Uber cruises to fresh all-time high

Uber shares jumped nearly 3% Monday afternoon, hitting an intraday all-time high of $97.

The move extends a months-long rally for the stock, fueled by steady profits and optimism around the ride-hailing giant’s new tech investments.

Last quarter, Uber missed sales estimates as its core ride-hailing business faces higher insurance costs and looming competition from Tesla’s robotaxi push.

Still, investors remain hopeful as CEO Dara Khosrowshahi hints at a future where artificial intelligence and autonomous vehicles could soon help drive growth. Last month, The New York Times reported that former Uber CEO and cofounder Travis Kalanick was in talks with the company to purchase autonomous vehicle company Pony.ai.

Uber is up over 53% year to date and has a market cap just north of $201 billion.

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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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Meta surges on report it’s starting a cloud business to sell excess AI compute

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