Good morning, unless you’re a SpaceX shareholder.
The company’s stock closed under $150 yesterday, its first day in the Nasdaq 100, for the first time since its June 12 IPO, possibly imperiling Elon Musk’s title as the world’s first trillionaire.
Who cares, right? Still, there are takeaways even if SPCX isn’t in your portfolio.
First: Like most big AI bets, investors are still nervous about the company’s trajectory, even if Tesla, a long speculated merger target, isn’t part of that picture. Second: If the company’s stock stays down, so does the potential wealth of the employees holding equity and its impact on the communities in which they live.
And third: If you’re in the business of calling the top of the AI boom, you could do worse than SpaceX shares, which are down more than 30% from their June 16 peak amid market pressures on every Magnificent 7 tech company. (Suddenly those Anthropic and OpenAI IPOs don’t seem so imminent!)
