SpaceX, AMD Lead AI Rout as South Korean Shares Plunge 5%
SPCX is trading near its 52-week low of $104.83 (4.9% above the low).
Summary
South Korean stocks tumbled over 5%, erasing two days of gains, as AI spending doubts hammered tech shares. SpaceX and AMD were specifically cited as dragging the Nasdaq overnight, with the selloff spreading to Korean chipmakers Samsung and SK Hynix, which fell 6.7% and 10.3% respectively. This follows SpaceX's recent Q2 report showing 92% revenue growth but also a significant net loss, and comes amid broader market jitters about the sustainability of AI investments. Foreign outflows accelerated, with $1.84 billion sold on the day, adding to July's $9.86 billion exodus. The won hit a 10-month high, partly due to intervention and SK Hynix ADR proceeds. For SpaceX, trading near its 52-week low, this adds pressure after a volatile post-IPO period that saw its valuation swing from $2.94 trillion to current levels.
At the time of this announcement, SPCX was trading at $110.01 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.4T. The 52-week trading range was $104.83 to $225.64. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.