Peter Schiff Says the AI Bubble Has 'a Lot More Air' Left to Come Out Amid SPCX Decline - SpaceX (NASDAQ:

Echelon Wealth Partners co-founder Peter Schiff said on X Tuesday that the AI trade is still unwinding and argued more “air” remains to be let out of “overhyped” AI-related stocks. Schiff pointed to SpaceX’s performance since its IPO, saying the company is down more than 20% and 52% from its all-time high of $225 per share. He also claimed Elon Musk lost $100 billion in a week as Tesla and SpaceX posted sharp declines. According to Bloomberg Billionaires Index figures cited in the article, Musk’s net worth is about $724 billion. S3 Partners said short-sellers have placed over $7 billion against SpaceX, with shorts reportedly crossing $26 billion. Shares fell 1.33% to $114.86 in Tuesday overnight trading.