SpaceX Stock (SPCX) Price Faces Bearish Pressure Amid AI Spending Woes
Key Insights:
- SpaceX stock (SPCX) price risks downside after it was revealed that AI spending has been rapidly burning through cash.
- SpaceX quarterly earnings surpass expectations.
- A major investment firm lowers its SpaceX stock price target due to valuation concerns.
The SpaceX stock price has kicked off this week on a bullish leg, fueled by positive quarterly earnings. It is the stock’s biggest bounce back after its bearish performance in July, but some analysts are not convinced about the recovery due to the company’s AI spending.
The SpaceX stock price had quite a bearish month in July, during which it shaved off about 36% from its value. This performance had investors panicking, considering that it was the second month after the company went public.
The SPCX stock exchanged hands at $125.33 at press time after a 15% plus bounce back, Yahoo Finance data showed. It traded as low as $114 on Monday, indicating a strong demand resurgence.
AI Spending Concerns Weigh On SpaceX Stock Price
At first glance, the SPCX stock price recovery appears to be just starting. This is because the company’s bounce was linked to a positive quarterly earnings report for its first quarter as a publ
