Breaking AI & Tech News Analyzed

The Market Turbulence SpaceX shares fell below its market debut price of $150 per share, wiping out $600bn in market value amid a broader tech sell-off rocking markets before jumping 2.4 percent. The Event Details The dip in early trading on Tuesday follows a 16 percent slump on Monday that erased $400bn in market value for the Elon Musk-led aerospace company. Shares are still 10 percent above the $135 per share initial public offering. The Data Analysis $600bn: Market value wiped out amid the sell-off 16%: Slump in SpaceX shares on Monday $400bn: Market value erased on Monday 2.4%: Jump in SpaceX shares after the dip The Impact Analysis The slump for SpaceX comes amid a broader sell-off in the tech sector. The tech-heavy Nasdaq Composite index tumbled 1.4 percent in morning trading, erasing $680bn in market value. Chipmakers, which have otherwise led market gains this year, are fueling the slump. The Prediction Analysts are not too worried about SpaceX's stock performance. 'I think any time you see a stock sell off sharply, especially one that everyone is focused on, and then bounce, it's usually a setup for it to move higher. So I think we go higher from here,' Michael Monaghan, partner portfolio manager at FounderETFs, told Al Jazeera.