SPCX Down 52% From High as Schiff Calls AI Bubble Peak, Shorts Pile On
SPCX is trading near its 52-week low of $107.01 (7.7% above the low).
Summary
Peter Schiff declares the AI bubble has peaked with SpaceX's IPO, noting SPCX is down 52% from its $225 high and over 20% since the June debut. Short sellers have made $7 billion betting against the stock, with total short interest crossing $26 billion, making it the second-most profitable short. Elon Musk's net worth has tumbled to $724 billion, losing trillionaire status as both SPCX and TSLA slide. This follows the June IPO that raised $86 billion and a brief surge to a $2.94 trillion market cap. The bearish narrative and heavy short positioning could pressure the stock further if the AI trade continues to unwind.
At the time of this announcement, SPCX was trading at $115.22 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.5T. The 52-week trading range was $107.01 to $225.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.