Tech Stocks Slip as Investors Pivot Toward SpaceX Momentum

Elon Musk’s space exploration company climbed $9.18, or 4.8%, to close at $201.68. Despite paring back gains after peaking above $225 earlier in the session, the stock remains up 49% since its initial public offering just last week. This momentum stands in contrast to the broader tech landscape, which struggled under the weight of investor profit-taking.

Semiconductor stocks faced significant turbulence, with the PHLX Semiconductor Sector index dropping 5.7%. The index has now recorded six separate daily moves exceeding 5% throughout June. Amid this volatility, European chip manufacturer and SpaceX supplier STMicroelectronics announced plans to raise $1.5 billion through a bond sale. The offering targets investors eager to maintain exposure to the company, which has seen its share price nearly triple this year on the back of sustained artificial intelligence enthusiasm.