Peter Schiff Says the AI Bubble Has 'a Lot More Air' Left to Come Out Amid SPCX Decline

Benzinga_recent_news07-29 15:27

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 ...

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He then added that while AI was real, there was a “lot more air left to come out of overhyped AI-related stocks.”\nThe economist had also said that the rally had caused Musk to lose $100 billion in a week as both Tesla and SpaceX recorded sharp declines. Following the slide, Musk no longer retains the trillionaire title, with his net worth being around $724 billion, according to the Bloomberg Billionaires Index.\nMeanwhile, market research firm S3 Partners said that SpaceX had become the second-most profitable company to short, with short-sellers clearing upwards of $7 billion betting against the commercial space flight giant. Shorts against SpaceX have also reportedly crossed $26 billion.\nBenzinga Edge Rankings show SpaceX fails to provide a favorable price trend in the Short, Medium and Long term.\nPrice Action: SpaceX shares were down 1.33% to $114.86 during overnight trading on Tuesday.\nCheck out more of Benzinga’s Future Of Mobility coverage by following this link.\nPhoto courtesy: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2655885037","isCrawlerRequest":true}