Shares of technology companies tumbled as traders rotated out of the leading stock-market sector due to valuation concerns.
SpaceX continued its stratospheric rise after the rocketry and artificial-intelligence company agreed to buy AI coding agent Cursor for $60 billion.
Elon Musk's space-exploration firm rose $9.18, or 4.8%, to $201.68, giving it a market capitalization comparable to that of than Amazon. The company pared gains in afternoon trading after peaking above $225, but remains up by 49% since its initial-public offering last week.
Semiconductor stocks continued a highly volatile stretch. The PHLX Semiconductor Sector index, or SOX, fell by 5.7%, its sixth move greater than 5% so far in June.
Shares of European chip maker STMicroelectronics, a SpaceX supplier, is seeking to raise $1.5 billion through a bond sale, turning to an instrument that lets investors get exposure to shares that have nearly tripled in value this year on a wave of investor fervor around artificial intelligence.
