SpaceX shares slide as AI spending plans rattle investors

SpaceX shares fell 10% in early trading on Wednesday after the company reported nearly $16 billion in capital expenditure on AI, double the previous quarter and above Wall Street expectations. The spending, which Musk plans to sustain for at least two more quarters, overshadowed a strong debut earnings report that beat analyst estimates. Revenue came in at $7.8 billion for the quarter, up 92% year over year, while the net loss of about $541 million was far better than the expected $2.12 billion loss.