IPO ever, with reported valuations around $1.75 trillion to $1.77 trillion. Retail investors may receive an unusually large allocation, though analysts warn the shares could be volatile and overvalued.