SpaceX has lost about $1 trillion in a selloff that has pushed its stock below where it started, bad news for anyone who bought at the IPO and a warning sign for the whole AI-driven market.

• SpaceX shares fell below the IPO price, so early buyers are now losing money, while the 20+ Wall Street banks that ran the deal split a record $500 million in fees.
• Warren Buffett is sitting on record cash and says good deals are hard to find because people would rather gamble than invest.
• The pain is spreading to chipmakers — South Korea's market and SK Hynix both dropped sharply as AI stocks sold off worldwide.
• Analysts are still calling the crash a "speed bump" and hyping AI agents and data centers, but even BlackRock admits the planned $10 trillion buildout is huge and unnerving.
• Trump's family has pulled in about $2 billion from crypto, and a senator is openly pushing to shield those deals from new rules.

Outlook: With markets wobbling and AI stocks leading the drop, more selling looks likely near-term unless confidence in the AI boom returns.