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Elon Musk's rocket company, recently merged with xAI, is aiming to raise $75 billion in its initial public stock offering. It's the first of a trio of mega-IPOs from AI companies expected this year.
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RBC Capital Markets reduced its 12-month price target from $70 to $50.
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Shares retreat as techs extend losses, US strikes on Iran lift oil ReutersAsian Stocks to Fall, Oil Rises as US Strikes Iran: Markets Wrap Bloomberg.comAsia chip-linked shares recover after U.S. peers bounce back CNBCStock markets fall as concerns persist over tech firms at heart of AI boom The Guardian
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The stock market typically performs well leading up to and during periods when companies are issuing new stocks, according to Deutsche Bank.
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Oracle blew past earnings expectations and grew its contract pipeline to $638 billion, but Wall Street is concerned about its rising AI costs.
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Stock futures slip after U.S. launches additional strikes against Iran, oil rises: Live updates CNBCDow drops more than 900 points as chip sell-off worsens, Trump threatens more Iran attacks: Live updates CNBCUS stock futures dip on Iran escalation, Oracle losses Investing.comNew Middle East Clashes and Inflation Fears Spark Dow's Worst Day of 2026 WSJ
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Corporate drama and a stock plummet at Fermi America are raising questions about the sustainability of the wider artificial intelligence boom.
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