Why SpaceX Stock Dropped on Thursday
Space Exploration Technologies Corp. (NASDAQ:SPCX) shares fell 9.1% on Thursday, Oct. 22, as AI funding concerns and uncertainty over a potential Tesla merger weighed on the stock.
The S&P 500 and the Nasdaq Composite dropped 1.2% and 2.6%, respectively.
Higher oil prices add to inflation concerns, which can send interest rates and borrowing costs higher. That’s an issue for companies across the AI industry, especially those involved in actually building the massive data centers that power AI, like SpaceX.
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