South Korea plans more than $1 trillion in investments to expand chipmaking, AI data centres and robotics infrastructure. President Lee Jae Myung says the effort is aimed at securing AI leadership and reviving regions beyond Seoul.
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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.
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 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.
SpaceX is seeking to raise $75 billion in a record IPO that would value the company at roughly $1.75 trillion. The company proposed a $135 share price ahead of an expected Nasdaq debut next week, though the final price remains uncertain.
The S&P 500 and Nasdaq hit record highs Wednesday as investors remain optimistic despite ongoing Iran conflict and rising energy prices. Strong corporate earnings and expectations of de-escalation in the Middle East have fueled the rally.