Elon Musk's latest venture sent global stock markets to dizzying heights, but its performance since does not augur well for the company or the future of the AI boom.

Moonshot AI's announcement causes U.S. tech stocks to drop. Alphabet's chance to be the second-largest company by market cap on July 31 at 5.5% YES.

Chipmakers are the picks-and-shovels of the AI gold rush, and they are now looking shaky.