SpaceX Stock Dives on AI Spending Fears

SpaceX stock was dropping sharply on Wednesday, as a better-than-expected inaugural earnings report wasn't enough to ease investors' fears about the rocket company's artificial-intelligence spending plans. Futures tracking the S&P 500 were 0.2% higher, a day after the benchmark index notched its first record closing high in more than two months. SpaceX's sales and earnings before interest, taxes, depreciation, and amortization (Ebitda) both beat analysts' targets, but higher-than-expected capital expenditures overshadowed the second-quarter beat.