Elon Musk’s SpaceX overtakes Amazon in market valuation amid AI infrastructure expansion and post-IPO momentum.
SpaceX’s valuation reached $2.8 trillion, surpassing Amazon, as its shares surged over 10% on post-IPO momentum and AI infrastructure deals. The company plans to build AI capabilities in space, driving investor interest in high-growth tech sectors.
The S&P 500 and Nasdaq dipped 0.14% and 0.46%, respectively, as profit-taking weighed on tech stocks. The Dow Jones rose 0.89%, led by cyclicals and industrials, extending Monday’s rally. Robinhood Markets fell after announcing a 10% workforce reduction.
Markets remain cautious ahead of the Federal Reserve’s press conference, with investors seeking clarity on potential rate changes amid persistent inflation and geopolitical developments, including a pending U.S.-Iran peace deal.