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A brutal tech selloff swept across Wall Street in the trading week ending July 17, hammering semiconductor stocks after their record-breaking rally as investors rushed to take profits on growing fears that hyperscaler AI investment is losing momentum and low-cost Chinese AI models could erode pricing power. 

On Wednesday, SpaceX shares dipped to a new all-time low of $132.75, dropping below its IPO price of $135, closing at $135.27. The stock went on to debut at $150 on June 12, hit its all-time high of 225.64 on June 16, and has been under pressure ever since.