markets

Matt Phillips7/1/25

AI trade down after Senate scraps ban on state regulation

The AI trade sputtered Tuesday after the Senate voted almost unanimously to strike a provision in the Republican budget bill that would have blocked states from regulating artificial intelligence.

Only Senator Thom Tillis voted to keep the amendment, which would have stopped states from receiving their portion of a new $500 million AI investment fund if they moved to regulate AI.

At first glance, it seems like there was at least some expectation in the market that AI might be able to avoid such state rules. AI-related software stocks including Meta, Palantir, and Cloudflare dropped Tuesday, as did AI data center trades like chip giants Nvidia, Advanced Micro Devices, and Broadcom.

It’s also possible that some rejiggering of portfolios after the end of Q2 might have something to do with today’s slump as well.

Senate strikes AI provision from GOP bill after uproar from the states

Senate strikes AI provision from GOP bill after uproar from the states

At first glance, it seems like there was at least some expectation in the market that AI might be able to avoid such state rules. AI-related software stocks including Meta, Palantir, and Cloudflare dropped Tuesday, as did AI data center trades like chip giants Nvidia, Advanced Micro Devices, and Broadcom.

It’s also possible that some rejiggering of portfolios after the end of Q2 might have something to do with today’s slump as well.

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J. Edward Moreno7/7/26

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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