SpaceX (NASDAQ: SPCX) has fallen 32% over the past month, hitting a record low of $107 ahead of its August 4 earnings report, despite Wall Street expecting Q2 revenue to rise to $6.87 billion.
The selloff is being driven by two major concerns. First, a 911.5 million-share lockup expiration on August 6 could trigger significant insider selling and increase the stock’s supply. Second, growing bearish sentiment toward AI stocks, fueled by JPMorgan’s warning of dot-com-like market conditions, is weighing on SpaceX because of its exposure to AI through xAI.
$SPCX has rebounded slightly, with technical indicators suggesting selling pressure may be easing. A move above $120 could signal further recovery, while disappointing earnings could push the stock toward the $100 support level.
#Macro Insights#
The selloff is being driven by two major concerns. First, a 911.5 million-share lockup expiration on August 6 could trigger significant insider selling and increase the stock’s supply. Second, growing bearish sentiment toward AI stocks, fueled by JPMorgan’s warning of dot-com-like market conditions, is weighing on SpaceX because of its exposure to AI through xAI.
$SPCX has rebounded slightly, with technical indicators suggesting selling pressure may be easing. A move above $120 could signal further recovery, while disappointing earnings could push the stock toward the $100 support level.
#Macro Insights#