Why SpaceX Stock Just Gained 11%
SpaceX shares soared after Elon Musk revealed AI could soon become the company's biggest revenue driver. But with heavy spending and a lofty valuation, is the excitement justified?
Overview
Space Exploration Technologies Corp. (NASDAQ: SPCX) stock rocketed 11% higher on Wednesday as of 3:02 p.m. ET, while the S&P 500 and the Nasdaq Composite jumped 0.3% and 0.6%, respectively.
Shares of the rocket company rose after it posted a recording of an all-hands meeting on X in which Elon Musk told employees that "AI revenue will exceed all other SpaceX revenue" as early as September.
Details
In the recording, Elon Musk emphasized that AI has become "an extremely important part" of the company's future, adding that the models would be trained on their data, making SpaceX employees "the parents of the AI."
Source
Originally published at www.fool.com.