SpaceX Borrowed $25 Billion and Is Buying Up AI Companies. Here's What That Means for Every Tech Stock in Your Portfolio.
The pursuit of artificial intelligence ambitions comes at a high cost, and the prices are only going up.
Overview
The June 12 initial public offering of Space Exploration Technologies (NASDAQ: SPCX), better known as SpaceX, shattered the record for the largest Wall Street IPO in history. That was only the beginning of a whirlwind of events for Elon Musk's business.
Just days later, on June 16, SpaceX announced its acquisition of artificial intelligence start-up Cursor for a whopping $60 billion. Then on June 22, the company issued its first bonds, selling $25 billion worth of debt.
Details
These activities illustrate the broader trends occurring across the technology sector. Get ready for a wild ride ahead as tech companies maneuver for dominance in the rapidly evolving artificial intelligence landscape.
Source
Originally published at www.fool.com.