Economist and Echelon Wealth Partners co-founder Peter Schiff thinks that the artificial intelligence-induced bubble in the U.S. has popped amid Elon Musk-led Space Exploration Technologies Corp.'s (NASDAQ:SPCX) recent stock decline.
SPCX 46% Below Its High In a post on X on Monday, the investor shared his take on AI stocks' decline and the emergence of Chinese competitors.
"More air is coming out of the AI bubble as Moonshot AI’s Kimi K3 intensifies low-cost Chinese competition," Schiff said in the post.
Read Also: EXCLUSIVE: SpaceX Stock Could ‘Eventually Double,’ Market Expert Jay Woods Says ‘Put it Away, Don’t Look At It’ The investor then outlined SpaceX's recent decline, saying that the commercial space flight giant's stock was trading at $121/share when he made the post, which was "almost 11% below its IPO price and more than 46% below its high." Schiff then said that AI was not a bubble, but "AI stocks" were.
"The bubble has likely already popped," the investor said.
