Economist Peter Schiff has reaffirmed his view that the U.S. stock market is in the midst of an artificial intelligence-induced bubble, as Elon Musk-led Space Exploration Technologies Corp.
(NASDAQ:SPCX) continues its downward trend.
SpaceX IPO Marked AI Bubble's Peak In a post on X on Tuesday, Schiff underlined that the AI trade was unwinding and said that SpaceX was "down over 20% since its IPO." He then said that it was down 52% from its all-time high of $225 per share.
Read Also: Gary Black Says Only People 'Shocked' by Tesla, SpaceX Stock Prices Are Those That Didn't Do the Math as Ross Gerber Smells Buying Opportunity "It looks like the SpaceX IPO marked the peak of the AI bubble," the Echelon Wealth Partners co-founder said.
He then added that while AI was real, there was a "lot more air left to come out of overhyped AI-related stocks." The AI trade continues to unwind. $SPCX is now down over 20% since its IPO.
